Tucson Housing Market, It Isn’t Valentines Day Anymore!
October 23, 2006
Post Tags: Tucson , Tucson Real Estate Market , tucson-home-sellers , tucson-homes , tucson-real-estate-2006
If you're new here, you may want to subscribe to my RSS feed. Thanks for visiting!
I keep trying to come up with ways to let sellers know the Tucson Real Estate Market is now a buyer’s market and the implications for putting your Tucson House on the market.
Let me try and draw a word picture of today’s market in Tucson.
Remember last Valentine’s Day. You tried to buy a dozen red roses and no matter where you went they were $50 or more. Then you find a street vendor selling them for $36 a dozen and they are great roses. It was Valentine’s Day and you had to have some roses. So $36 didn’t sound too bad.
The next week you went to the grocery store to pick up a few things and there at the flower station you find the same dozen red roses for $7.99. They come from the same grower, they are just a beautiful as the ones you bought last week, but it isn’t Valentine’s Day anymore.
The street vendor, he is still trying to sell them at $36 a dozen, but for some reason no one is buying his roses.
2005 in Tucson Real Estate was Valentines Day. There were very few properties available for sale in Tucson, New home construction found many builders limiting purchases to only people that would sign a contract they would live in the house and not sell it for at least one year. Many builders stopped working with real estate agents and offered no coop period they had all the buyers they could want walking right in the door.
2006 in Tucson Real Estate, IT ISN’T VALENTINES DAY ANY MORE!! There are more than 9000 residential real estate properties on the market. New home construction is discounting heavily their new home inventor. They will sell to anyone, and in some cases they are offering up to 8% coop to real estate agents brining buyers.
If you are trying to sell your home in Tucson in 2006, don’t think about what your neighbor got last year, don’t even take last year into consideration when pricing your home.
One of the reasons there are so many Tucson Homes on the market is asking prices in line with last year, but way out of line for this year.
We can’t stress it enough, price it for the market you are in today, not for the market of last year that doesn’t exist anymore.
October 25th, 2006 at 9:57 am
How true it is. Unfortunately sellers may be waiting and hoping for Valentines Day 07, and if things haven’t turned around by then - and I have serious doubts that they will - then it will be the Valentines Day Massacre.
Sell in the market you’re in-
October 25th, 2006 at 10:49 am
John
Waiting till 07 Valentines Day is exactly what I warned sellers about in this post Tucson Home Seller- Price is right or Jeoparody
Sell in the market you are in is good advise.
Sellers need to adapt how they sell based on the market they are in, and it is our reponsibility as Reators to advise them on how. I’m sure you are finding as we are the issue is helping sellers realize the market has changed significantly since 2005.