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Housing market remains hot in Tucson

Posted at 6:03 PM, Nov 01, 2021

TUCSON, Ariz. (KGUN9) — A new Redfin report shows the housing market is still running hot when it normally cools this time of year. Experts say low interest rates and out-of-town buyers are helping to keep the frenzy going in our area.

Alex Lugo is so happy she made the move from orange county to orange grove in the northwest.

“Apart from my blood pressure going down, and not having to deal with traffic,” she laughed. “Our days are probably three hours shorter without the traffic. My daughter doesn't need to be in child care for 3-4 hours a day.”

Lugo is part of a trend that took off in the pandemic. People working from home who realized they could get more space for less money outside of big cities and expensive states.

“They continued to have everybody working remotely, we would meet on teams, and when I noticed they kept pushing our return back, I threw it out there and they accepted.”

The housing market is still running hot as we near the end of 2021. According to a new report by Redfin, one third of houses sold in the last six weeks were under contract within seven days of hitting the market.

“This is good for Tucson in the long-run, we are seeing businesses move here, our economy is growing, there are still houses available as long as your patient,” said Long Realty Real Estate Agent Matthew Landau.

Landau says he does offer a word of caution with home prices at all-time highs.

“To a first-time home buyer if they are looking at this house as maybe a two-year stepping stone I always caution them the market can change at anytime.”

For Alex, the move from California made all the sense in the world. She actually grew up in Tucson, so working remotely gave her a chance to come home.

"I think Tucson is one of the best places to live in terms of the community.”