What’s going on in the Tucson market?
As you may have seen, the Federal Reserve increased interest rates by another 0.25% a few weeks ago; the second increase in three months. They’re projected to rise twice again this year and up to three times in 2018. We might go from record low interest rates in the low 3% range to the 6% range depending on the economy.
The economy, the Tucson real estate market, and the Tucson business economy are all heating up.
In the past month here in Tucson, half of our home sales were on the market for fewer than 30 days, so homes are moving quickly. A year ago, homes spent an average of 66 days on the market. Today, that’s down to 50 days. Active listings in our market are down 26% compared to last year as well; inventory is moving faster and there’s less to choose from.
If you’re looking to buy a home, you need to be prepared to move quickly. Interest rates will also rise for things like auto loans and other revolving lines of credit. It’s a good time to lock in the lowest rate possible.
If you’re looking to buy a home, we’ve got three great new listings you don’t want to miss:
Click here to see 4971 E Mission Hill Place in Tucson.
If you’re selling your home, you’re in a prime position. If you’re considering selling your house in the next year or two, consider looking at the market today, for a few reasons. For one, mortgage rates are still very low, but we know they’re going up. Secondly, inventory is shrinking, which makes prices high for homes. Additionally, Tucson’s economy is improving, which will only cause consumption to move at a faster rate. Lots of major U.S. companies here are hiring, and some unemployment will go down.
If you have any questions I can answer or you’re ready to buy or sell a home, give me a call or send me an email today. I’d be glad to help you.