Tucson Arizona Property Value Increase
Despite the difficult economic climate of recent years, many cities and towns across the U.S are seeing healthy movement in the real estate market, leading to a demand in houses and condos among the different price bands. Tucson has experienced the highest rise in houses sold in May for seven years, with 1,437 units being sold, according to the Tucson Association of Realtors. With the housing market regaining stability, Tucson is enjoying this flutter of activity and new buyers are looking for ways of gaining a foothold on the property ladder.
New construction was seen as the best buy in the area at the beginning of the year, with many people taking their homes off the market, and new homes are still attracting new buyers, it seems. Construction has increased in and around Tucson in an upward trend as buyers seek homes in the area, with figures showing a rise from 78 in November 2011 to 155 a year later. New construction has helped to inject some energy into the housing market in Arizona.
Along the Tangerine Road Corridor of Tucson there has been a boom in new housing development over the past few months. This is in part due to the Twin Peaks Interchange along Interstate 10, which has made the area much more accessible for homebuilders. There are stunning views close to the Catalinas’ Pusch Ridge and Dove Mountain, yet the area is close enough to the city for commuters and, with the new road links, the Tangerine Road Corridor has a real buzz about it at the moment. A spokeswoman for Pulte Homes believes that the area is appealing to those who are working and like the idea of relocating to an exclusive part of town, from where they can still get to work easily.
Because the housing market is continuing to strengthen, and demand is outweighing supply, new construction such as that in the Tangerine Corridor is attracting a lot of attention from potential buyers, with $80 million of pending transactions here. Other areas are following the trend, with building work taking place in Quail Creek and Green Valley.
With the activity in the housing market, and particularly the new construction market, fixed mortgage rates are on the rise, however it is believed that a steadier economy across the U.S, which is reflected in Tucson, means that mortgage rates on the whole are at a record low and this is spurring buyers on. This trend will continue to help the housing market recover, as cheaper mortgages lead to an increase in house sales and this, in turn, helps construction to grow. First-time buyers can select from a wide range of mortgage deals and you should establish exactly what you need to borrow and how much you can afford to repay each month. Working finances out before comparing interest rates and offers is a good way of researching the market before you negotiate with a lender.
Tucson Economy Boost puts it on the Map
According to Inman News, Tucson has always been the city in Arizona to receive the least attention, despite its growing population. Recently, however, Tucson’s economy has been making headlines, with The Fiscal Times placing it as having the sixth best growth for jobs in the U.S. The city’s buoyant economy is reflected in its housing demand growth, with Real Estate owned property sales really booming, many with multiple offers. Much of these houses are at the bottom end of the market, as first time buyers take the plunge.
Tucson has seen a boost in relocation, with many people moving to the area for health reasons. Retirees are attracted to the high yet affordable standard of living and the relaxing lifestyle that people experience here. The tagline ‘Free Yourself’ is Tucson’s new brand image and the CEO of Visit Tucson claims that it represents the free spirited thinking that defines this area. There is a concentration of aerospace and defense companies in this part of Arizona that boost its economy, such as Honeywell, Northrop Grumman and Dunn Air and there are new technological developments, making Tucson a hotspot for research. The University of Arizona’s Science and Technology Park is contributing to the growth in science in the area, and it also has a center for technology that explores astronomy, photoelectronics and sustainable systems. All of this leads to a healthy economy and a continuing influx of people relocating to Tucson.
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Featured Tucson Home Listing with strong property value: 3705 Old Sabino Canyon Road Tucson, AZ 85750