Real Estate: Sellers Attached To Their Homes Often Don't Get Their Asking Price

On top of an overall plunge in prices, homes in Tucson usually sell for less than what their owners are hoping to get for them.

If a family has an emotional attachment to a home, it's even less likely to sell for what the owner thinks it's worth, says Stephanie Friend, a local agent with ZipRealty Inc.

That's often the case for those selling homes in central and northeast Tucson. Homes there tend to sell for about 92 percent of the asking price, data from ZipRealty shows. ZipRealty uses statistics from local Multiple Listing Services to compare the asking price and selling price of homes in certain zip codes.
Homes on Tucson's south side are selling closest to their asking price, ZipRealty says.

In parts of town with higher foreclosure rates, homes are more likely to be owned by the bank and priced to move, Friend says. In older, more established communities in midtown and in the Catalina Foothills, sellers expect to get more cash from their homes.

"The sellers there anticipate a higher return on their home," Friend says. "They're more owner-occupied and they have more of an attachment to the house."

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