Home Buying in 85730>Question Details

Lawrence, Home Buyer in Tucson, AZ

So Its is a goos time to buy? Is this the bottom? Thoughts. Dicuss

Asked by Lawrence, Tucson, AZ Thu Apr 16, 2009

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I like Krista's answer, but I'd also like to add that it depends on what your goals are. If you are going to live in the home for a few years, now is a great time to buy, but if you expect to make no improvements to the home yet sell in a year for profit, it is not a good time because prices are likely to remain pretty flat over most of Tucson for the next 6-12 months. It also depends on the neighborhood. Some neighborhoods are stabilizing well, while others are still experiencing foreclosure woes.
1 vote Thank Flag Link Thu Apr 16, 2009
0 votes Thank Flag Link Sat Feb 21, 2015
PRICE is not the only variable houses are cheaper when money is cheap and you can buy money for under 3.75%. My prediction by December this will be no less than 4.5%
0 votes Thank Flag Link Sat Feb 21, 2015
YES!!! We are experiencing good stabilization in this market but it is still bearish. It should shift to more of a sellers market in a few months and then slow down a bit by the end of the year.
0 votes Thank Flag Link Sat Feb 21, 2015
With low rates and easy loan qualifying, NOW is a great time to buy. Prices are starting to rebound, so I would say now is definitely the time to buy. Inventories at certain price levels can be difficult to find bit that is a good sign.
0 votes Thank Flag Link Thu May 16, 2013
Is it a good time to buy? One way to answer this is: If you're a first time homebuyer...loudly & proudly YES!

Why? There are 3 major forces at play that rarely, if ever, have come together at the same time:
1. Very low interest rates
2. Low property prices
3. The $8000 tax CREDIT for first time homebuyers

Some are referring to this as a sort of "perfect storm" - I've been calling it the "Real Estate Trifecta." (Google It)

Prices will probably stay low for a while, who knows what interest rates will do...and the $8,000 credit will be going away before Thanksgiving. If it isn't a good time to buy now, when will be?

Have we hit the bottom? Don't know. If the very bottom is what you're waiting for, then good luck identifying it - Robin does a good job of answering that below. Rather than waiting for the bottom to hit absolutely, take a look at value...and factor in how much your money to buy it costs. Waiting to save a few thousand dollars on the price may actually cost you more in the long run if interest rates go up.
Web Reference: http://www.TucsonKent.com
0 votes Thank Flag Link Fri May 8, 2009
GOOD NEWS for our area this week.

The housing inventory for homes currently listed on the MLS is at the lowest point in over 30 months. Obviously we are burning of some excessive inventory and moving in a direction of greater stability....it's either the bottom or a very good false one.......

Let's hope it's real
0 votes Thank Flag Link Fri Apr 17, 2009
Congratulations Lawrence!

Finally, a first time home buyer that understands the opportunity!

Good luck to you down there in Tuscon.

Stew
0 votes Thank Flag Link Fri Apr 17, 2009
Thanks for all the inputs guys/gals. I think it a a good time to buy for me atleast, becuase I am a 1sttime buyer(taxbreak) and i can get a VA loan, finally interest rates are low. Houses ar low but ofcoursethe lowest ones here in Tucson are in the South side and sunnysideareas kinda ghetto, I know you guys arent allowed to say it..lol, but i'm trying to look towards the east /central side. Getting a decent 3-4 bd for at a 105k cap is my goal. Thanks again guys/gals I love you realtors. hehehe
0 votes Thank Flag Link Fri Apr 17, 2009
Hi Lawrence,

Now that you have heard all the responses listed below, I'm just curious to hear what you think of the market and if you feel it's a good or bad time to buy?

Give us your thoughts...

Stew Keene
Inspire Realty Group
0 votes Thank Flag Link Fri Apr 17, 2009
Hi Lawrence,
I think it is a GREAT time to buy, particularly if you are a first-time home buyer. With the $8,000 tax credit for buying a home before December 1st, interest rates around 5% and a wide selection of homes to choose from, I am not sure there is much more than can make it better. If you are planning on staying in a home for about 5 years or more, it doesn't matter much if the market still goes down a bit before it goes back up, because you need housing of some form. You can pay rent and be guaranteed you won't get that money back, or make a wise investment with many financial benefits that will likely give you a return on your investment. You can check out a Rent vs. Buy calculator to see what option is really best for you (see link)
0 votes Thank Flag Link Fri Apr 17, 2009
The home affordability index is as favorable for buyers as it has been since the inception of the index. Inventory of homes for sale is dropping, the number of homes going in to escrow is increasing, and out on the streets..........we are now seeing multiple offers on homes. I turned in an offer for a buyer last week and was told by the listing agent there are 13 offers on this home, give us your highest and best. My buyer bid over the asking price and did not get the home.

Most forecasters read historical data, agents out on the street are in the middle of tomorrow's historical data.
We may not be in the bottom but with inventory dropping, multiple offers with buyers bidding over the asking price.......hmmmmmm, well if we are not in or at the bottom, sure is going to be interesting to see the next few months.
0 votes Thank Flag Link Thu Apr 16, 2009
Lawrence,

No this is not the bottom. No one can predict accurately. But, by opinion of very raesonable forecasters - beginning of 2010.
This does not change the fact that prices are low, selection is great - if a buyer finds a house that he/she likes and price is right - BUY IT. Prices are not going to fall that much more and financing is not going to be much better. Of course - this note applies to a buyer who wants live in the house and not to an investor.

George in Tucson
http://www.DestinationTucson.biz
0 votes Thank Flag Link Thu Apr 16, 2009
As with most questions in real estate, the answer is... It Depends! Real Estate is absolutely local and anyone that wants to buy should contact a reputable local Realtor who can tell them if now is a good time to buy. As an example, in my area now is a good time to buy a home over $475K because homes at that price or higher are having a hard time selling so you'll get alot for your money!
0 votes Thank Flag Link Thu Apr 16, 2009
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