Tucson real estate:
In real estate, the key phrase has historically been location, location, location. That phrase is now being replaced with buy, buy, buy… In both the Foothills & Oro Valley, closings are up while inventories are low. Buyers who have been sitting on the sidelines are now purchasing homes. Below find some of the reasons why.
Interest rates: Mortgage interest rates have fallen to levels not available in over 40 years. The federal government is actually subsidizing your home purchase by holding rates low.
Foreclosures: In Pima County trustee’s sale notices are down 5.9% year over year. 2012 notices are projected to be below 2011 levels. The amount of distressed home sales has been declining. Banks are implementing more and better loan modification programs to advert future foreclosures.
Price: Home prices are at levels not seen since the early 2000s. That said, there has been an uptick in prices and values are projected to rise. In the Foothills, the median price of sold homes was $340,000 for the month of April 2012, up 12% from April 2011. In Oro Valley, the median price of sold homes was $222,000 for the month of April 2012, down 2% from April 2011. Fiserv Case-Shiller Indexes forecasts that Tucson area home prices will climb 4.1% between the fourth quarter 2012 and 2013. Other estimates have prices increasing considerably more.
Supply vs. Demand: Supply is down and demand is up. In both the Foothills & Oro Valley, inventory (homes for sale) fell 11% in April 2012 compared to April 2011. Sales were up 17% in the Foothills and 44% in Oro Valley during the same periods. Go demand!
Who knows what the future will bring. If you are looking to buy a home and planning on staying there for 5 years or more hop off the fence and buy, buy, buy… With my coupon I can show you how to save $1,000 when buying a home. Call for details.
Lisa Bayless specializes in Tucson Catalina Foothills, Oro Valley & Marana real estate. Call Lisa for all your Tucson real estate needs.