March 7th, 2010 by Michael Oliver

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Home Values in Tucson have changed dramatically over the past 10 years both towards the upside and then as the market has re-aligned recently. Home values in general within Oro Valley are quite a bit higher then in the greater Tucson area, while areas such as the SW offer lower then average home values. Buyers specifically move-up buyers, retirees, and higher end managers/ business owners seem to be pulled to the higher end feel that Oro Valley has as well as its magnificent mountain views, world class golf, and a small town feel. Other areas of the Tucson metro region also offer amenities and benefits that drive buyers to those specific regions. All of these factors play into home values in Oro Valley as well as the greater Tucson area and are reasons buyers prefer to live within it.

When selling a Tucson/ Oro Valley home estimating its value is obviously the first step. The first place most Realtors will start is by pulling up the closed sales and active listings within the neighborhood the home is in. Then calculating basic “average dollar per square foot” by the size of your home for a ballpark figure. However that approach may still incorrectly asses the value of your exact home value by 5%-10%. A really great Realtor (listing agent) when determining a home value will figure out what the top selling features of your home, check neighborhood comps, and then compare/ cross check other homes in a much wider area with some of the same features. This comparison when properly done can take many hours to complete as the housing market is constantly changing in what buyer’s perceive as needed and the amount that they are willing to pay for individual home features is constantly in flux.

A perfect example of this is as the Tucson real estate market heated up buyers were much more interested in luxury features of potential homes for sale. Buyer demand for luxury home items; pools, granite, extensive tile, and other luxury features received high premiums and homes that offered them sold faster then homes that didn’t. In today’s real estate market buyers are not paying high premiums for luxury amenities. Many times its hard to figure out exactly what premium buyers’ will pay in today’s market and a Realtor with extensive experience in PROPERLY PRICING their listings from the beginning of a listing advice should be sought. Proper initial pricing is vital to selling your home for the most possible. The market will  push your home aside if it is over priced and if you lower the price (reduce) buyers will expect a higher discount as you as a seller have shown your motivated to sell with the reduction. To make an example here is what happens in most “price reduction” situations between buyers and sellers:

If you were a buyer would you offer full price for a home that had just been reduced? (even if you thought the price was now fair) Or would you try to get an even better deal? Well 99% of buyers will bring in a lower offer when they otherwise would when they have seen that the sellers have made a price reduction! This is why getting the right value on your home before placing it on the open market is the most important thing that happens when selling a home.

Oro Valley AZ, Oro Valley Real Estate, selling a home, Selling a Tucson Home, Selling an Oro Valley Home