Recently, I closed on a $2 million home
In late 2010, I represented a buyer who purchased a home in Tucson for over $2 million. In all of 2010, there were only three homes that sold for $2 million or more in Tucson and Oro Valley.
Currently, there are over 38 homes for sale, in Tucson and Oro Valley, for over $2 million. At the rate of three homes per year that is more than a 12 year supply of homes in this price range. Thus both buyers and sellers in this market must be astute, diligent and get the best professional advice. Based upon my first hand experience with the above sale, and my work in the luxury home market, I believe the guidelines below will help achieve the optimum results for both buyer and seller.
Price: Price is the most important component of a successful sale. When considering the market value of a property, both buyers and sellers should obtain and review a Comparable Market Analysis “CMA”. A good CMA will list what every comparable home, in the area, has sold for in the past 3-6 months. Realtors can easily provide clients with a CMA for their property of interest. Understanding a home’s fair market value is crucial, since buyers can’t obtain a mortgage for more than the property’s appraised value. Further, for sellers in this market, listing at a price much greater than market and then repeatedly dropping the price often signals weakness to buyers.
Realtor: A good Realtor must have the time to devote to the sale. Buyers in this price range do not make impulsive home buying decisions. They expect personalized service. It is important for the buyer’s Realtor to have the time to show them every home that fits their criteria and provide them with all the necessary information so they can make an informed decision. A seller’s Realtor should also be able to devote the necessary time to market a property, make a commitment to provide the appropriate level of advertising and provide potential buyers with the information they request.
Condition: Buyers expect a home in this price range to have a certain look. You should consult your Realtor to determine what repairs and modifications need to be made prior to listing. The home must be in good condition and clean to achieve the maximum price. Currently in this price range you have 38 other homes to compete with – yours must stand out.
Tucson Real Estate Agent, Lisa Bayless, specializes in Tucson Foothills homes and Oro Valley homes
