There are more realtors in Tucson than homes for sale
TUCSON, Ariz. (KOLD News 13) - Did you know you’re living in one of the best real estate markets in the country?
Rent Cafe has named Tucson the 15th hottest rental market in the United States.
Researchers there said we’re ranked 15th because 96% of the Tucson area’s rentals are occupied.
When someone moves out, the apartment is empty for an average of 31 days. Within that time, about 14 different people check it out.
This high demand is making things tough for Tucson buyers right now.
In fact, there are currently more realtors in Tucson than homes for sale.
How is that possible?
It’s because of low inventory.
Diane Marzonie, President of the Tucson Association of Realtors, said a lot of people took their homes off the market because of COVID-19 concerns.
That left fewer things to buy, but the buyer market never changed.
Now, it has enhanced the competition.
According to the Multiple Listing Service, there are currently only 1,062 listings, but more than 6,200 agents in the greater Tucson area.
That’s almost six agents, plus their clients, per listing of single-family residences, townhomes, condos, etc.
What does this mean for buyers?
You better have your ducks in a row, so that when you’re ready to buy, you buy.
New listings pop up every day, but 70% are instantly bought up.
When do agents think this extreme competition will change?
“As people feel that they are able to open up their homes because more people are vaccinated or more people are taking steps to mitigate. As that confidence level rises, I think we’ll bloom kind of like a flower,” Marzonie said.
Since realtors can’t tell the future, Marzonie said it’s a waiting game until that does happen.
Agents are hopeful the real estate market will start to level out in the next year or so.
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