When we got back from our trip to Walt Disney World in Florida I had a whole stack of newspapers waiting for me to thumb through for articles on Tucson Real Estate. One of the weekly papers dropped in our driveway The “Northwest Explorer” had a good article on the Buyer’s Market in Tucson. The cover picture is the one to the right. The article by Eric Beidel was titled “What goes up must come down“.
Of interest to us was the quote in the article:
“Take John, who recently posted to a real estate blog using only his first name. John ran into a wall when trying to sell his familyâ€™s home in Starr Pass Heights on the westside. He had a job offer elsewhere.
â€œWe hold open houses and no one shows up. We get two visitors a week, but no offers. We advertise like crazy, but without much response. I donâ€™t know what to do next,â€ John wrote.
The frustrated seller purchased the home for $300,000 in November 2005. Even though a realtor advised him to price the home at $375,000, John has lowered his asking price to $289,000. Still no buyers.
â€œIâ€™m definitely going to lose $30,000,â€ John wrote, wondering what to do next. â€œKeep it at the insanely low price where Iâ€™m losing my shirt and wait for a buyer to come around? Try to find a renter and wait out this downturn?â€
John got caught in a worst-case scenario, wrote an expert who recommended John consider a lease with the option to buy.”
The real estate blog was this one. John left a comment on the Tucson Housing Bust post on this site. We are the real estate blog and the “expert who recommended“, was Barbara. Nice to know she is an expert even if not mentioned by name or our blog credited as the source.
John bought new construction and is now trying to sell while the builder is still building new homes and offering huge incentives. Our Post Tucson New Construction Buyer Be Aware covers exactly John’s situation.
It would have been nice to sourced on the article, but even finding ourselves quoted meant what we said was good enough to make the article. It also meant someone is actually reading our blog.