TAXON, Arizona (KOLD News 13) – The real estate market remains hot for over a year, but local industry experts say it is starting to decline by several degrees.
“Orders for couch potatoes and everything else was in place, that’s when real estate took off,” said Kevin Kaplan of Long Realty in Tucson.
He says the scorching market is partly due to people spending more time at home and deciding they need a different environment to live in. According to him, the situation is gradually changing.
“He will go from 100 mph to 85 mph. He is still accelerating and very strong, but is starting to normalize a little,” he said.
Tucson Association of Realtors President Diane Marzoni said the market began to see small changes a few weeks ago. She says it could have been because people were busy starting school and something was happening in the community.
“Now is there a lot to talk about compared to how much I’ll pay for this house?” she said.
Long Realty expects house prices to remain high but rise at a slower pace. The agency predicts more inventory will be available, which is a good sign for buyers who have struggled to find housing over the past year.
“Some of them were sold before they hit the market,” Kaplan said. “It was very difficult, difficult and frustrating and sometimes even a little tiring to lose a lot.”
These industry experts notice that homes are not selling out as quickly.
“Houses have been on the market a little longer, about two to five days longer than a month ago,” Marzoni said.
At this point, it’s too difficult to tell when real estate will fully flatten out and whether it will ever be as scorching as it was during the pandemic.
“Whether we will have such a surge again or not, we do not see in the short term, but in the long term it is really difficult to predict,” Kaplan said.
Copyright 2021 KOLD News 13. All rights reserved.