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A spike in housing inventory and healthy growth in the job sector are among many positive factors that have made Tucson housing market a great choice for home buyers. People looking for homes for sale in Tucson, Arizona are spoiled for choice these days. From existing single family homes and condos to new constructions, all types of properties are available on the block, fitting in the budget of buyers from different segments including millennials, first time buyers, elderlies, professionals and investors.
The city of Tucson was hit hard by the housing crisis in 2007-08 but is now among the most progressive property markets in the U.S. The city is yielding great returns for investors and sellers and at the same time, providing excellent home buying opportunities to buyers. Take for example the latest report from the Tucson Association of Realtors which shows the market has posted excellent growth so far in 2016.
In order to meet the growing demand from buyers, builders are breaking ground on more homes. As many as 1,051 permits for new homes were issued in the first six months of 2016. This is a notable increase of more than 25 percent compared to the first half of 2015, when 892 permits were issued.
Foreclosures were also down to 937 in the same period, the lowest level since 2007. It’s a major drop from the peak year of 2011, when 4,001 homes were foreclosed in the first six months, according to official records.
It’s obvious that there are enough homes for sales in Tucson, Arizona, but below are a few things you need to consider when you hit the market, looking for your dream abode:
The fundamentals driving housing affordability across the U.S. are continued job growth, income growth, and near-record low mortgage rates, but there are some unique features that make homes for sale in Tucson, Arizona attractive to home buyers. A vibrant culture, glorious weather and a spectacular nature setting have been attracting new residents to this beautiful city for years. Add these features to favorable conditions of the Tucson housing market, and you get excellent buying opportunities.