KVOA TV – June 2, 2009: Rebecca Taylor Reports Tucson Housing Market Seeing A Boost
Tucson’s housing market is seeing a boost in a down economy. Realtors say homes are selling and buyers are taking advantage of rock bottom prices.
"We’re very excited, March and April were not great, but May has just taken off like a bullet," says Robin Sue Kaiserman, Vice President of Long Realty.
Kaiserman says home sales in Tucson are up 35 percent from last year. A trend she says Tucsonans should jump or lose out.
"Realistically, the prices across board have gone down 20 percent since November 2008, so we don’t get these opportunities," she adds.
But real estate analyst John Strobeck says, "Unfortunately, the worst is not over for many aspects of the market,"
Strobeck owns Bright Future Business Consultants and tracks current market trends. He says foreclosures account for 30 to 35 percent of Tucson’s home sales. Phoenix is at 62 percent.
"And they are dictating both price and volumes in market right now," says Strobeck, "The median price is $162,000, we will be at $130’s before this is over with."
Both Strobeck and Kaiserman agree that it’s a buyers market.
"Especially for first time home buyers, they get an $8,000 tax credit," says Kaiserman.
"A house that was $250,000 is now $130,000, hey all the good things that can happen are happening right now." Adds Strobeck who predicts it will take until the year 2013 before Tucson fully recovers from the real estate crisis.