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Tucson Single-Family Properties Selling for Lower Than Their Worth

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By : John Cutts    99 or more times read
Home selling data in Tucson, Arizona showed that majority of homeowners are not able to get their desired selling prices. According to local reports, most single-family properties and other types of residential properties are sold for considerably less than their asking price.

Housing market experts have stated that the presence of distressed properties in Tucson affect home sellers' ability to get their asking price or at least, as close to it as possible. In areas with high foreclosure rates, houses will more likely sell for less than their asking prices, realtors have reported.

Areas that have the highest percentages of Arizona distressed homes also have the highest number of properties owned by banks. This also means that most of these bank properties are priced, not based on their actual value, but based on the desire of the bank to see some change of hands for the properties.

According to housing figures from ZipRealty, single-family properties and other types of residential properties in the northeast and central areas of Tucson commonly sell for a little over 90% of their owners' asking prices. Home sellers in the southern side of the metro, on the other hand, are the most likely to get a price that is closer to their listing price, compared with other areas of the city.

Meanwhile, midtown communities and those in the area of Catalina Foothills are likely to expect more for their properties, be it distressed real estate or regular dwellings. Realtors report that majority of houses in these established neighborhoods are occupied by the original owners, hence the attachment to properties and less willingness to sell for prices that are lower than what they expect to get.

According to ZipRealty, the home selling market of Tucson is actually a lot better than some markets. In Florida, Pennsylvania and North Carolina, homes are reportedly often sold for around 85% of the actual asking price. However, markets like Oakland and San Francisco, California and Chicago are better off than Tucson, with homes in these markets often selling for more than the owners' original asking price.

Realtors have advised sellers of single-family properties and other residential property types to get the listing price right at the onset. They remind homeowners who wish to sell their properties that they often get only one chance to sell their houses for a profit.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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