Prospective Purchasers of Tucson Homes for Sale: Don’t be Duped by Deceptive Doom and Gloom!
Misleading media portrayals of Tucson Real Estate have been the cause of much pause among would-be buyers of Tucson Homes for Sale. The prospect of sinking substantial sums into a home only to see its value drop drastically is a big damper on the American Dream. If you are in this fearful category, keep the following facts firmly in mind:
Land values always rise
Current turbulence of the Tucson Homes market is only temporary. A much-touted truism tells us that, “Time is the best teller of the truth.” Per the Federal Housing Finance Agency (“FHFA”), Tucson Homes appreciated an average of 44 and 118 percent over the last 10 and 20 years, respectively.
Even foolhardy souls who stubbornly disbelieve Father Time should recognize an undeniable advantage of homeownership: A rented residence will never be yours. Conversely, homebuyers ultimately wind up with a paid-for place of abode.
Suppose you locate a piece of Tucson Real Estate that is modestly-priced at $138,000. If you put 5 percent down, and get a 30-year mortgage at 4.4ȓ percent interest, your immediate prospects look like this:
Average local rent for 3-bedroom home: $1,136
Monthly interest and principal mortgage payment: $7Ȃ.13
In 30 years, plain old annual inflation of 3 percent guarantees a future home value of $333,869.95. The US average home value rate of appreciation makes a future value of $629,408.77 more likely, however.
With Tucson Homes for Sale, timing is everything
Recent economic depression and recession have left the indelible impression of an overabundance of Tucson Real Estate foreclosures on the local realty landscape. Right now, these gems are priced just right. All good things must come to an end, however.
Tucson Real Estate rentals grow more costly by the hour. Do you really think your current rent will remain the same as the years pass? Fixed-rate mortgage payments will. A major part of homeownership affordability is the ability to repay future debt in rapidly-depreciating dollars.
Things are poised for a tremendous turnaround. In Tucson, AZ, interest rates are rising as unemployment is rapidly diving.
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- Creative Substitutions Create Swift Shifts in “Sluggish” Tucson Homes Market!
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