Market Conditions in 85712>Question Details

Jeugene, Home Buyer in 85712

Would I be correct to say that the current market value for a residential property in Tucson city limits that sold in Dec 2005 should be lower by?

Asked by Jeugene, 85712 Tue Feb 9, 2010

15-20% today, without any improvements made?

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For the most part, your figures could provide a good ball park for the Tucson market... However, the numbers and statistics can differ greatly by zip code or even neighborhoods. Here's a link to the "housing report" page on my website where you can look up the numbers for your area. It's an awesome tool and easy to use!
1 vote Thank Flag Link Tue Feb 9, 2010
Dear Juegene:

Hi. I would say the decrease from late 2005 on a "broad brush" statement is more like 30 to 40%. Of course there are pockets where prices have held up more. The condition of the home then and now is also a factor.

If you need more information, I can have a top Tucson agent from my office help you or feel free to contact me.

Regards, Jeff

Jeff Masich, Realtor®
Arizona Homes and Land
HomeSmart Real Estate
Web Reference:
1 vote Thank Flag Link Tue Feb 9, 2010
Hi Jeugene,

I agree that you have a good starting point, this can really depend on a LOT of factors. Area, style of home, layout, lot etc. If you could provide me with an address I would be more than happy to complete a quick CMA on the home for you, and that would give you a more detailed answer to your question.

Please let me know I would be more than happy to help out in any way possible!

Jay Lotoski
Tierra Antigua Realty
1 vote Thank Flag Link Tue Feb 9, 2010
It depends on the house and where it is located within Tucson. Some neighborhoods have stayed level or declined by only 5% while others have lost up to 75%. Overall, Tucson home prices have returned to 2003 levels, which is about a 30% decline. Contact me wth details about the property and I would be happy to give you a more detailed analysis.
Mary E. Diaz
(520) 549-8769
Web Reference:
1 vote Thank Flag Link Tue Feb 9, 2010
Hi Jeugene,

Without more specific information, it would be difficult to answer, but for generalization purposes, the value is probably lower by at least that amount.

If you would like more specific information, please contact me for assitance.

David Winter
Long Realty
Web Reference:
1 vote Thank Flag Link Tue Feb 9, 2010
Hi Jeugene -

All of these previous answers are good ones - the link below is to an article in the July 20th edition of Inside Tucson Business to back up the fact that some areas have done better than others.
0 votes Thank Flag Link Tue Feb 23, 2010
20% would be a safe minimum, and 30 - 40% more typical for many areas in Tucson, but there are exceptions to every rule. I have met people that bought distressed property or found some other bargain in 12/05, and the house has held its value better than most compared to purchase price.
Find the features you want, location, and other factors. Find the home that best meets those needs. Get some local market hoework done by your agent. Then work with your agent to get the best deal possible on that home, for that market, independant of whatever price the seller bought it for.
I would be happy to provide whatever data and research you need.
Doug Seemann
Long Realty
0 votes Thank Flag Link Thu Feb 11, 2010

The decline in home values for Tucson depends upon location. Your first consideration in looking to purchase is the area in which you prefer to live and what you prefer to invest in a home.

These are first steps that you and an agent develop to find the home you choose to purchase.

Jay McCall, GRI
Real Estate Consultant
Long Realty Company
0 votes Thank Flag Link Wed Feb 10, 2010
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