What you’re hearing from the media right now is that Tucson is in the best real estate market we’ve ever had, and that there’s an impending doom coming. I wanted to dispel those rumors.
Here in Tucson – unlike most of the country – we have not yet returned to peak pricing. In my opinion, we still have a lot of room to go. The question is: will we make it there in this cycle, or the next?
Unfortunately, I think the answer is that it’s going to go back down before it goes back up where it previously was. But that’s OK. Homes are still selling. Homes are a lifetime investment, after all. They’re not commodities or equities that should be traded that way. It’s a different strategy with your home.
Homes are a lifetime investment
When I’m talking with a buyer or seller, we’re always talking about the long-term play. What are you going to do in that home? What is it going to do for your financial future? When you start to think about your home as a 30- or 50-year investment, you look at it differently than a two- or three-year investment.
The short answer is that today’s market is great. Interest rates are low and homes are flying off the shelf. The best-priced homes are selling, and they’re selling quickly. We just sold a home with four offers in three days on the market! There are 17 homes in the same neighborhood that are simply sitting, some for more than 45 days.
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