Rita Ranch Report: Tucson, Arizona Real Estate Activity September 2009

The last 30 days of sales activity in Southeast Tucson is consistent with the rest of the city. Only one home sold for over $200,000. 212,000 to be exact. The first time homebuyer tax credit  has helped considerably by giving $8,000 to buyers and don't look for it to change until November 30th, 2009. Or, perhaps longer if it's extended.

12 of the 21 homes that sold did so in less than 60 days and at 98.42% of asking price. Which is contrary to the popular myth that heavy discounting is necessary to sell your home in todays market.

The other 9 homes required anywhere from 60 to over 120 days to sell and for less. On average these homes sold for $2,250 less or about 1.5% of the purchase price.

9 homes that did sell were either bank owned or a short sale. No surprises here as the last year at least 50% of transactions have a bank involved in Southern Arizona. However, many parts of the country have begun to see this prime inventory drying up.

If there were a couple things a potential home seller can do to improve their odds of a sale it's having a clean, uncluttered home that requires no visible major repairs. Keep in mind most buyers have never owned a home and want to move right in. And if the home requires major repairs this may present may make it harder for them to acquire a loan.

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I'm Kevin Wood of Realty Executives, and I'm the author of this post. You can reach me through email at kwood@gotucson.com , 520.260.3123, or visit my website at HomesInfoTucson.com. I have helped people just like you move in and out of Tucson for over 4 years. In a previous career, I represented Honda Automobile Corporation for 10 years. During that time, I placed among the top 5% of all sales consultants nationwide for overall client satisfaction and volume. My office is conveniently located on Kolb Road 1/4 mile south of Tanque Verde.