Tucson, California, Tucson Home Solutions discussed on Money Matters with Dean Greenberg
I mean, you can get one heck of a deal on the higher end homes. And and that that also varies by area. I mean, we have some parts of the city that are selling seventy percent of all the inventory last month. And that was actually in the southern the south part of the city. And then when we look at what? In in the extended southeast seven point one percent of all the homes listed for sale were sold. So far south east south of of. Well, I home basically seven point one percent sold, but you know, in the middle part of of Tucson central. We had forty five percent of all the listed property sell last month. So again, a neutral market is deemed to be twenty five percent a month. And and we're we're almost twice that in central Tucson in in the south west fifty six percent in the southeast sixty five percent in the east seventy one percent. And in the south seventy six percent of all the listed properties for sale or sold. And that you know, it's cross the board. That's all types of properties. But we are seeing a slowdown in single family homes and not like there's a whole bunch languishing on the market. There's still a very high percentage of the MLS sold as a matter of fact, we set a record in June ever, we you know, we we sold. Fifty six percent of all the listed properties in one month, which is higher than it was. It's amazing. Yeah. We hit the previous record was hidden in two thousand five. So it's taken us thirteen years to break down, but we are at lower inventory. And that's why when you read an MLS reported say, oh, look we didn't sell as many houses as we did last year. Well, guess what there's not as many for sale. So if there aren't as many for sale, how could you sell many as last year? I'm a I've been a big believer that the solution to housing this time around is inventory. If there was more inventory, there'd be more demand. It's just their buyers out there who want to buy and I think that the spring buying season is going to be a strong one. We this need inventory to support it. I agree. And I I also think that we're going to have a very similar year next year to what we just experienced as long as the interest rates. Don't get too far. And I mean, it's it's not high in the grand scheme of things if you look back over over time. I mean our interest rates being at five percent. Are you know, that's compared to the threes and fours we've gotten used to since two thousand twelve that's high and the appreciation infants five percent on the lower price properties. People while my house went up ten percent. The last ten years, they think that that's normal. That's not normal since January. Of twenty twelve the median home price in Tucson has increased by one hundred thousand dollars so in in less than eight years one hundred thousand dollars. Well, that's not going to continue. We are back up to where we should be the supply and demand or we're still very very short supply less than three thousand homes for sale in the city of one million fifty thousand that's not a big supply. It's too low. And so I think the other concern is is that well prices have gotten so expensive in the lower price points. But appraisers are there to keep that in check. And that is I you know, I wouldn't be surprised that if appraisal start coming in a little lower for that reason in those lower price points, and we start seeing more of that because they can't continue to leapfrog the way they were. And that's just going to stabilize the market. It'll it'll it'll settle those those those the lower error entry level price points down a bit. Yep. Jerry. What do you think the the population of California is? Yes, a estate I don't know thirty nine million him. Okay. So we been talking about an article that came out about a month ago about a million new people moving from California to zone over the next eight years, and that is one hundred and twenty five thousand people year, which is ten thousand people a month coming into the state of Arizona from California. So, you know, the real estate again is is based on supply and demand. If you have a million people leaving, you know, is it going to decimate the state known? They have thirty nine million people. That's basically two percent of the population that would be leaving California. And that's a a net loss to the to the state. And and you know, the the prices are are still going higher. They starting in twenty twenty the energy. Credit or whatever that they they have to have on every new home built every new property built, including businesses must be totally self sufficient on solar. Well, that's gonna add about fifty thousand dollars onto the cost of a home in a state where already three quarters of the people can't afford to buy one. And and you know, it just it's getting crazy. And you're like we just indicated in San Francisco. I mean, what do you where do you have to work in San Francisco, by the way, the average person spends more than fifty percent of their wage on their housing. I mean, that's just not sustainable. So we'll talk more after the news. This is Tucson Home Solutions on Kane is t-. We've got a couple of articles. I wanna talk to today when we get back, and that is the financial hardships at homeowners are facing have gone down. And then how many people are working from home? We're gonna talk more after the break. This is Tucson Home Solutions. I'll be back with Jerry sunt of EMP mortgage. I'm Bob Zach Mayer. Of XP realty. Fox news. I'm Karen McHugh..