What to expect in the Tucson Housing Market in 2023
How did the 2022 Tucson housing market look?
In 2022, the Tucson housing market saw a sharp incline in house prices, which caused rising inflation that was well above the national level. According to Tucson.com, housing affordability has decreased considerably as a result.
Redfin also states that the total number of homes sold in January 2023 has decreased 41.5% YoY (Year over Year). Home prices are also up by 5.1% from last year.
So what’s to come in the housing market throughout 2023?
Let’s explore the projected housing forecast in Tucson for 2023, the different selling and buying conditions, and how We Buy Ugly Houses® can be a fast option to sell your house in Tucson.
What to expect in 2023
Be prepared for a slow start this year. Tucson.com suggests that a “mild” recession should hit for a few months until the middle of the year. Expect extremely slow economic growth for a short period, such as slow job growth, high interest rates, and slow population growth.
According to Redfin, the total number of Tucson homes sold in January 2023 has decreased 41.5% YoY. Home prices are also up by 5.1% from last year.
However, there’s still good news: Tucson experts are still confident in the local market outperforming the national level. Compared to Tucson, the national level is expected to hit a recession after the 2nd quarter of 2023 that will last until the end of the year.
Should you buy or sell a house in Tucson?
Selling your house could come with many obstacles around this time. The more mortgage rates increase, the fewer motivated buyers there will be looking for a house.
According to Redfin, 18.8% of houses in Tucson are selling above the listing price, a 16-point decrease compared to the same time last year. This means buyers aren’t as eager to pay a higher price for houses and are willing to wait till the prices drop.
As of now, it’s the same for renters—fewer people want to rent a house. If you want to rent out your house, there’s a possibility you’ll be waiting to find a qualified renter and could end up paying 2 mortgages for longer than you’d prefer.
If you’re short on time, cash buyers are a great way to sell your house.
Companies that buy houses for cash are always a great option if you need to sell your house in Tucson fast. If you want to avoid possibly paying for a second mortgage after moving, or ifyou’re facing foreclosure, cash home-buying companies get your house off of your hands quickly.
Since you’re selling directly to a cash buyer, there are no real estate commissions to pay, and they typically buy your house “as is.” When you consider the fact that you no longer have to worry about fixing up your house or waiting for interested buyers to reach out to you, you’re already more than halfway done with having your house sold with a home-buying company.
We Buy Ugly Houses® is the home buyer America trusts.
It’s not hard to find a cash home buyer; they have ads everywhere you look. Out of the many companies that buy houses for cash, choosing the right one to get the job done is important. Selling your house can be stressful enough. The last thing on your mind should be whether or not you can trust your home buyer.
We Buy Ugly Houses® has purchased over 140,000 houses from homeowners even when the market wasn’t in their favor. Most rookie home buyers begin to stumble when they run into a new problem. As America’s #1 home buyer, we have seen it all and have used our resources to buy houses fast from homeowners facing difficult situations.
With a 96.1% customer satisfaction rating, homeowners have walked away happy and satisfied with the fair cash offers we’ve delivered.
Our Tucson property specialists can visit your house for a free, no-obligation consultation and sometimes even give a fair, fast cash offer on the spot.
We charge zero hidden fees, pay typical closing costs, and often close in as little as 3 weeks.