TUCSON, Ariz. (KGUN) — A new report from the National Association of REALTORS says there were 516 homes sold in Tucson in July 2023, that's down from 683 homes sold in July 2022. Economists say high mortage rates and a shortage of houses are two of the biggest factors impacting this decrease.
“Anytime the inventory is low and interest rates are high rent goes up," said Bridgett Baldwin, Associate Real Estate Broker of Tucson Agent’s Real Estate Team. "When the rent exceeds what a mortgage would be even on a short-term basis, it makes sense to own because you can turn this into an investment property so easily.”
Although mortgage rates have climbed to their highest levels in 21 years, Baldwin says that should not discourage you in the home buying or selling process.
“You could walk into a loan officer's building, have a conversation and have a completely different rate than the person that walks in behind you because of your credit score because of your debt to income ratio," she said.
On average, homes in Tucson sell after 42 days on the market compared to 36 days last year. However, the Tucson area is still a desired area to buy. Especially in the winter months.
“We don't have extreme weather besides our monsoon season, so people buy a lot in Tucson as an investment because it's very low maintenance. You don't have to mow gravel or shovel heat," said Baldwin.
She says it's hard to forecast the housing market and where it will go by the end of the year. Baldwin says one thing is for certain— buy or sell when it fits your needs and especially your budget.
"Tucson is just such a unique insulated tight knit community that maintains a lot of their value, even though recessions and tough times," she said.
A mortgage loan can be refinanced to a lower rate if that rate drops in the future. Baldwin explains the importance of shopping around and getting to know local realtors and lenders that know the market in order to find your forever home.
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Brooke Chau is a reporter for KGUN 9. She was a part of Fresno State's newscast, Fresno State Focus and interned at KFSN-ABC30 in Fresno, CA before coming to KGUN 9. Share your story ideas and important issues with Brooke by emailing brooke.chau@kgun9.com or by connecting on Facebook, Instagram and Twitter.
