The hot real estate market begins to drop a few degrees
TUCSON, Ariz. (KOLD News 13) – The real estate market has been on the boil for more than a year, but local industry experts say it’s starting to drop a few degrees.
“Stay-at-home orders and things in place, that’s when real estate took off,” said Kevin Kaplan of Long Realty in Tucson.
He says the scorching market was in part due to people spending more time at home and deciding they wanted a different environment to live in. He says it is slowly changing.
“It would go about 100 miles an hour until now 85. It’s still accelerating and really hard, but starting to normalize a bit,” he said.
Tucson Real Estate Association president Diane Marzonie said the market started to experience a small change a few weeks ago. She says it could be because people are busy starting school and what’s going on in the community.
“Now there is so much to say about how much am I going to pay for this house?” ” she said.
Long Realty expects home prices to remain high, but will climb at a slower pace. The agency predicts that more inventory will be available, which is good signs for buyers who have struggled to find homes over the past year.
“Some of them were selling before they hit the market,” Kaplan said. “It was very difficult, challenging and frustrating and even a little exhausting at times to lose a lot of things.”
These industry experts note that homes are not bought so quickly.
“The houses are staying on the market just a hair’s breadth of about two to five days longer than a month ago,” said Marzonie.
Right now, it’s too hard to say when real estate will fully stabilize or if it will ever get as hot as it was during the pandemic.
“Whether we have momentum like this again or not, we don’t see the short term, but the long term is really hard to predict,” Kaplan said.
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