Foreclosures seem to be slowing, sale prices are rising, and more permits are being requested for new home construction, leading one Tucson housing industry representative to say the market is improving.
But whether the election results will impact the market, whether there are more foreclosures pending later this year and whether prices are stabilizing or continuing to rise are still unknown, said David Godlewski, president of the Southern Arizona Home Builders Association.
Part of the reason Godlewski said new homes are selling better again is that people are attracted to their energy efficient features, and some people are loathe to tackle the unknown problems that could be present in a cheaper home that was foreclosed from the previous owner.
The third quarter of the year, which ended in September, could be a "tipping point" for foreclosures, he said, meaning the area could see fewer of them starting this month. That could help increase the resale prices for existing homes on the market, he said.
People should weigh all of the factors before making a move, Godlewski said.
"It's a very difficult decision, but I think we've been bumping along the market," Godlewski said. "We are seeing some increases. Now is a great time to buy. We have record low interest rates."