July 2009 in the Tucson Foothills

Funny thing is July 2009 is the third hottest month on record, and at the same time it is the best month for the Tucson Foothills sales this year! I scratch my head and wonder how this can be when many agents are out this month on vacation. It is clear that the tipping point has been reached for homes priced 400K and under and, in fact, it is a slight Sellers’ market. Inventory is very low and that is why it is no longer a buyers’ market in this price-range. Still we find some Sellers who have their homes very over-priced and these homes are unlikely to sell even though there is a tremendous market improvement.

Remember– in this price range most buyers take out a mortgage, so the houses have to appraise. Appaisers look most closely at sold comparable homes that have closed escrow in the past three months. So although it is likely prices will go up a little in this price range, I do not expect more than a slight increase.

 There is no doubt in mind that the bottom has been reached for homes in the Tucson Foothills priced 400K and below!

Leave a Reply