It's a given that home buyers are being very picky about the homes they buy these days.
They're not giving a second thought to homes that are not
well-priced, that are not well-located, and that are not in excellent condition. Home buyers today want it all. Their expectations are very high, and their willingness to compromise is very low.
They're choosing to make offers and pursue only those homes that meet all their expectations, and are the best of the best.
And forget about the rest.
Right now there are 75 single family homes under contract and in escrow in the Tucson Foothills. That means that in just the last few weeks, 75 home buyers have found a home they would like to buy, made an offer, and after some negotiation, were able to reach agreement on the price and terms for the sale of those 75 homes, with the 75 sellers of those homes.
That's would seem to be no small feat given buyers expectations these days.
So what is it about these 75 homes, that are presumably the best of the best, and meet the expectations of 75 buyers, and make them so willing to step up and buy right now.
Is there a pattern or some common denominator here, some thread that runs through these 75 homes that we can latch onto to explain why 75 home buyers chose them over the others.
Let's see.
The 75 homes range in price from $274,900 to $2,890,000
31 homes are priced at $500,000 or less
32 are priced from $500,001 to $999,999
12 are priced at $1,000,000 or more
The average list price is $755,979, the median is $556,950
The average $/sq.ft. is $228.08/sq.ft.
The high-end $/sq.ft. is $580.07/sq.ft.
and $99.92/sq.ft. is the low end
They're located in dozens of different subdivisions throughout the Tucson Foothills; Shadow Hills, Ventana Canyon CC, Villages of Ventana, Skyline Country Club, Sin Vacas, Bellas Catalinas, Sabino Mountain, Cimarron Foothills Est, Sunrise Territory Village, Bonita Ridge, Alta Vista, The Canyons, Catalina Foothills Est, and many more, including Pima Canyon, which, with 4 homes in escrow is the winner of the most popular subdivision category for the moment.
But still, no pattern.
58 were built in 1999 or earlier
17 were built in 2000 or later
20 are in gated communities
55 are not
44 are under 3000 sf
31 are 3000 sf or more
The average DOM is 76
The highest DOM is a whopping 2048
The lowest is 2 days on market.
10 are listed as short sale, REO, bank owned or foreclosure.
I don't see a pattern. Do you?
Here's a link to the listings of the 75 homes UNDER CONTRACT
(this link will expire on 8/6/08, unless I remember to renew it, which I probably won't. If it does expire and you'd like to see the listings, send me an email and I'll renew it)
Take a look, and please write in and let us know if you can find a pattern, a link, something that makes these 75 homes more attractive than the other 558 single family homes for sale in the Tucson Foothills today.
Please note, it's likely that up to 30% of these homes won't close escrow. During the inspection period some buyers will simply change their minds and decide that it's not the home of their dreams after all.
Others will discover issues with the house during the inspection period that will cause them to cancel the contract. And for others, their financing will either fall through completely, or only be available at less favorable terms than they anticipated.
see my web site thefoothillsToday.com
to search for and learn more about Tucson Foothills Homes
