10 Tucson Housing Market Trends in 2015
So far in 2015, we’ve seen some overall positive trends for owning a home in Tucson, AZ. This is especially true for buyers who are able to lock in on low interest rates. Even though the average home prices are not up significantly, unit sales and volume point to an upward trend for the future.
The volume of home sales alone has increased 20% from this time last year, which leaves many hopeful that homes in Tucson could see an increase in their value as much as 10%-15% over the next year. Keep this in mind if you are currently in the market. Prices that may seem premium today will seem low by this time next year. Anyone who is already considered moving up in the next few years may find that acting sooner will save you money and allow you to get into a larger home.
Still, those looking to buy in highly desirable areas in the Northwest, Northeast and Southeast should be prepared to pay premium prices.
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Some of the hottest markets in the Tucson area in 2015 include Northwest Tucson, Oro Valley, Foothills and all newer homes built within the last 5 years. Tucson hasn’t seen much new home development over the last several years which is why these homes are selling so well in the Foothills and other areas in the Northwest side of town.
As always, an increase in interest rates can and will have a significant impact on overall demand of home purchases. Many experts are warning to watch for a 2%+ increase in interest rates over the next year or two.
If you own a rental property, you have probably noticed a higher demand that has gradually increased throughout 2015. As demand for rentals increases, so too does the average rent, which makes a very lucrative time to own an investment property. Knowing that there is a higher demand for rentals and knowing that experts predict a significant increase in home values over the next couple of years should be good incentive to hang on to your investment properties for now.
When you are in need of a professional property management team to maintain rental home, remember to check with Real Property Management Evolve Tucson Tucson. Let us handle the day-to-day tasks of managing your property so you can see the best possible return on investment. Call us today for more information at 520-883-7368.