Bob Sack Myers, Tucson, Camille Zach Meyer discussed on Money Matters with Dean Greenberg
I am sitting in the the helm here for Bob sack Myers off this week. And I'm joined in the studio though, by his lovely wife, Camille Zach Meyer. How are you Camille? I'm good Gerry. How're you doing today? I'm doing great. And of course, we've got Tina steel our reverse mortgage ordinaire is also with us. So Camille, tell me a little bit. So what's going on with the housing market? So right now, I'm working with several buyers. Some of them are looking for homes over three hundred thousand around that price point in the northeast part of Tucson. And that market is exploding. It's crazy. My buyers are getting into bidding wars some of the houses in that area are getting more than a dozen offers on the first day. So it's just a crazy hot market for this time of the year. We don't normally see that until maybe March. So I guess we're getting there, but it's been going on since the end of January at least and I even had bidding wars over the holidays at Christmas time. So this is really a crazy real estate market that we're in right now. Sure, it's funny because you typically hear about bidding wars with homes under two hundred and fifty thousand. And the problem that we have in Pima county is although the real estate market is strong. We have a lack of inventory. We talk about this all the time. You know, that's one big thing. That's that has slowing us down about doing bigger numbers. Is the fact that just the lack of inventory, but that's a nationwide problem. There's just a lack of inventory nationally as well as locally. But what's interesting about what you just said is that there is you're seeing, you know, bidding wars moving up to the higher price points of three hundred thousand. So there you go, right? Yep. It's crazy. And I am sitting at my computer, constantly and the minute. A property comes on the market. We are out the door going to look at it to see if that's the one. So and I and I'm sure there's many other agents that are doing the exact same thing. And that's houses that hey, let's go look at that one. Oh, no. It's already got an accepted offer. So it it just is amazing to me that that's happening. And I understand the inventory shortage. I know that Bob has also with a lot of our sellers recommended that they really don't list until the March timeframe. So I'm hoping that our inventory will open up with other agents possibly doing the same thing. And we're gonna have a big rise in inventory in a couple of weeks. That's my hopes. I mean that would be actually a welcome science funny. Sometimes I've been here. Oh, rising inventory that would be bad. Actually, I think it'd be a very positive thing for our market because we need more inventory, right? But Bob's been predicting you know, that this would be a strong spring buying season. So it sounds like it's very much underway and from you know, from from the peanut gallery from where I said, it is funny. You know, we we always talk about that the spring buying season kinda starts right after Super Bowl Sunday. And that's a lot of things happen backers happen at the same time. You've got people that start their taxes. They get their returns. You've got they paid their Christmas bills. You know, the weather's starting to turn nicer, you know, in the days are getting a little bit longer and marches when really things kind of heat up. No pun intended. And they and we're starting to see that earlier this year than than we have previously in previous years. Right. Yeah. So and what about open houses? So do you have any open houses that you you wanna share today? Well, we actually have a new property that we just listed on the northeast side of town over off of Catalina highway or you could get there from soldier trail. I'm going to have an open house on Sunday from noon to three it is a four bedroom. Three bath home. That has one of the bedrooms is actually could be used as guest quarters. It could also be horse property, there's currently no horse facilities there. But it could be a good place for your horses. It's over two acres it. Has a two car attached garage and a two detached garage. So great for a car kind of person or somebody that just needs extra space for storage. So I will be there. This Sunday from twelve to three and the address is one one six zero zero east summer trail. So I look forward to seeing you guys there. Yeah. That sounds like a beautiful home. And that's it's funny equestrian properties. It seemed to be years ago. It was much more common. You don't see that many homes that allow for for horse properties anymore. And it sounds like this one is it. It can be an I myself find it strange that we have horse properties in Tucson. It. Just doesn't I know that it's the old west kind of thing, but I just don't see horses being happy in this heat. So but the northeast side of Tucson or the east side, there's a lot of horse properties over there. It's really amazing. So it's kind of a neat little area that if you haven't been over there, you need to go over there and check it out. There's a lot of neat properties. Were that way show? You know, I grew up in Tucson, and I grew up on the east side. And my my parents who go to church at Saint Phillips in the hills at Campbell river, and we would drive down that corridor down river road, and it was very common industry people riding horses like just during the like on Sunday morning. They've got. Out riding horses on this side of the road. And you don't see that as much nowadays. But just kind of a fond memory that I have so. Yeah, that's neat. So the it's good to know that the real estate market is is definitely strong. And so another big question that I get field that frequently and I'm sure you do too. Camille is that are we in a bubble. So is real estate our values getting to a bubble in southern Arizona. What are your thoughts on that? Well, it's funny that you ask that because I think if you were to ask me and Bob was in the room. We have very different opinions. Bob is always much more positive about the market any thinks that no it couldn't, you know, the prices we couldn't have like a little crash or something like that. I'm and I'm quite I'm less of a risk taker, and I think I would like things to slow down a little bit. The reason though that I don't think it's really a bubble is the inventory situation once again in the past when the market was going crazy. It was because investors were flocking into Tucson buying houses that they never intended on living in. And now, there's so many people either first-time homebuyers are people looking for multi generational homes, or I think it's called boomerang buyers where they're getting back into the market after having a foreclosure or something. And so there's I think because of the lack of inventory, I don't think this is a bubble. Now. That's that's welcome news. And I agree with you. I don't think we're in a bubble. We all see the newspapers, and you know, the the national headlines on a lot lot national periodical says housing and slowing. So we have to one define what is slowing means slowing means that price appreciation is slowing and the same cities are mentioned in about every news article that you read it's Seattle San Francisco, New York, Denver LA, San Diego, and we also have to look back and remember that the last two years or three years prices have appreciated at seven to ten percent per year, which is not sustainable, it's out of step with wages. And when you have that kind of fast growth, it it can't continue to go forever. So the fact that those markets are slowing down. I look actually is a very positive sign because it has the level out. It just can't keep going one direction forever. And Pima county. We just don't seem to have that. We I know the the lower end of the. And I say lower end, meaning the two hundred thousand below those prices have have creeped up more rapidly than the other segments of the market. But I think we're right in step with where we we should be right. I agree with you. And if once again, if Bob was here he has charts to show that we are right on track with a three percent growth since I don't know the nineteen seventies. Okay. The nineteen seventies. I was gonna say the twenties. But he's got it all charted out. So yes, I think three point six if I remember from chart that I saw. Okay. So he's got it all chart it out. And I get to see those charts all the time. So yes, I love it. Well, that's good. And they and it's also good news that a lot of buyers or a lot of sellers are going to be placing their house on the market here in the next few weeks. What do you recommend of someone is listening and thinking about listing their home? What do you recommend, you know, just a couple of tips as far as listing their home? What do you what would you say? So I would say the first thing is make sure that you declutter your house. And so the interior. So if you have to take a bunch of stuff out and put it in the garage and box it up because you plan on moving. Why not go ahead and get that done? I know when we have moved in the past. We've actually rented a storage unit and taken I have a lot of clutter I might be considered a hoarder. So we take a lot of stuff to a storage unit to make it look you want your house to look like a model home. So that doesn't necessarily mean that you have to go in and painted and everything. And but stage your furniture may go to a model home Goten into some new home construction developments and look at their model homes. That's what you want your home to look like. And then the other thing, I always tell my sellers try and make your home accessible. So if I'm gonna go show fifteen houses today, I'm going to show the ones that are easy to get into. I some their vacant. Or if the seller says, I can come within thirty minutes showing window, but the people that say, wait. For twenty four hours. I may never even get to your home because there's so many other homes I can see before I get to the twenty four hour, wait on your home. So I say just make it accessible for people to get in and see it as soon as possible. So in the great tips and should someone do a lot of times. I think if I was selling a home I would want to do the repairs that I to do just do them myself. And is it because let's say that, oh, you know, you're Eve's there's dry rot happening from being eaten away from the sun. You know, should someone just go ahead and just get with putty do that work themselves. And or is it better to wait until you meet with a realtor to give you advice the right way to fix things. I would probably say wait until you meet with an agent, but there are repairs that you probably need to do you want people in the house. So you don't want them to just keep driving because there's something outside that. That they don't like. But I would say get some advice from a real estate agent. I love it. Okay. And decluttering..