“Capital punishment: The income tax.” – Jeff Hayes
GreenTucson April, 2017
There are so many things to do in our fair city:
Get ready for the 106th Annual Pima County Fair at the Pima County Fair Grounds April 20-30. Stroll almost two miles of paths at the Arizona-Sonora Desert Museum 2021 North Kinney Road. It is rated #1 out of 164 Tucson attractions on TripAdvisor. The Desert Museum is comprised of zoo, botanical gardens, and museum. It’s on the far west side of Tucson where you will also find Old Tucson Studios and Saguaro National Park West.
Downtown Tucson Partnership reports, “On average, a new business opens in the Downtown area every two weeks.” The University of Arizona’s Eller Economic and Business Research Center reports that personal income in Pima County has improved 4.6% from a year ago and predicts steady improvement over the next two years.
Mortgage rates edged downward, but change is in the air. The Federal Reserve announced a .25% rate increase, marking the second hike in three months. The Fed’s plan is to begin to shrink its $4 trillion balance sheet by reducing its purchases of mortgage-backed securities this year, ending some of the measures it took to bolster the economy during the financial crisis. CNBC reported that the Federal Reserve “…amassed most of the bonds it owns during three rounds of ‘quantitative easing’, a monthly bond-buying program aimed at juicing the economy following the financial crisis. The securities are mostly Treasury’s and mortgage-backed securities. It has been reinvesting the proceeds from those bonds and rolling them over rather than shrink the balance sheet.” The Fed has said it doesn’t plan to sell the securities, which could abruptly drive up long-term rates and shock the economy. Rather, it is the Fed’s plan to stop reinvesting the proceeds as the assets mature. Although the unemployment rate at 4.5% was the lowest in almost a decade and down from 4.7% in February, it will be interesting to see if the Labor Department’s disappointing March jobs report of 98,000 new jobs will have a moderating effect on the upward pressure on interest rates.
How is the prospect of higher interest rates affecting the housing market? Lawrence Yun, the chief economist for the National Association of Realtors stated, "Buyers came back in force last month as a modest, seasonal uptick in listings was enough to fuel an increase in contract signings throughout the country. The stock market's continued rise and steady hiring in most markets is spurring significant interest in buying, as well as the expectation from some households that delaying their home search may mean paying higher interest rates later this year."
If you are curious about the value of your home in today’s market and wondering if now is a good time to list, Click: 3 instant, automated estimates of your home’s current value. Then contact me and I can share with you a full and complete evaluation after seeing your home.
Tucson Association of REALTORS® Multiple Listing March Statistics revealed that the Median Sales Price in Tucson rose 9.01% from this time last year. Check out all the latest Housing Reports: North, Central, Northeast, Northwest, West, & Tucson Luxury. Check other areas at: Housing Reports. Get notified automatically when new properties meeting your criteria get on the market.
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