11 Reasons You Need a Will & Tucson Market Check-In: September

by Jennifer Winchester

Most of us put off creating a will, but it’s one of the most meaningful gifts you can leave for your loved ones. This month, I’m sharing 11 key reasons why having (and reviewing) a will gives you peace of mind. Already have one? Great—just make sure it still reflects your current wishes. And if you need a trusted legal professional, I’ve got that down below!

On the housing side, more homes are coming on the market, which means buyers have new opportunities and sellers have more competition. I’ve broken down the latest numbers below so you can see exactly what this shift means for you.

National Real Estate News

Very weak jobs report

According to the BLS, the US economy added just 22,000 jobs in August, and the previously reported figure for June was revised down to a negative number (-13,000). That's the first time that the number of jobs has declined month-over-month in over 50 months! The unemployment rate also climbed from 4.2% --> 4.3%. [Source: Bureau of Labor Statistics]

Time to get your refi on?

The weak BLS jobs report convinced the market that the Fed will move to cut rates at least 2, and perhaps 3, times before year-end. 10-year US Treasury yields dropped to near 4%, and avg mortgage rates moved below 6.3%. Thinking about a refi? You don't have to wait for the Fed meeting on Sept 17. 1-2 rate cuts have already been 'priced in' by the market. [Source: Mortgage News Daily, CME]

Inventory growth slows

The number of homes for sale nationwide fell slightly month-over-month in August, but was still up 21% year-over-year at 1.1 million units. While that's 11% below pre-pandemic levels on a nationwide basis, the inventory situation at the state level ranges from still-tight (Northeast & Midwest) to amply-supplied (South & West). For example, Florida's active inventory is 25% above pre-pandemic levels. [Source: Realtor.com]

Local Market Trends

The Numbers:

Median Sales Price: $355,000, down 3.5% from last year
Closed Sales: 11,017 year-to-date, up 4.2%
New Listings: 18,025 year-to-date, up 17.7%
Days on Market: Median 38 days, average 57 days
Sale-to-List Price: Homes selling about 1.8% below asking
Price per Sq Ft: $219, slightly down from last year

What this means for you:

For buyers: More homes are coming on the market and sellers are more open to negotiations, giving you more options and stronger bargaining power.
For sellers: Homes are still selling, but it is taking longer. Pricing competitively and making sure your home shows well are more important than ever.

In plain English, the Tucson housing market is shifting a little. Prices have dipped slightly, but more homes are available than this time last year. That means buyers now have more choices and the ability to negotiate. Sellers are still closing deals, but homes are taking longer to sell and buyers expect good value. If you’re thinking about selling, it’s important to price your home right and make it shine from day one.

Vendor Spotlight: Jennifer Wiedle of Wiedle Law

I know I’ve spotlighted Jennifer Wiedle before, but since this month’s theme has been all about Wills and Estates, it feels like the perfect time to share her info again! Jennifer opened Wiedle Law in 2013 with a mission to make estate planning affordable and accessible for everyday families—just like hers. She also handles probate, adoptions, small business, and juvenile law, bringing expertise and care to every client she works with.

If you have questions about your will or estate plan—or just want a review to make sure all your documents are in place and your family is taken care of—be sure to reach out to her today!

You can contact Jennifer at Wiedle Law.