The Tucson Association of Realtors is predicting that the Tucson real estate market is on track for its “best year since 2006.”
RealtyTrac said Tucson is among the 23 markets where single-family home sales were at a 10-year high in the first half of 2015.
Currently, there are fewer foreclosures, as well as fewer house flippers and investors.
First time buyers are entering the market, and people who lost their homes to foreclosure are starting to come back in the market.
“It has taken us a lot longer to rebound,” said Eric Gibbs, president-elect of the Tucson Association of Realtors, “but the rebound I think is a good thing because it’s slow coming and the market’s correcting itself in a nice steady pace that allows the buyers to really be able to get out and fine the right property for them and at the right price.
Home prices are rising, which is good news for people whose homes were underwater and owed more than their homes were worth.
Traditional buyers are looking for homes, and there are also more choices out there for people who are deciding to sell.
“I decided to sell now, and you know the market’s good,” said Wade Schultz, who sold his home in just a few days. “If you put your money into the house and make it look nice, people will come and look and eventually somebody will come and buy.”
Although prices are rising, interest rates are still low.
On the downside, however, lenders are cautious as credit is still tight.
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