Did you miss the upturn?

Now, one year after I originally posted it was time to buy, I can safely say the market is on stable footings. It has been a difficult time, mainly because of the finance. Strong data has helped to stabilize the markets, yet remember data is backgrounds, what we see NOW is old. Rates are going to go up slightly and keep some buyers out, but others will continue if in the process. The market is cooling from the Spring oversell, cash buyers , investors and buyers are slowing also because inventory is low. Tucson’s real estate markets haven’t risen like national levels, D.C., Florida or California but has risen quickly and now is leveling out. Tucson has price increases, but limited buyers, especially in expensive homes. Next comes a normal market as people adjust to slightly higher interest(still historically low). Flippers will slow down, and prices won’t rise with multiple offers. This becomes a normal buying market with average value increases, qualified buyers, and homeowners getting the financing they qualify for. Financing becomes easier to get for the working family and interest won’t really affect the market other than HOW much they can buy. We still need the job market in Tucson the improve to help the sale of homes in Tucson.
The volatility in the equity markets will affect the interests rates off and on, but in the end, the rate makes adjustments from demand and supply. Be careful when you refinance, or hold off for a bit to buy- let the interest market stabilize- it may come down and level out before going up in 2014. The markets equity and housing in combination) are still unstable because of the economy. Interest can go up fast so keep informed, be prepared, what the markets for the best timing to buy or refinance. Watch all market signs, consumer confidence, prime rates, documented positive growth- and remember markets see ahead, economic data reads in arrears. It will be an economic recovery, but slower and with a muted rise in the 10 year bond. It is time to buy, if you catch another dip in rates. In Tucson we are beginning the upturn in the seven year housing market normal cycle.