Tucson Real Estate News

Everyone tells you it’s a good time to buy, but nobody tells you why.  Here are seven good reasons why.

1.       It’s yours. Knowing the roof over your head is yours makes a difference. If you want to hang a picture, paint a room, remodel the bathroom, buy new kitchen appliances, it will all be in “your home.” How you landscape the back yard is up to you. No more landlords, no more having to get permission to make the living space yours. The only exception is a Home Owners Association (HOA). To some Buyers an HOA is a good thing. To others it’s another level of authority. If you want to paint your home lime green, the HOA may not approve it. If you want to park old cars in the front yard, an HOA will send you letters. Knowing what you expect from your neighborhood may help you decide if you want a home in an HOA. If maintaining property value is important, where your neighborhood is clean and attractive, an HOA may be what you are looking for. That’s a whole topic of its own. Most HOA’s care less what you do inside or in the back yard as long as it does not interfere with neighbors. If you like to party, don’t like pulling weeds, painting the trim, or want to park by your front door and HOA may not be for you.

2.       Family/Social Value. The National Association of REALTORS® studied home ownership and discovered that homeowners tend to remain employed longer, are more involved in their community, and their children tend to do better in school. Homeowners want their neighborhoods to be safe, clean,  insist on local municipalities caring for roads, drainage, and street lights, and tend to pay closer to attention to who is elected to represent them. Stability for children through their development years is important. They play with the same kids they go to school with. They don’t have to worry about starting all over with schools or friends. Relatives even know where to mail Christmas cards. Neighbors tend to look out for neighbors they can get to know and who will be there tomorrow.

3.       Lots of homes to choose from. With the current market remaining a Buyers Market there are a lot of sweat equity deals to be found. If you like, painting, doing repairs, having projects for weekends, a home needing some TLC may be just for you. Prices are lower than they have been for nearly 10 years. This has caused the price of well maintained homes to drop as well. Though not a cheap as a fix up home, you can find a home that will cost significantly less than the same house did 4-5 years ago. With every sale those numbers decrease.

4.       Deals won’t last forever. 2012 is predicted to show improvement in the housing market. Wait to long and you can end up in the woulda, shoulda, coulda category. The house you looked at today, somebody saw yesterday, and could be making an offer on it now. I have seen it happen time and time again with Buyers who hesitate or take too long. You could end up making as many as six offers before you get one accepted because others are offering at the same time and offering more. If you like the home there is a chance somebody else likes it too. Know the value of the neighborhood. Work closely with your REALTOR® in determining price. Using more than one method for determining value helps. In Arizona if you are using a lender there is an appraisal clause in the contract to protect you.

5.       Interest rates are at all time lows. Interest rates have been low for several months. Last week they dipped into the 3’s. Next week they can rise back ot the 4% range. Working closely with your lender will help you get the best possible rate for you. Credit scores play an important role in rates. Working with a lender who can help you raise your score for a better rate is important. Wait to long and your could end up with the woulda, shoulda, coulda group.

6.       Tax benefits. There is a tax benefit for home ownership. You work hard for your money. You deserve it more than Uncle Sam. You can get a credit for certain costs related to your home like interest. Putting money back into your pocket. Of course, consult with a Tax Accountant to understand how home ownership can help.

7.       Eventually home prices will rise. The market won’t remain a Buyer’s Market forever. Those who position themselves to own homes now will be able to take advantage of increased value. There is an old saying, Proper Prior Planning Prevents Poor Performance. Plan today for value tomorrow. Five, ten,  or fifteen years from now you will be able to look back and say I am glad I did buy a home. You will be able to reflect back and see where you are and the skeptics are. You will be able to relish in the comfort of knowing you made the right decision while the skeptics waited too long.

I am available to answer questions, guide you through home buying or show you homes. I am just a phone call or click away.