Still value in home ownership!

It is a time once again, when interest is at an all time low and millions of buyers are taking advantage of the American dream. The housing market in going crazy! Refinance is at an all time high and appraisers can’t work fast enough. That doesn’t mean your value is up.  The housing market often runs in tangents with the economy. Believe it or not many believe the economy of America is coming back- there still may be pocket weaknesses- rental markets, flipper market, value market, and now we add security and safety issues to our real estate.  Tucson over the years ( 60) has been quiet , growing off and on slowly and spread out. The community is receptive and open to new comers.

Perhaps our problems with Tucson are budget problems- zoning, and management of  affordable development. Construction increased nationally at 4.3 % in May and 14% more permits which was a very good number. National trends are very different than ours here in Tucson.

Tucson housing sales numbers increased and were quick to sell if priced correctly- 1% below sales price, 46 days  average time on the market.    5.7% increase on a house with a $200,000 list price , 1025 house sold.  Nationally the number of homes sold fell 22.7 %  and the number of homes listed for sale fell. Interest in single family homes- have popped because of coronavirus- privacy is an important issue, larger home with well designed spaces.  Renovations have increased because people are at home more- cooking, and hanging out. Also neighborhoods become important because of privacy, walking areas, biking paths, safety, and other amenities. People are rethinking what they need in a home.

Prices are up because demand is up- however not in all price ranges. We are a post pandemic migration destination city because homeowners realize the value of working remote. Tucson offers a variety of affordable housing, within a variety of locations across the valley where Tucson has expanded. You can get land in the city, horse property, a high rise condo, a duplex to add income, a single family residence in a parklike community, a pueblo adobe, a cabin on Mount Lemmon- just to list a few! We are a diverse cultural community.

Tucson will keep moving in its own cycle different than other areas because of our local interests and needs are different- Tucson has specific buyers!

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