The current housing market can be difficult to navigate and to determine when is the best time to buy.
Bridgett Baldwin is an Associate Real Estate Broker with The Tucson Agents and says that here in Tucson it is currently a buyers market. She explained that right now sellers have to be more competitive with their pricing.
Baldwin said mortgage rates are projected to dip later this year, but it is impossible to know for certain. She explained that lower interest rates cause competition to increase and sale prices of homes to go up.
When rates drop you can refinance so right now is a great time for buyers because theres a larger amount of inventory and they arent having to give up things like inspections, appraisals and cash out of pocket just to get the house, Baldwin said. They can use that cash to buy down their interest rate which will be attached to that loan for 30 plus years.
Baldwin offered some advice to first time home buyers, dont be afraid to ask questions.
Ask a few different agents, consult with a lender or two and just really educate yourself on the buying process because there are a lot of headlines out there that are pretty scary but when youre actually here and in Tucson, not looking at the national statistics, its a really great time for first time home buyers. Baldwin said.
She tells KGUN the Menlo Park neighborhood is experiencing a boom because of its proximity to the Mercado District and Downtown. Baldwin said Marana and Vail are both also popular areas right now.