I must say Buyer interest has picked up as evidenced by the open house I had on Ocotillo Canyon a few weeks ago and the traffic that I saw at an Open House I visited on Sunset Cliff Place today.
Many Snowbirds start looking now and wait until just before their lease runs out at the end of February or March to buy. They start educating themselves now by scoping as many open houses as possible.
With interest rates on conforming loans with limits up to 417K hovering around 5.5% many may chose not to wait until Spring to buy. I can not remember the last time interest rates were so low. Finally some help is on the way for nervous Sellers!
I recently represented the buyer who went under contract on a beautiful home on North Sabino Mountain Drive that was listed for $1,365,000. So make no mistake about it, there are some motivated buyers out there.
On the other hand, I previewed some homes that really need to be staged better and clutter needs to be removed; these homes were not in Sabino Mountain, but in a competitive community closeby. I always wonder why their agents do not advise them to replace old carpet; paint some walls a neutral color; rent a storage space to get rid of too many items making rooms look small, etc. Oh well, I guess that makes me better than many of the other real estate agents out there since I give extensive advise to my Sellers. Several of my recent listings were staged and I know that made the difference in selling them much quicker than most of the competitition.
While there are some agents out there that are forecasting gloom and doom, I am not one of them since I see signs of improvement in the Tucson Luxury Home Market. There has been no better time to buy in the five years I have lived in beautiful Tucson.