I've been asked that question a lot lately. Because every buyer, no matter what kind of home they're looking for, or what their price range is, wants to get the best deal possible.
But there's no simple answer to that question. There are so many factors that go into making one home more vulnerable to price discounting than another. So each home has to be looked at individually to try and figure out what you think you can get it for.
But one good general indicator is to look at how much below list price homes are selling for. That is, how flexible are sellers being in this market.
For all the homes sold in the Tucson Foothills since May 1st the average % of sold price/list price is 93.72%.
Looking at it by price range;
Up to $500,000, homes sold for 94.84% of list price.
From $500,000 to $999,999 homes sold for 95.04% of list.
Pretty flexible!
But for homes priced at $1,000,000 and up things get much more flexible. $1,000,000+ homes sold for just 90.52% of list price, almost 10% off the top. And that's off the top of the most recent list price.
So a home listed for $1,200,000 would have sold for $1,086,240. And that's on average, with many below and above that figure.
And once you look at the other factors that can help you figure out 'what do you think we can get it for', the 90.52% starts to make sense. Because there is a lot of inventory at a million+, and relatively low sales, and a high % of vacant homes, that have been on the market for a long time, that have had multiple price
reductions, .....
see my web site thefoothillsToday.com
to search for and learn more about Tucson Foothills Homes
