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Tucson Housing market for 2008

by Administrator on December 28, 2007
Written by: Administrator

The Tucson housing market will fair better than other retirement destinations is the prediction of  many local economists and real estate agents.

There are several reasons for this happening.

One includes the fact that it was a late player in the housing boom  game as many investors had gone to Las Vegas, Miami, Phoenix, and San Diego before turning their heads to the Tucson Market.

Also as a city goes, we did not have such a large gross product in construction as other areas, and many of our jobs are stable University, government or Raytheon jobs.

Investors were shut out of new construction by local and national builders with the experience of other areas, and way fewer penetrated the fold than in Phoenix or Las Vegas. Our median price has dropped only 2.3% over the last year compared to other Boomer hot spots such as Phoenix (-10.6) San Diego (-11.4) Miami (-12.4) Source ..Cnn Money Magazine

Many  baby boomers are still going to be looking for reasonable places to live with lower taxes, less natural disasters, low home owners insurance. Arizona ranks the 15th least taxed state.

We have a great climate and Tucson itself is one of the sunniest places in the US.

Canadians are buying in Tucson with the dollar exchange and Tucson has always been a good destination for foreign nationals.

With the present financial climate one would be better to find the right house at the right price as our inventory is slowing.

Tucson has traditionally always had low inventory until the boom.

 

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