Thinking about purchasing a home this year? Consider Tucson, Arizona!
Tucson is among the top 10 U.S. cities identified as a hidden gem in the housing market. This is largely based on the number of homes for sale in the Tucson area, the cost of the homes, and the lower mortgage interest rates trend for a home loan in Tucson by Altitude Home Loans, among other things. Despite the ongoing COVID impact making many of us question what lies ahead, this may be the year to consider purchasing in Tucson.
What’s Driving Home Sales?
Home sales over the past two years have been impacted by building material shortages, which have resulted in fewer new homes for sale and increased costs for those that were available. With increased costs in supplies came longer development times, which further impacted sale prices. With that trend expected to continue in 2022, experts predict only a 1% increase in overall new home sales across the country.
Why Tucson? Why Now?
We are in unprecedented and somewhat uncharted territory with the ongoing COVID crisis impacting how we work and live; however, we are a very adaptable society. After all, our lives must go on. Family matters, and we want to maintain our quality of life. To do that, we need to find ways to keep working and moving forward. Fortunately, we suddenly find ourselves with an even greater ability to do just that.
Gone are the days when it was necessary to consider buying a home close to work. With much of the job market migrating to a largely teleworking format, we can now work from anywhere and live anywhere. We can now consider purchasing in cities and states that appeal to our lifestyle, our weather preferences, and more than ever, our wallet size. Instead of settling for a smaller, more expensive home near the brick-and-mortar office, we can buy a larger, less expensive home in the area of our choosing.
What Does This Mean Overall?
The incredible flexibility of moving wherever we want opens up a world of possibilities, the biggest of which might be moving someplace that we love. Whereas before the pandemic many buyers felt limited by what a mortgage calculator showed them they could afford in their area, now they can get much more for their money if they move somewhere else.
There’s a lot to consider when it comes to getting a mortgage, including the life of the loan, closing costs, percentage points, and how mortgage interest rates trend. The process of buying a home may never be completely easy, but being able to decide where and for how much certainly makes it a lot better.
If you’re thinking about purchasing a home this year, there is greater incentive to purchase in Tucson than ever before. Beyond the draw of the incredible sunshine, the beautiful mountains, and the wide open spaces, there’s the affordability.
Look at the changing trends and discover the mortgage loan truths for yourself. If you can take your life anywhere, consider taking it to Tucson.
For more information on getting a mortgage in Tucson, contact us at 520-500-1010 today.