Why Tucson buyers and sellers are both struggling now
Why Tucson buyers and sellers are both struggling now.
Realtors say the dream of buying a home is more out of reach for some in Tucson and across the country, with high interest rates, inflation and the economy all playing a role.
For some families, buying a home has become increasingly difficult and expensive, while others are unable to sell their homes due to market complications.
Mr. Beto says he has spent months trying to sell his home.
He has even had to lower the asking price several times.
According to the mortgage finance entity Freddie Mac, the 30-year fixed mortgage rate currently stands at 7.40 percent, compared to 6.27 percent a year ago.
According to the real estate portal Realtor.com, more than 22 percent of homes listed in Tucson saw a price reduction in September.
Given this landscape, organizations in Arizona—such as Chicanos Por La Causa—offer guidance to homebuyers, including support programs for those looking to purchase their first home.
Additionally, the City of Tucson and Pima County offer assistance programs.