Tucson Home Sellers Price is Right or Jeopardy
October 17, 2006
Post Tags: Tucson Real Estate , Tucson Real Estate Market , tucson-home-sellers , tucson-homes
Which game show of Real Estate do you want to be in? Tucson’s Residential Real Estate market right now can be one of two titles. Price it Right and win Price it High and face Jeapordy.
On September 8, 2006 I put up the following page for Tucson Home Sellers and Buyers. The information is still appropriate for the Tucson Real Estate Market.
“Tucson Home Sellers Price Your Tucson Home to Sell or there is a good chance it will still be on the market come next year.
Last year, specifically last spring and summer we saw a run up in residential real estate sales that was frantic to say the least. Many people saw their neighbor’s homes going for more than $100,000 over what they paid for their Tucson home just a few years before. As a result, a lot of people decided to put their home on the market and “cash in” on the run up in Tucson home values.
However, as is often the case, once the wave is gone it is a little late to get in the water and now we have more than double a normal inventory of residential real estate in the Tucson home market. There are a lot of choices for buyers right now and many sellers wondering why their home isn’t selling, or even getting people through them.
In many cases the home is over priced for today’s market. The Bad News for Tucson home sellers is don’t expect any decrease in the number of Tucson Homes for sale in the near future.
There is a good chance in the coming months as summer wanes and we move into fall there will be even more Tucson homes on the market. There were a lot of would be real estate investors in the market last summer as well. Some bought two or more properties with the expectation they would fix them up and sell them again in a couple of months. This is called “flipping” and can be profitable in the right market place, however, Tucson isn’t that kind of market right now for people that already bought at inflated prices and put money into those properties expecting to sell them for a profit.
Some of those homes are already on the market and as those “investors” get closer to not making the payments on these homes they will be forces to lower their asking price not wanting to risk foreclosure or damage to their credit rating.
What does all this mean for the Tucson Home Seller that has to put their home on the market now because they are moving or have a change in their circumstances.
Fortunately there is Good News. The Tucson residential real estate market has continued to increase in value even with the large number of Tucson homes on the market. If you are willing to forget last summer and the stories, and get a good Comparative Market Analysis of your home and price it to sell, you will have buyers who are interested and you will still make a very good profit on the sale of your Tucson real estate or home. But if you get greedy, and set the price higher than the market will bear thinking “someone will buy it” you could find yourself continuing to own your Tucson Real Estate well into next year.”
Personally I would rather Price it Right and get on with my life, than price it high and put my financial future in a life game of Jeopardy.
