The chaos of the holiday season is quickly becoming a memory. Ah, the beginning of a new year- a time to hit the restart button and get focused on what you want to accomplish in 2014. For some, that list includes a move to a new home, and possibly selling an existing property.
I know some of you considered purchasing last year, but for whatever reason held off. Truly, the time is now. Yes, I know realtors always say that, but consider the following- interest rates have risen a full point to approximately 4.5 percent since last January. For buyers, that equates to more than $100 extra dollars a month on a $200,000 mortgage. Economists are predicting that the rate will hit 5.5 percent in 2014, which will tack on another $100 a month. As the price of homes steadily increases (the median Tucson home price is up 9 percent from the end of 2012, with predictions of another 6-8 percent rise in 2014) you can see how waiting could be costing you quite a bit.
For sellers, waiting has some disadvantages as well. As rates tick up, homebuyers can afford less. The inventory on the Tucson market has increased to a pretty healthy supply compared with this time last year, so buyers may not be clamoring over your home with more to choose from.
Lots to consider as you make your decisions, but possessing knowledge of the local market to make informed choices will give you an advantage. We are here to assist you, and help you formulate a plan of action that will work to fulfill your needs.
From start to finish, we will work every day to ensure you are toasting in 2014 in your new home. Contact us today at 520-344-ACES (2237) or visit ThePropertyAces.com. We look forward to serving you.