“Many families across the country, and across Southern Arizona and Sahuarita, are currently renting their homes, waiting for the ideal time to buy. Renting can have a lot of advantages, such as flexibility, decreased responsibility for the burden of certain home costs that come up, and others. But with rising interest rates, increasing rental rates and limited market inventory, many buyers may be finding that 2019 might be the “perfect” time to take the leap and make homeownership a reality.
Homeownership, which has many advantages- both short and long-term – allows a buyer a different kind of flexibility. Not only does owning a home allow the owner to customize the home to their wants and needs, but often times, mortgage costs can be comparable to rental rates. People who have spent many years renting might be surprised to learn how affordable a mortgage can be. Plus, the money that you put into a home you own is an investment, and can often come with certain tax benefits*.
Limited home inventory in the market is also making the case to many buyers that the time to buy is now, as tighter supply is leading to increasing costs and appreciation in the market. Resale home inventory in Pima County has decreased nearly 6% year over year, and the average sales price of a resale home has increased by 5.2%.
Chris Patterson, Office Manager and Branch Manager for the Long Realty office located in the Rancho Sahuarita Marketplace, confirmed the positive timing for buyers to enter the market soon saying, “Now is a great time to buy! Not only are prices very affordable, interest rates continue to remain low.”
Owners who are open to a new construction home have even more flexibility, as they can avoid bidding wars and competition from other buyers. In addition, purchasing a new home gives buyer increased flexibility as often they can personalize the individual design features of a home, rather than a resale where “what you see is what you get”. Plus, some homebuilders offer buyers special discounts and incentives for purchasing a new home, serving as an additional benefit.
Ginger Kneup, owner of Bright Future Real Estate Research, spoke of the Tucson housing market conditions and the added advantages of purchasing a new home saying, “The tight resale market has created more interest in new homes as buyers are able to take advantage of low interest rates and maximize the value they can achieve for their money.”
New home options, like those available in Rancho Sahuarita’s two newest neighborhoods – Entrada La Villita and Entrada Del Rio – offer buyers a variety of floorplans with different sizes and pricing to choose from.
*Individual tax and financial circumstances vary. This is not a representation or guarantee of any tax benefits of homeownership, property taxes, fees and costs for tax purposes. Consult your tax advisor directly.”