Happy New Year! New Home?
If you are still in the market for a new home, thinking of selling your current home or maybe considering investing in the Tucson real estate market… don’t wait any longer. Here are some things to consider when deciding which direction to take in today’s current market.
1) There are roughly 10,000 Baby Boomers retiring each and every day now in America! Yes, a DAY, for the next 10+ years!! Now consider the fact that Arizona currently grows its population by over 500,000 people in the winter months alone & Arizona ranked amongst the Top 5 Fastest Growing States for 2018 and the trend is expected to continue for 2019. That kinda sounds a lot like, “get in now before the flood gates open further.”
2) Millennial’s are expected to make up the largest group of Buyers in Tucson this year. Millennials have reached the benchmark for First Time Buyers-status paired with steady incomes, employment and the desire to jump back into the real estate market, according to one University of Arizona economist. That means entry level homes will steadily climb in price, the market will remain competitive and waiting too long can affect your bottom line. In November of 2018, the median sale price was $215,000 up 7.55% in 2017.
3) Interest rates are still historically low, but they are rising. If you didn’t take advantage of 3.5% or 4% interest rates you do not wait until they reach 6, 6.5 or even 7%. We do know the rates will continue to rise, so now is the time to take advantage of the low 5% currently being offered. It’s been cautioned not to wait until another “crash” to test the theory or rates lowering. And keep in mind, even a half of a precent can make a HUGE impact on your purchasing power. We recommend talking with an experienced lender today and be sure to ask about downpayment assistance programs as well.
So as the market continues to rebound we are expecting a very active 2019. It’s important that you understand the value in homeownership, how to build equity and a future for your family. If you have any questions, please call Kristina Scott, 520-288-5051.
“The best time to buy real estate is always five years ago.”