Is It a Good Time to Buy a House in Tucson
March 17, 2009
Post Tags: catch a falling star , good time to buy a house , timing the bottom
Spring in Tucson
We were taking about this last night around the dinner table. How three years ago people would come to Tucson and be willing to pay $5,000 more than asking price to buy a house and prices were going up every week.
Interest rates were in the 6 to 6.5% range and people were buying homes like hotcakes.
Catching a Falling Star
Now the prices have come down to almost 2002 levels and we had a client this week that got a 4.75% loan. But there are few buyers in the market. Some are still trying to “Time the market”. I know this much, the odds of timing the market are worse than the odds for catching a falling star.
Most people would never even think it possible to catch a falling star but timing the bottom of a real estate market for some reasons seems to be a possibility in the thinking of many buyers.
I study the Tucson real estate market all the time. There aren’t many people in town that spend more time analyzing the market, but I can’t time the market. I’ll be able to tell you looking back when it probably hit bottom, but I can’t predict the exact time.
Best Prices to Buy in Years
Prices for residential real estate in Tucson are as low as I’ve seen in the past 3 or 4 years. They are starting to turn around despite what the media says. If you want a reason why that is read: Multiple Tucson Real Estate Markets.
But is it a good time to buy. It depends on your individual situation. If you have good credit, can make the purchase without breaking your budget and have a secure income and you want to buy in Tucson, you will get more for your dollar now. The interest rate you will pay is smaller than I have ever seen.
If you can say yes to these questions then YES, it is a good time to buy a house in Tucson.
Please make note of the date this is written. It is March 2009. What is written applies to right now. Trying to apply this later is like asking someone you just met out on a date a week after you are married. Timing is everything and so is context.
