So - is it a good time to buy a home in Tucson? Rip Van Winkle took another nap...for 5 years...see what he found out!
Things have changed dramatically in the Tucson Real Estate Market in the past five years. Prices have come down considerably, and - get this - interest rates are incredibly low.
The past several years have seen artificially inflated highs, so inflated that the economy of the United States suffered a severe downturn when the "bubble" burst in the Sand States of Arizona, Nevada, California and Florida. This was a serious contributing factor to the near meltdown on Wall Street - and affecting economies worldwide.
The speculators and "quick buck" artists of the go-go 00's are gone, with first-time homebuyers, people looking for 2nd homes and smart investors finding value in today's no nonsense real estate market. The days of "picking up a couple of homes for an easy flip" are over, and common sense has come back to the table, at least in the Tucson market.
The average homebuyer can now buy a good home at a good price, with a loan that has a historically good interest rates. Many "crystal balls" turned out to be cracked & made of cheap plastic in the "oh-oh 00's" but I have a feeling that several years down the road, the market we are in right now will be looked at as one of the best times to buy in a long time.
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