Early Fall Signals a Good Buying Time ... - Selling Tucson Real Estate

October 10th, 2011 by Michael Oliver

Meghan Preston a recent college graduate majoring in creative writing wrote this post for me about the Tucson market. I think it is right on, and shows other people are realizing that Tucson housing prices combined with mortgage rates are offering values that make it hard to say buying isn't a good idea right now.

Real estate prices in Tucson dropped 4.53 percent from July to August, and they have dropped 1 percent from August to September this year. Interest rates remain around 4 percent or even a little lower, so if you?ve been renting for awhile and plan to stay in Tucson, this may be a good time to buy a home, depending on your own personal circumstances. Long term trends show an increase in home sales since last year, so the outlook is good for homes sales, although some people are not buying real estate at this time because of job stability.

One of the best reasons to buy a home in Tucson is the decline in prices of already existing homes, although the cost of buying new homes are up from last year. With Tucson real estate statistics showing lower interest rates and the lower cost of owning a home versus renting, interested buyers may want to take advantage of home ownership this fall. The average price per square foot is $87.00, a decrease of 13 percent compared to last year, so this is good news for the potential buyer. The median sales price from June to August, 2011 was $120,000. This is a decrease of $20,000.00 from prior months.

There are somewhere around 6,000 homes for sale right now in Tucson, including new and already existing homes, and about 4,500 homes in pre-foreclosure stages, auctions, and short sales. The average list price of homes was down $481.00 from mid September to the end of September. The real estate market has slowed down a little recently because the tax credit deadline has expired, but the market still continues to be attractive because real estate prices have declined. Over 603,000 homes have sold this year compared to 595,000 last year.

Refinancing activity has dropped to half of what it was last year, according to statistics. This is surprising with record low interest rates right now. With a little research, those interested in refinancing may find interest rates as low as 2.65 percent. The government is encouraging Americans to lower their mortgage payments by refinancing, but it is wise to shop around first. The current market conditions for refinancing are favorable.

The price of renting in the area continues to rise, with an increase of 3 percent, or $19.00 a month since last year. As of August, 2011, 1 bedroom Tucson apartments are averaging $552.00 a month and a 2 bedroom apartment was $732.00, depending on location. House rentals are as high as $1100.00 a month and higher depending on the neighborhood you choose to live in. Compare the cost of each, as buying may be the more inexpensive way to go during the long haul.

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Source: http://www.sellingtucsonrealestate.com/blog/early-fall-signals-a-good-buying-time-in-tucson/

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