The Tucson residential real estate market and new homes division are still very much active. There doe not seem to be such shortage of home buyers although the the rates have not gone down like the past. There are still many creative marketing packages out there especially with the right lender for your income range. We have many people still relocating to Tucson due to their employment, a vacation home and retirement and golf.
Higher home costs and increasing mortgage rates are not slowing down home buyers. In fact, it is driving more people to make a decision to buy now instead of renting an apartment or home. University of Arizona students are a prime example. Out of state parents see this as a sound real estate investment. Their roommates will help pay for the mortgage.
Tucson Real Estate is becoming more attractive to retirees and the “snow birds” that have been coming out here for our great weather. Many retirees stay in Tucson up to six months out of the year. They have enjoyed the inexpensive apartment prices, but now want the advantages of owning a second home. They can see themselves retire here permanently and calling Tucson Arizona home. Also, the extreme appreciation in property values in California homes is bringing buyers here. The homeowners are extracting equity from their homes to buy Tucson real estate.
First time home owners are not waiting any longer. Many buyers are squeezed into the option of buying homes in Tucson Arizona area. The new home prices have soared so much because of building supplies, labor costs, and prices. The prices of newly constructed homes have skyrocketed up to 17 per cent since 2000. The first time home buyers were looking in the $100,000 range, but this range does not exist. According to the housing market, the average price of a new Tucson home exceeded $200,000. Therefore, first time Tucson home buyers are looking at existing single family homes, town homes and condos.
