Comments on: Tucson Record Number of Unsold Homes Flood the Market

By: Tucson Real Estate 2006 Sellers Didn’t Get The Memo | Tucson Real Estate

Wed, 29 Oct 2008 13:10:02 +0000

[...] Looking back lead to a lot of homes sitting on the market which were priced way beyond what the market could or would bear. Asking prices had continued to escalate in 2005 and when the speculators left the market it was easy to see in the figures that asking prices kept increasing while sale prices were declining. Some sellers were getting the message and the memo. Those that did often saw their property sold in 30 days or less. The end result for those that didn’t, an increase in listing inventory referred in the media as a Flooding of the Tucson Housing Market with homes “Languishing on the Market“. [...]

By: Tucson Real Estate Media Bad News | Tucson Real Estate

Tucson Real Estate Media Bad News | Tucson Real Estate — Wed, 24 Sep 2008 15:42:55 +0000

[...] inventories through 06 and 07 was one of the real issues we had creating headlines like “Homes Languishing on the Market” Even homes that weren’t built yet and were for sale were having a hard time being [...]

By: bobby joe

bobby joe — Sun, 13 May 2007 04:53:21 +0000

I didn’t hear any complaining as the price of homes in the Tucson Metro area climbed to dizzy heights… did I? Not a peep. Geez.

By: Dave

Dave — Sat, 12 May 2007 05:30:16 +0000

John,

Actually I agree with you. There is a glut of homes on the market right now in dis-repair, in poor condition contributing to the flood.

Had the Arizona Daily Star taken the approach to the issue that we have two big issues that are effecting the houses currently on the market.

1. speculators that bought overpriced homes thinking they could put down some new carpet and flip the house for a profit.

2. subprime borrowers that got a loan but didn’t change their finacial habits so they could pay for the loan which is why they had to go subprime in the first place.

Those are valid points to consider and discuss in our market.

But to take as their example a home that isn’t even built yet, and call this home that isn’t completed “languishing on the market” that was the issue of the post, not the condition of the market.

I’m working on a couple of posts right now that go into more detail.

I agree with you, my issue was creating a perception that homes are languishing on the market and making it sound like no one is selling or buying real estate in Tucson. Picking a home that isn’t even completed as their prime example I consider journalism designed to sell papers and not give a true picture of the market.

This post has two points to it.

1. The Star tried to create a perception using an un-built home as an example of homes languishing on the market.

2. There are homes on the market that when priced right and in good repair not competing with new construction are selling and the sellers are not loosing money in the process.

That’s the point of this post.

Are there more homes on the market than should be, absolutely. And I’m working right now on posts to address these issues as described in the two points made above on speculators and subprime borrowers.

I do believe there are too many homes on the market, just not for the same reasons and certainly not every home on the market is languishing there.

By: John Schneider

John Schneider — Sat, 12 May 2007 04:20:51 +0000

OK, I get it. We shouldn’t be counting those homes that are overpriced, in disrepair, and in poor condition (in your opinion) as contributing to the flood of homes on the market- Because ‘normally’ the vast majority of homes that are listed for sale are priced Just Right, in good repair, nicely maintained and really well presented. Let’s also cross off the homes owned by speculators, the homes that were bought with shaky mortgages, the homes listed for sale where the owner got poor advice from novice or avaricious real estate agents, or from Zillow’s auto valuations, or, blah, blah … and gosh, before you know it, it’s not the market, it’s them

By: Dave

Dave — Fri, 11 May 2007 22:03:50 +0000

Doug,
I would certainly agree with that last statment. There are too many overpriced homes on the market, and that is where I would put the word “languishing” and so they should.

I’ve been in so many homes in the last week that were obviously bought by speculators wanting to flip and when the market turned everything changes. Many of these homes are in disrepair, half renovated, filthy and did I mention filty.

The asking price is between 50 and 100,000 more than they should be for the condition of the house and the market. End result too many overpriced homes which will sit on the market inflating the perception the market is flooded.

By: DougTrudeau

DougTrudeau — Fri, 11 May 2007 20:10:08 +0000

I agree with you. I have never fully trusted the newspaper. A professor once related the newspaper to horticulture since it is such a great fertilizer.

One point I do agree with, there are too many overpriced homes on the market.

By: Dave

Dave — Wed, 09 May 2007 14:20:59 +0000

Kelley,

I think that is what the paper wanted people to think or at least put the rest of it so far down no one would make the connection.

This is the kind of reporting that just melts your cookies. I’m being polite there because your a lady.

Unfortunately, perception has a way of becoming reality and I think the newspaper has done a huge dis-service to the real estate industry in Tucson over the past year in the way they report on Tucson Real Estate.

By: Kelley Koehler

Kelley Koehler — Wed, 09 May 2007 05:04:08 +0000

Amen! I’ll have to go back and re-read that article. I interpreted that as the seller had bought a new construction home in Vail, and was selling a different home on the Southeast side. Wonder what the real story is, eh?