As I noted the other day in, 4/11/08, the pulse of the market in the Tucson Foothills there are a lot of homes for sale in the Tucson Foothills. About a 55% growth in inventory over the last two years, and sales down about 26% during that same period.
(disclaimer, yes there are pockets of relative strength in the market, but they too are getting weaker)
And while it's obvious to me that there is pent-up demand out there, there are buyers who are actively looking and would like to buy a home. It is also increasingly obvious that buyers resolve to not buy what they consider to be overpriced homes, is firming up, rather than weakening.
One sad consequence of all this is that we're beginning to see short sales and foreclosures in the Tucson Foothills. And while the numbers are still very small, there are more of them than I would have expected just a few months ago.
If you're trying to sell your home and it's not absolutely-positively competitively priced to sell in this market, then you're hoping for a miracle.
Overpriced homes are not selling. And beyond the dire consequences that the owners of some of these overpriced homes will face, by hoping for a miracle, they're also contributing to a growing glut of homes for sale in the Foothills. 589 for sale today.
Here's one I saw recently - and aside from the short sale aspect, I could pull many others with a similar pricing history - that came to a sad ending because somebody was either way out of touch or hoping for a miracle.
Listed at $935,000 reduced to $919,900 reduced to $899,000 reduced to $875,000 reduced to $849,999 reduced to $815,000 reduced to $799,900. New agent comes on board, price reduced for short sale to $700,000. Sells in 1 day.
I'm sure this home would have sold for a lot more money than it did, if it was realistically priced from the beginning.
There are buyers out there and they're looking to buy well priced homes in the Tucson Foothills.
see thefoothillsToday.com
to search for and learn more about Tucson Foothills Homes
