TUCSON, Ariz. (KGUN) — In a time where it's better to buy instead of rent, local realtors encourage buyers to strategize when making an offer.
Jason Tadeo, a managing partner with theSignature Group, said during the pandemic people stopped selling their houses, which helped create historically low inventory.
"I think three years ago sellers were unsure about how they future was going to be so they didn't sell their houses," he said.
Tanner Herbert, another managing partner with the Signature Group, said the low inventory makes it more difficult to buy a house.
"Like you could wake up one weekend and decide to buy a house but now it takes more than a month of strategizing and saving before you can put in an offer,” Herbert said. "If every buyer bought a house right now, everything would be gone in three weeks.”
Tadeo said he doesn't expect interest rates to rise above 5 percent. Right now, realtor.comreports the average interest rate is 4.3% for a 30 year fixed loan.
"The interest rates are going to stay in the fours this year and our partners and a lot of people don’t believe they will go into the high fours or fives," Todeo.
Herbert said there are resources available to help people buy their homes.
"I would really lean on your real estate agent even if you're going to sell to an ibuyer because they can help you navigate those waters," Herbert said.
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