Why Buy NOW?
It is important to look at the "real" cost of buying a home, paying special attention to current mortgage rates, current home values, and inflation.
As of 2017, the 30 year fixed mortgage interest rates are at the LOWEST point in the last 46 years! Now is a GREAT time to lock in a low interest rate on a 30 year fixed mortgage!!!
Note: The interest rate data was obtained from Freddie Mac's Primary Mortgage Market Survey (PMMS).
In 2008 the US housing market crashed and Arizona was one of the hardest hit areas in the Country. Tucson, Arizona hit it's low point in 2012. Since 2012, the median sale price in Tucson, Arizona has increased but has not seen levels reach that of 2004 through late 2008. The 10 year trend line is down from $155,818 to $144,909 which equates to a LOSS of roughly $1,091 per year over that time period. The 10 year CHANGE is down from $190,000 to $169,000 which equates to a LOSS of roughly $2,200 per year over that time period. As of November 2017, Tucson home values are close to 2009 levels.
Here's something to think about... If you bought a home near the median value in Tucson in 2012, today (about 5 years later) you would have nearly $50,000 more in home equity. How long would it take you to pay down your home mortgage by $50,000 ?
Note: The median home value data was obtained from Zillow.com.
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