Housing experts we talked to say the housing market is starting to stabilize.
Regional Vice President of VIP Mortgage Hunter Sampsel said lenders have seen that first hand with layoffs in the industry decreasing.
“You know, starting early 2021, going through 2021…definitely saw some layoffs,” Sampsel said. “I think for the most part, most companies are kind of at the right size now to maintain the level of service and the current volume. There may be you know, you’d never say never, but we’re not anticipating any here.”
What he’s anticipating is the continued need for housing.
“What we’re not seeing is any sort of decrease in sales prices,” Sampsel said.
In short, the demand is still there, with low inventories driving costs.
“You know, current rate is running right around 7.5 percent as far as the national average goes,” Sampsel said. “Which is definitely putting some people in a situation where it makes it harder for home affordability.”
Keith Gregory with Summit Housing Group, says he’s seen first hand the challenges middle to low income families have faced right now.
“We see less units, you see more people struggling…you see more people on the streets. We’re all looking for resources,” Gregory said. “The state and the federal government, the City of Tucson, they all do a really good job of providing resources, but there’s still not enough.”
As builders work throughout are area to keep up, Gregory says other things need to change.
“So there’s a lot of different things that need to happen. I think, at a federal and state level. I think more direct resources need to be put into the creation of housing,” Gregory said. “And at the end of the day, I think more flexibility in the reason the regulations that we have will really help us to move project forward.”