Betty, Home Buyer in Tucson, AZ

Inner NE house on the market has not sold. What are you seeing in this market?

Asked by Betty, Tucson, AZ Thu May 2, 2013

My daughter's home in the Rose City neighborhood has been on the market and has not sold. She had 4 showings the first 2 days and has not had one since. Is it taking longer to sell than it did a few months ago. Am I being too worried a mother?

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Linda Heinrichs’ answer
It is either price or condition because the close-in NE/SE market is on fire under $300k. If it is in the Grant school boundaries then under $600k. I am sure her agent is coaching them to do a price reduction and it will happen. Good luck.
0 votes Thank Flag Link Thu May 2, 2013
My best guess is that it's a little over priced. The market is actually doing well and if it's priced right it should sell quickly. Hope this helps.
0 votes Thank Flag Link Thu May 2, 2013
You didn't say how long the house has now been on the market or what price the house is? After a couple of weeks and only 2 showings I would say you are over priced by 10%. If you were close the buyers that are looking have seen everything and would make an offer. Some questions for you to ask your daughter. Is the house remodeled and if it is, is it today's style and not 30 years ago? Is the house like others in the neighborhood or is it out of place or was there a bad remodel in the 70's? These are great questions to think about because houses are not just $ per sq ft for all homes there are reasons people buy certain kind or styles of homes. Price is another issue yard, garage, schools, location to bus and shopping walk score? These are not the same for all homes. What does the Realtor say that has it listed? Did they over promise the price to get the listing? Sellers set the price and agents try to sell the house for the sellers asking price and then buyers have their own ideas of price. I had a house and we had 4 showings in 2 weeks and no offers. We were told that the price per foot was to high. It was a single level which always sell higher per foot than a 2 level. The seller said reduce the price and we did 10% and got an offer after 4 more showings at full price. Good luck to you. Tom Inglesby, Broker RE/MAX
0 votes Thank Flag Link Thu May 2, 2013
First, you can never be too worried as a mother - it's your job. Second, your daughter would be wise to talk with her listing agent to discuss options. The Portland market is currently experiencing low inventories, which is good news for Seller's like your daughter.

The fact that your daughter's home hasn't had any showing since the first two days may indicate that the price is too high. However, no showings could also be an indication of some other factor...i.e. property is on a busy street, neighbors close by aren't maintaining their property, or your daughter's property has its own issue.

The bottom line, encourage your daughter to talk with her listing agent to find a workable solution. Homes that are priced right and show well are selling quickly in the Portland Market.
0 votes Thank Flag Link Thu May 2, 2013
There is a shortage of inventory. Houses that are priced well sell fast. Some price ranges sell faster than others, but from what you write it probably is what would be in the range that is selling fast and considered desirable. She might need to talk with her Realtor and look at what comparable properties around her have sold for in recent weeks.
0 votes Thank Flag Link Thu May 2, 2013
I would say you're too worried indeed. In order to figure-out why it stays on the market, in that area and when the seller's are in the driver seat, I would advise your daughter to sit and talk with her listing agent. Is it the price too high, are there issues with the property that need to be addressed, is there something else? If you ask us we won't be able to answer. That's between the seller and the listing agent to set-up a strategy in order to sell the property. Good luck.
0 votes Thank Flag Link Thu May 2, 2013
In this sellers' market any listings should be sold quickly. I would venture to guess with two showings at first price is fairly close but since there haven't been any more showings and no offers price is definitely too high.
0 votes Thank Flag Link Thu May 2, 2013
Honestly, it was probably priced too high. Anything reasonably priced is flying off the market these days. Would give it a full week to be sure though.
0 votes Thank Flag Link Thu May 2, 2013
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