Entertainment Magazine: US Real Estate: Arizona: Tucson: Real Estate

Tucson, Arizona Real Estate Market

With overall U.S. market slowdown, Tucson housing market still maintains pace.

But, 2011 will be a challenge. Plenty of Tucson, Arizona homes still for sale

While the market may seem like it's down, there are signs of hope ahead. Major Tucson, Arizona developers, for example, are holding on to vast amounts of properties- buildings and land.

With a slower Tucson housing market, these investments have now become heavy weights on the investor's portfolio.

Massive property sell offs, foreclosures, steeps discounts in new Tucson homes for sale, drastic price reductions in resale homes, and plenty of "Tucson home for sale" signs are the signs that the Tucson housing market is bottoming out and may be on the upswing when smarter investors and homebuyers who can get financing pluck off the losses.

There have been some steep price drops in the Tucson luxury home and golf property market- $95,000 in Ventana Country Club, $70,000 in 49er's Country Club, $60,000-$100,000 in Heritage Highlands.

Golf properties or golf communities in Tucson include the retirement areas with golf courses. One favorite is Heritage Highlands, located in the northwest part of Tucson, Arizona. The golf course is gorgeous, the clubhouse is awesome and it's in an ideal location, Dove Mountain. The builder, Lennar, has three lots remaining with huge discounts from $60,000 to $100,000.

Some progress in the Tucson real estate market

But there are also some progressive signs showing the metropolitan real estate market is more than just the number of Tucson homes sold in Tucson, AZ in 2008 or expectations for the 2009 Tucson real estate and housing market:

Tucson Arizona country clubs, luxury homes, retirement areas & golf communities still shine with all the same reasons they did before when the market was red hot. People come to Tucson Arizona for the casual lifestyle and health. Tucson is still a great place to be no matter what the real estate market is doing.

When you start shopping for a home in Tucson, it's nice to know just how much home you can afford. Prequailification provides a "ballpark" estimate of your borrowing power and pre approved provides proof to real estate agents and sellers that you're approved for a specific loan amount. This can give you an edge over other buyers interested in the same home.

If you decide to sell your home, setting your asking price is one of the most important decisions you will ever make. Depending on how a buyer is made aware of your home, price is often the first thing he or she sees, and many homes are discarded by prospective buyers as not being in the appropriate price range before they're even give a chance of a showing. This is why having the property appraised at the time of listing is highly recommended.

By Reid Sossong and Robert Zucker
Tucson, Arizona luxury home broker Reid Sossong covers the north, northwest, and northeast. Read my Weekly Tucson Real Estate Newsletter for 2008 and 2009.