Tucson Market Hot With Real Estate Buys!
Why Wait? Buy in 08!
In this market it isn’t uncommon for realtors to be asked frequently, “What do you think… is this the right time to buy?” It’s a loaded question. And in these uncertain economic times, solid answers are elusive. However, there are strong indicators that it is an excellent time to buy – especially for several categories of buyers. Here are a few things to consider to see if you might be a candidate for jumping into the Real Estate market:
The person selling and buying up
Do you have a home to sell before buying? A yes answer to this question doesn’t necessarily eliminate you – but it may make it challenging. If you bought your current home before the market run-up and the equity you gained hasn’t been totally depleted by declining values in recent years, then selling and buying may be a very good option for you. This is especially true if you are planning to “buy up”. Sure – you’ll sell your home for less than it was worth in 2005, but you’ll buy another home well under what it was worth in 2005 as well. Assuming that the percentage you give away on your sale is equal to the percentage you save on buying, you end up ahead by buying a home of greater value than the home you’re selling.
The first time homebuyer
There aren’t many experts disagreeing with this piece of advice. Historically low interest rates, now affordable entry level homes, a $7,500 income tax credit, continuing incentives within loan programs, drastically reduced foreclosure homes, mortgage interest deduction on your income taxes, and no home to sell – all strong reasons to explore home buying.
Snowbirds
Retirees seeking a reprieve from harsh winters somewhere else in the world are coming to Tucson. No wonder! Year round golf, hiking, safe communities, social interaction and many other reasons have been luring snowbirds to nest in Tucson for decades. And the trend will only continue. As hurricane or earthquake fears are driving retirees from other regions threatened by those natural disasters, Tucson is becoming more attractive than ever. And now the declining home values have made a 2nd home a doable option. For example, snowbirds who have opted for the RV life by necessity are now considering a more stable living space – literally – and they are buying an affordable second home.
Veterans returning from deployment
Many of our military will be coming home from places like Iraq and Afghanistan in the years to come. This is our hope. Many of them have been waiting to come home to spouses and children holding down the fort. As they proceed with their lives together, buying a home will be a dream for many. And that dream, because of the positive reasons already given will now be affordable and doable. In many cases these veterans will represent first time homebuyers whose families have been utilizing base-housing or renting until their loved home returned home. Also, VA loans providing 100% financing are a wonderful benefit to our nation’s finest citizens.
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