Tucson Home Values
Is the value of your Tucson home or Pima County home risen in value in the past 12 months? Chances are you aren’t alone! According to a recent article by the Arizona Daily Star, home values are actually on the rise in Pima County. Depending on the area of town your home is in, the amount of increase can be fairly dramatic!
This naturally can cause concern if you are a homeowner here in Tucson or Pima County. With rising home values, comes the uncertainty of rising taxes, as well as the spectre of market collapse. When is the right time to sell? You want to make sure you sell for the most money possible, without waiting too long, and missing the boat entirely!
Hopefully, this article will help you navigate these uncertain waters!
Why Are Values Rising?
According to Bright Future Real Estate Research, a residental resale analysis firm; sales in the Tucson area were fueled by a lack of inventory. This creates an entirely predictable result! When there isn’t enough of something, the value goes up. When there is more demand, than supply, the cost of items goes up. From my personal experience as an Investing Realtor, many of the purchasers that are coming to our area are leaving California, Washington State, and Oregon.
Their reasons for leaving are many. Their reasons for purchasing in the Old Pueblo are diverse. One unifying theme is common amongst them all. Their desire for Arizona’s lighter tax burden, and ease of regulation.
This naturally makes Tucson and the surrounding area a natural choice for their businesses, and their employees. The natural result, being an increase in sale price.
See Related: The Tucson Real Estate Market Update!
Where Is The Fastest Growth?
According to this article, the areas of town that have experienced the fastest growth are the South Central, as well as the South Tucson and Airport areas of town. This has been my experience as an investor, as well as a Realtor. Homes in these areas have typically sold very quickly, and usually for cash. Ask any investor, or Realtor, and they will agree that these areas represent some of the quicker areas of growth in the Metro Tucson Area.
From a Realtor perspective; these areas are very attractive to many consumers due to it’s relatively lower cost, and ease of transportation. For those working in or around the Davis Monthan Air Force Base, Tucson International Airport, Raytheon, or any number of other companies, these areas are desired for their proximity. As an Investor, fixup properties in these areas represent a good opportunity to rehabilitate a home if purchased at a fair price.
Death… and Taxes!
Now, it has been said, that the only two things in life are Death, and Taxes. If the values of your home are going up, you can be sure that it won’t be long for your Tax Assesment for your home to rise as well!
Don’t worry though! These rises in value will not be reflected on your property tax bill until Fall of 2020, so you still have time to plan! If you are planning on selling your Tucson home, or just trying to explore your options, then feel free to contact me, for a no hassle evaluation of your situation, and what can be done!
If you are planning on challenging your tax assesment, then you absolutely have the right to do that! The most efficient way to challenge your bill is to call the phone number on the assesment when it comes out as that number will lead to a specialist who is aware of your property, and situation. Of course, you can always contact me prior to contacting them, as I can help provide comparable sales for you to help challenge your assesment!