What Exactly Does "Low Inventory" Mean with Real Estate
By Cara Marcelle Mancuso, Call a Marana neighbor, I'm THERE!
(Golden Girls with SW Desert Homes)
You’ve heard the words “Low Inventory” for over a year now, but what exactly does that mean?Picture this: Tucson's real estate market is like a game of musical chairs, but with houses. Now, when there's low inventory, it's like there are way fewer chairs than people playing.So, what happens? Well, first off, everyone starts scrambling. Buyers are looking for homes, but there just aren't enough to go around. With fewer options, buyers get competitive. They start bidding higher and higher to snag one of the few available homes. That means prices shoot up, which is great news for sellers, but not so much for buyers trying to snag a deal. HOWEVER, sellers can and have overpriced their homes in this kind of market and here’s what happens. With the higher interest rates, today’s buyers are...
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