They're out there, homes in the Tucson Foothills that are still listed at 20% or more, some way more, above market value, as if the market had gone UP rather than DOWN in the last two years.
And if you're a buyer, it's understandable that you'd be turned off and not want to deal with these overpriced listings. But if you find one you like, and you have the stomach for it, you might want to think about taking a swing at it. Because not many people are looking at these overpriced homes, and that's why maybe you should. Because the seller may finally be getting the message and be ready to deal. And many have been on the market for a long time, and some are selling for big discounts off that big fat list price.
Here are the homes that have sold at big discounts in the Tucson Foothills in the last few months. And most of these have had price reductions, some multiple price reductions, before selling at the latest list price indicated below.
Listed at;
$745,000 - Sold $655,000, 87% of list.
$750,000 - Sold $660,000, 88% of list
$890,000 - Sold $753,000, 84% of list
$924,000 - Sold $785,000, 85% of list
$949,000 - Sold $850,000, 89% of list
$1,345,000 - Sold $1,022,000, 76% of list
1,199,000 - Sold $1,040,000, 87% of list
$1,185,000 - Sold $1,050,000, 88% of list
$1,250,000 - Sold $1,100,000, 88% of list
$1,350,000 - Sold $1,160,000, 86% of list
$1,375,000 - Sold $1,180,000, 86% of list
$1,500,000 - Sold $1,227,000, 82% of list
$1,495,000 - Sold $1,290,000, 86% of list
$1,645,000 - Sold $1,350,000, 82% of list
$1,950,000 - Sold $1,640,000, 84% of list
Of the 66 listings I pulled up, these 15, or 22.7%, sold for more than 10% under list. I consider that a big discount.
But, Disclaimer, Disclaimer - Keep in mind, that a big discount off the list price doesn't necessarily mean a good deal. You and your agent have to figure out at what price each home becomes a good deal.
And if you decide to go for it, figure out what the price should be and what you're willing to pay, and see if you can make it work.
If you can, great, if not, move on.
Look at the comps, at the competition, see how long it's been on the market, how many price reductions, how many have sold recently, how many are for sale, see if it's vacant, look at the % of sale price/list price of homes in that area & price range, and sniff around and see what else you can find out about the house and the owner.
Armed with that information and a little determination, you have a good chance of making a good deal. Good luck!
see my web site thefoothillsToday.com
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