At this point average sale prices are continuing to dip slightly month over month.

If you bought it before 2004 you still should see some gain. If after that, you might want to continue to rent it for awhile.

This month (Aug. 2008) there are a lot of mortgages that are resetting. It is going to take a couple more months to see what effect if any this will have on the Tucson real estate market.

There is a CMA (Comparative Market Analysis) Request at http://www.tucsonazrealestateblog.com/cma-request/ If you fill this out we can let you know what you could price it for. There isn’t any obligation and knowing what the market value is right now would help you have a better idea of what to do.

It depends on the financing of the property. If it is a cash purchase I would think now sometime in Sept. or Oct. It will be a month by month analysis. I’m still seeing a slight drop in average sale price in most areas.

However, if the property is to be financed, I think we have already seen bottom in the sense that interest rates in my opinion are going to continue to rise off setting any reduction in sale prices. The inventory each month has been declining. Some areas of town are down to 5 months of inventory.