What to do with too much inventory?

Real Estate Agent with Keller Williams Southern Arizona

Last Friday I ran a list of homes for sale in my market and listed on the Tucson MLS. It is astounding! The number just keeps on rising. The tally was 97 and there are several other homes listed elsewhere. Our normal sales level is about 35 and our normal number of homes for sale is about 45, with 60 being off the charts in the past.

I believe everyone of the local REALTORS® is doing what they can to attract buyers, but it seems we just attract more and more sellers. I'm looking for any novel ideas out there to see if I can expand the universe of buyers into more markets. We have a graet climate - maybe the best! - and we have easy access to the Tucson airport and Tucson shopping as well as Sierra Vista and Nogales. This is not the desert. This is a grassland with mountain views in all quadrants at 5,000' MSL.

Comments (2)

Li Read
Sea to Sky Premier Properties (Salt Spring) - Salt Spring Island, BC
Caring expertise...knowledge for you!

An excellent post...you go to the heart of the matter, here:  how to attract the reluctant buyer.    You may be in a secondary home marketplace, as I am.    Snowbirds would live in Tucson???    The meltdownn created a "fear market", and except for level entry sales/first time buyers, or investment buyers looking for rental properties, it remains quiet and top heavy in listings, in all other categories.    The higher end and the discretionary marketplaces remain sluggish, and there is an overload of such inventory.    Price reductions don't always seem to help, either, in this segment of the market.    Buyers set markets, of course, not sellers or realtors, and if the buyer remains reluctant, I don't think there's an easy answer about how to propel them to action.  

Dec 07, 2009 03:44 AM
Charlie Kentnor

Our market also has a significant component of folks who live here and work in Tucson or Sieerra Vista. Otherwise, it is a second home or retirement market. You correctly state the conundrum. Let's hope there's an idea we haven't thought of. Otherwise, we will just be here waiting for all those pent up buyers and their open checkbooks!

Dec 07, 2009 03:50 AM