If you’re thinking about buying a house in Tucson, kudos on your choice. The second-biggest city in Arizona landed on Bankrate’s Best Places to Live in 2022 , and it earned an honorable mention on our roundup of the best places to live as a remote worker . Once you get to Tucson, you’ll enjoy the relaxing beauty of the particular desert, but buying the house might be a bit stressful. Read on for everything you need to know about navigating the real estate market in Tucson.

Why buy a house in Tucson?

Here’s a simple number to support why planting permanent roots within Tucson makes sense: 96. When you wake up here, it’s going to be a sunny morning 96 percent of the time. While Tucson attracts plenty of people chasing the calm of the golf course (there are more than 40 places to play in the area), the city is ideal for anyone looking for a bigger adventure, too, with hundreds of miles of hiking and mountain biking trails.

It’s a big city with a smaller price tag: Homes within Tucson tend to be more affordable than in Phoenix , Arizona’s other major metropolis. So, if you’re looking for a combination of Sonoran Desert elegance with cosmopolitan energy, Tucson — home to the University of Az — is a good pick.

Find a Tucson home for your budget

Buying a house in Tucson has been getting increasingly expensive. Between October 2021 and October 2022, the median cost associated with a single-family home jumped by more than $42, 000 to a current price of $380, 000. If you can squeeze into a smaller space, though, you are in luck: The typical price of the condo or townhome is just $250, 000 here.

It’s not just the particular dollar amount attached to a listing, though. You’ll need to think about what you’re looking for in order to meet your lifestyle needs. Do you want an urban feel with plenty of walkable nightlife? Perhaps start your search within El Presidio or Iron Horse. Do you have a bigger budget and a bigger family? Take a look in Shadow Hills or even Flecha Caida.

Is now the good time to buy a house in Tucson?

With mortgage rates in Arizona hovering around the 7 percent mark, you might be wondering whether you should buy a home now or wait . While it’s true that you are likely to pay a lot more within interest compared to you would possess in 2021, the jump in borrowing costs will be actually creating some good news for buying in Tucson.

First, you’ll have more properties to consider. The inventory of homes with regard to sale has increased by more than 35 percent over the past year. Second, the days of paying more than the listing price are gone. Whilst homes in Tucson were selling regarding above asking price throughout part of the pandemic, buyers are typically paying 98. 5 percent associated with the list price right now. Plus, data from Redfin shows that the changes in the particular market have got been motivating more sellers to drop their prices. If you’re okay with the current mortgage rate environment, you will enjoy some extra bargaining power within Tucson.

What to know regarding buying a house in Tucson

How safe are the neighborhoods?

Tucson isn’t known for its safety. Within fact, the city earned a good F in CrimeGrade’s latest data set. However, the town isn’t completely crime-ridden. As you move further northeast from the city center, Tucson’s safety element starts looking higher. Make sure you’re reviewing reports from neighborhoods you’re considering to determine if you’ll feel comfortable walking your dog at night or that will your house won’t become burgled.

How long will your commute end up being?

As a person look at different neighborhoods around the metro area, make sure you’re considering your daily work routine. The average commute time in Tucson is around 25 minutes, yet it’s important to note that getting close to the city doesn’t have in order to involve four wheels plus an engine. More residents commute to work in Tucson on bikes than they do in Denver, Austin and Albuquerque. While you start your house hunt, think about looking within areas that can help you reduce your commuting costs and increase your amount of physical exercise.

How much will you pay in closing costs?

In addition to saving upward for a down payment, you’ll need to set aside money to cover closing costs in Tucson. In 2021, the most common fees added up to 1. 2 % of the purchase price, according to research through ClosingCorp. So , on a $380, 500 home, that’s an additional $4, 560 in order to cover. The good news is that Arizona doesn’t charge any real estate transfer taxes, which keeps closing expenses relatively low here.

Exactly how much are you going to pay within property fees?

As you budget for your own monthly home loan payments, ensure you’re considering what Tucson’s taxes will mean for your bills, as well. The combined county property tax price in Tucson will be $506. 52 intended for every $100, 000 associated with value in 2023.

What else will you need to spend for as a homeowner?

In addition to a standard homeowners insurance policy, you may want to look into additional coverage to protect against wildfires , which do occur in the particular area fairly regularly. And if you’ve always been a renter, make certain you’re setting aside the funds you will need to keep your home in good shape . You’re upon the hook for all the maintenance costs today, which can add up within a large way. If your air conditioner quits in the middle of the Tucson July, you’re not going to be able to wait around to save for a replacement.

Tips for purchasing a Tucson home

Save for a down payment

In the particular spring of 2022, the average down payment on a new place in Arizona was $59, 1000 — a sum associated with money that can feel overwhelming to anybody on the small spending budget. However , a person can purchase a home within Tucson along with a much smaller savings account. If you have excellent credit and qualify for a conventional loan , you’ll just need 3 percent of the particular purchase price to get your down payment. On a $380, 000 property, that comes out in order to $11, 400.

If saving for a straight down payment feels impossible, don’t get discouraged. There are usually some helpful options in Arizona pertaining to first-time homebuyers , along with national deposit assistance options for anyone trying to buy a house on the low income . There are local options within Tucson, too. If you earn less than $122, 100 per year, the Pima Tucson Homebuyers Solution is the best place to start. The typical applicant gets $14, 500 of down payment assistance. The best news about the program? If you live in the home meant for three years, the money is forgiven, and you never have to pay it back.

Find a local Tucson actual estate agent

Buying a home is a better process with the right genuine estate real estate agent at your side. Realtors are professionals who have a sense of the ebbs and flows from the marketplace, and they may help a person avoid a few of the common mistakes involved in buying a home. In addition to helping you craft the compelling offer, they can introduce you to several of the particular other crucial parties involved in the process including home inspectors , true estate attorneys and contractors . And when you’re wanting to buy a house within Tucson from out of state , the real estate agent is usually even a lot more critical plus can serve as your eyes and ears when you can’t be there in person to visit a new listing.

Get preapproved designed for a mortgage

The particular first step to buying a home does not involve looking at properties. Instead, it involves sharing your own personal financial information in order to get preapproved for the mortgage . Sellers need to see a preapproval to feel confident that a person will become able to get a deal done. Some lenders will offer preapproval letters in 15 minutes, and others might need in order to manually review your information.

Understand the particular playing field

When you begin house-hunting within Tucson, it is important to understand that you may be competing against other buyers who do not need to borrow any money to purchase a house. In 2021, a lot more than 35 percent associated with properties in Tucson had been purchased within all-cash deals . Tucson has been a prime market just for real-estate investors over the past couple of many years with Offerpad and Opendoor — two of the biggest names in iBuying — both snapping up qualities in the area.

However, the market is shifting. According in order to figures through the Tucson Association of Realtors, single-family homes are sitting on the market for an average associated with 30 days — nearly twice as long as one year ago. With fewer buyers entering the market and some real estate property investors retreating to the sidelines, you might end up being able to be within the driver’s seat like a buyer.

Bottom line on buying a house in Tucson

Over the past two yrs, the real estate market in Tucson felt hotter than the southwestern sun within the center of August. However, the particular housing marketplace is cooling off. If you possibly could deal along with the impact of higher mortgage rates on your budget, now might be a great time to find a new house in the Old Pueblo.

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