Tuscon Real Estate 411 for 2016

Buying a home? Click here to perform a full home search
Selling a home? Click here for a FREE Home Value Report

It's been a long road back, but the Tucson housing market is healthy. 2015 closed with over $3 billion in total sales volume. In 2015, 14,500 homes, condos, and townhouses were sold. That's a 10% increase over 2014.

Finally, the Federal Reserve has raised interest rates by 0.25%. The last time the Fed raised rates, Facebook was still used for college students and had 1/10th the users of Myspace. What year was that? It was 2006! That's ten years.

What does this mean for home buyers and sellers this year? For starters, the rate increase was minimal at best. Mortgage rates will still be around 4% for a 30 year fixed mortgage, so if you have your eye on a house, your monthly payment isn't going to change much. It's a terrific time to buy a home!

As a seller, this affects you too. The lower the interest rates, the more house potential buyers can afford. Plus, your home value has gone up as much as 20% during the last three years. If you tried to sell a few years ago and it didn't work out, 2016 may be the year to try again.

As you can see, 2016 will be a great year for buyers and sellers. If you're buying, houses are still affordable. If you're selling, you may be able to get more than you thought, even if Zillow is telling you otherwise.

If you have any questions, give us a call or send us an email. We would be happy to help you!