The Facts of Life in Selling Luxury Tucson Foothills Homes

June 22, 2009 by Donna Anderson.

Without a doubt, it seems many who want to sell their luxury Tucson Foothills homes do not realize that prices dropped about 10 percent when the stock market crashed last fall. Unfortunately, many homes are list -priced at prior to the stock crash prices.  These homes have little chance of being sold unless they take this 10% dip into consideration. I get many calls from Sellers that seem to think they might be able to sell their homes at 2007 or beginning of 2008 prices, and it just is not attainable. Even more surprising, I have gone on listing appointments with some Sellers thinking they can get the same prices as the peak of the market, and though I would not list their home at this high price, there is always a real estate agent who will. What these Sellers also need to know is that by adding to the glut of homes on the market, they are adding to the unlikelihood of appreciation and  probably leading to more depreciation, when the market is struggling to stabilize. It is  especially frustrating to me  since my fellow-realtors are part of the problem by agreeing to list these homes. They are giving the Sellers false- hope and as the home withers on the market, the luster will go away and it will be worth even less than it would have, had they listed it at fair-market value to begin with.  Many times I am the second agent to get the listing after the Sellers have gotten “real”; I always feel badly since I know if they had listed with me originally the house would have sold sooner, and for more.

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