TUCSON, Ariz. (KGUN) — Money's talking in the Old Pueblo’s housing market for prospective buyers because one Tucson realtor says supply simply isn’t matching demand.
"It's a little harder for your average buyer, for your first-time homebuyer. It is going to be a challenge, but we're starting to see that ease up just a little bit,” said Tyrone Terry, Nexus Realty.
Terry said his last five clients have been beaten out of offers, simply because someone else offered cash.
"The creativity in the market right now with buyers [is] if the buyer can afford the 20% down, then you have the area in the room to be very creative, which means taking away some of the contingencies that are in the contract,” he explained.
Contingencies like an appraisal. Terry explained when you put down cash, no appraisal is needed.
"It makes the seller more comfortable with accepting that offer," said Terry.
The competitive market didn’t stop Kyle Watanabe. He spent months house hunting with Terry.
"There wasn't many homes that were available. And I think originally, I started out in thinking, a house in a lower price range, but after looking for about six months I, the price range kept increasing,” said Watanabe.
After seeing ten to 15 houses, Watanabe found his new home.
“Tyrone and I, we saw it probably within the first 15 minutes of getting on the market. And we had already made an offer within the first maybe hour on sight,” said Watanabe.
He said the house was seen and saved on popular real estate websites more than two hundred times within just the first day of it being listed.
While the market is tight, he leaves prospective buyers with some advice.
Watanabe: "Keep your eyes out for new houses walk in with your eyes open, knowing that you're going to be putting up the money that you didn't anticipate putting up. I feel like if you're going to be very structured and tight with a budget, it's going to be hard it's going to be a long time,” said Watanabe.
Terry added it's in a buyer's best interest to have an agent that's going to successfully help them through the home buying process.