A question that comes up often when talking with Buyers. Especially those that are still waiting for prices to drop more before they buy.
So why should you buy now? There is no one answer for everyone. But there is one factor anyone considering buying should keep in mind - price isn't everything. If the cost of buying a home right now is affordable for you - then it's definitely a time to buy.
In Tucson, prices are falling. Many houses are selling for below $45/sq ft, while others that are not bank owned are priced at $60/sq ft and don't need fixing! At these prices, inventory is also falling and so are the days on market - most homes are selling within a month of being on market. Increasing are the average sales price (up 4% since last year) and list to sell ratio which is above 95%. Interest rates are also pretty low - combined with low home prices - the cost for a mortgage is appealing!
The trend I've seen lately? Buyers who are actively looking have talked to a lender and found out how low interest rates are right now; that negotiating even lower prices than list is tough; and homes that are appealing have multiple offers and are selling fast!
Perhaps a better question is, why shouldn't you buy now?
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