A Look at the Fall Trends: Is It a Good Time to buy in Tucson?
As the fall season stretches on, the real estate numbers in the Tucson area continue to show signs of life in 2011. Statistics are showing that the Tucson area may be primed for a slight comeback in real estate. Sales have gone down slightly, but the important statistics lie in the fact that most of the homes being sold are within the middle class range of $100,000 to $200,000. The Tucson real estate trends have been averaging about 1,000 or more homes sold per month in the late summer. Only about .025 percent were homes over $500,000 or more.
According to numbers from the Tucson Association of Realtors there are only about 5,000 homes for sale in early fall. This is a low number for Tucson. A balanced market for Tucson would be 6,000 homes on the market. So days of sitting on the fence waiting to purchase may be over. We are even experiencing multiple offers on properties.
The statistics have also shown some good trends for sellers as well. One of the major roadblocks, numbers wise, has been the average amount of time that houses stay on the market. Right now, that number is hovering around 70 days on average, while that number has dropped by about 15 days from the normal length of time in the spring.
With some of the numbers that are being released about the Tucson area, renters are realizing that right now could be as good a time as ever to look at home buying. With rent prices continuing to rise in cities throughout the country, investing in a house may save in the long run. Depending on the opportunity, monthly mortgage may end up being less than potential rent payments.
The market is also proving to be healthy for people who are looking to purchase homes to rent. Potential renters are willing to up their price for the right home apposed to to renting Tucson apartments. Many times, homes offer better deals for renters, thus investors looking to fill homes are seeing movement right now.
There are great priced homes on the market right now and iinterest rates are lower than they have been in quite a while. To find out if a home purchase is a possibility for you, talk with Letty Huffman of Nova Home Loans. A quick conversation and you could find that buying a home is a great option for you.