TUCSON, Ariz. (KGUN) — The current housing market can be difficult to navigate and to determine when is the best time to buy.
Bridgett Baldwin is an Associate Real Estate Broker with The Tucson Agents and says that here in Tucson it is currently a buyer’s market. She explained that right now sellers have to be more competitive with their pricing.
Baldwin said mortgage rates are projected to dip later this year, but it is impossible to know for certain. She explained that lower interest rates cause competition to increase and sale prices of homes to go up.
“When rates drop you can refinance so right now is a great time for buyers because there’s a larger amount of inventory and they aren’t having to give up things like inspections, appraisals and cash out of pocket just to get the house,” Baldwin said. “They can use that cash to buy down their interest rate which will be attached to that loan for 30 plus years.”
Baldwin offered some advice to first time home buyers, don’t be afraid to ask questions.
“Ask a few different agents, consult with a lender or two and just really educate yourself on the buying process because there are a lot of headlines out there that are pretty scary but when you’re actually here and in Tucson, not looking at the national statistics, it’s a really great time for first time home buyers.” Baldwin said.
She tells KGUN the Menlo Park neighborhood is experiencing a boom because of its proximity to the Mercado District and Downtown. Baldwin said Marana and Vail are both also popular areas right now.
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Madison Thomas joined KGUN 9 in July of 2023 as a multimedia journalist. She graduated from Arizona State University in May of 2023 with a degree in journalism and mass communication. She has lived in Arizona her entire life and grew up in Douglas. Madison is thrilled to share the stories from the community she grew up in. Share your story ideas and important issues with Madison by emailing madison.thomas@kgun9.com or by connecting on Instagram, Twitter or Facebook.
