In July 2006 John and Jane Doe bought a beautiful house in Alta Vista in the Tucson Foothills. And they paid $1,050,000 for it.
And as luck would have it, the real estate market in the Tucson Foothills had peaked about a month or two before. So John and Jane more or less bought at the height of the market. Oh well.
But then a year and a half later in March of 2008, John and Jane decided to sell their beautiful house in Alta Vista. Sad but true.
And between the time they bought that beautiful house in 2006 and the time they decided to sell it in 2008, the home selling climate had gone down down down.
Mortgages were now much harder to get, prices in Alta Vista had dropped about 10%, and sales were much slower and the number of homes for sale was much higher, and it sure looked like the market would continue to go down.
So realistically, John and Jane should expect to get about $950K to $975K for their house. And for a quick sale, they should list it for a cool $1,000,000, or maybe hope to get lucky and push that a bit to $1,075,000 or so. But that's about it.
But they didn't do that. Instead John and Jane in cahoots with their agent, listed the house for $1,350,000, 28% MORE than they paid for it at the height of the market in 2006.
And guess what happened. Nothing.
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