TUCSON, Ariz. (KGUN) – In the Old Pueblo housing market, potential buyers are looking for money because a Tucson real estate agent says supply just doesn’t match demand.
“For the average buyer, it’s a little tougher for the first-time home buyer, it’s going to be a challenge, it’s going to be a challenge, but we’re starting to see that,” said Tyrone Terry, Nexus Realty.
Terry said his last five customers had been knocked out of the offers simply because someone else offered cash.
“The creativity in the market right now with buyers [is] If the buyer can afford the 20% discount, then you have the space in the room to be very creative, which means that some of the contingencies are removed from the contract, ”he explained.
Contingencies like an evaluation. Terry stated that if you are filing cash, no estimate is required.
“It makes it more convenient for the seller to take this offer,” said Terry.
The competitive market didn’t stop Kyle Watanabe. He spent months with Terry looking for houses.
“There weren’t many homes available. And I think I was originally thinking of a house in a lower price range, but after about six months of searching, the price range kept going up, ”said Watanabe.
After seeing ten to fifteen houses, Watanabe found his new home.
“Tyrone and I, we saw it probably within 15 minutes of launch. And we had made an offer on sight within perhaps the first hour, ”said Watanabe.
He said the house was viewed and saved over two hundred times on popular real estate websites within the first day of its recording.
While the market is tight, it leaves potential buyers with some advice.
Watanabe: “Look out for new homes that come in with your eyes open, knowing that you will be raising the money you weren’t expecting. I have a feeling that you will be very structured and on a tight budget it will be difficult, it will take a long time, ”said Watanabe.
Terry added that it is in a buyer’s best interest to have a realtor who can help them successfully with the home buying process.