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If you’re thinking about selling your house in Tucson right now, there’s some good news and some bad news to consider.
First, the good news: According to Redfin data, the median price tag for a single-family home in Tucson hit $321,500 in April 2023. That’s nearly as high as its post-pandemic peak of $340,000 last June, and a big increase from April 2021, when it was just $265,000.
Now, for the bad news: Mortgage rates remain high, and a decelerating real estate market means houses are spending significantly longer on the market now than they did last year. Before you list your home, read on for everything you need to know about selling your home in Tucson — fast.
How fast can you typically sell your house in Tucson?
Redfin’s most recent data shows that the median Tucson home stays on the market for 49 days before selling. That’s an increase of 17 days since last year, and it makes things tricky if you’re trying to selling your house quickly.
The real estate market is quite seasonal, so the time of year can have a big impact on sale speed. The number of days on market usually peaks in winter and troughs at some point between May and July, meaning you can likely sell faster if you list sometime in late spring or early summer. For example, in February the median home stayed on the market for a whopping 73 days, so April’s 49 is a big improvement. However, there are ways to speed up the process if you’re in a rush.
Need to sell even faster?
If speed is your top priority, consider these other options.
- Sell for cash: Look for a homebuying company that pays cash. There are several local Arizona firms, plus national operations like We Buy Houses. They’ll put money in your pocket quickly and save you the effort of fixing up the property. However, they likely won’t pay top dollar, given that their business model is flipping homes for profit.
- Sell to an iBuyer: iBuyers like Opendoor, which operates in the Tucson area, also work extremely quickly, often providing a cash offer in 24 hours or even less. However, they also typically don’t pay top dollar — you sacrifice a bit of profit in exchange for speed and convenience.
- Sell as-is: An “as-is” listing tells prospective buyers that the seller is not willing to waste time on lengthy negotiations. What you see is what you get.
Selling your home in Tucson
There are plenty of considerations to make as a seller, especially if you decide on a traditional agent-assisted sale. Ask yourself these questions before you list your Tucson home.
What kind of shape is your home in?
If you were a buyer, what would you honestly think about your home’s condition? Consider what’s worth fixing and what’s not, and be mindful of the fact that most home improvement projects don’t actually recoup their costs at sale. So it’s probably not worth finishing the basement or renovating the kitchen in the hopes of getting a buyer to spend way more. Instead, think about affordable and easy ways to increase your property value, like upping the curb appeal.
Should you pay to stage your home?
Hiring a professional home stager might be a valuable investment. Consider it similar to hiring a personal stylist to get you ready for a red carpet event — the right approach to staging can make a house feel like a home as soon as someone sees it. The cost for home staging varies depending on whether you need small assistance, like decluttering and reorganizing, or major help, such as furniture rentals to fill an empty space. Ask your real estate agent for guidance here.
How should you price your home?
You can take some initial steps online to estimate what your house is worth, but your real estate agent will help you find the sweet spot when it comes to setting your asking price.
As the market has shifted, Redfin data shows that an increasing number of sellers in Tucson are dropping their asking prices. As of April 2023, nearly 20 percent of homes had a price drop, an increase of about 8 percent year-over-year. About 22 percent did sell for more than asking price, though.
What’s the market like in your specific area?
Real estate is a hyper-local industry, so the overall sales activity in the entire Tucson metro area is less important than the sales activity in your own neighborhood or even on your specific block. Prices for single-family properties in the Catalina Foothills are going to look much different than prices for condos in El Presidio. As you gear up to list your home, it’s important to look at comps of recently sold homes nearby to understand what other buyers have been willing to pay in the current environment.
What do you have to disclose to the buyer?
Though no one likes to point out problems with the property they’re trying to sell, you’ll also need to complete the Arizona residential seller disclosure advisory form, which includes knowledge of any defects or problems with the home. Required disclosures include things like whether there are any pending title issues or liens on the property, information about the plumbing, electrical and smoke detection systems and potential problems with the roof and heating or cooling system.
Additionally, if your housee is part of a homeowners association, you’ll want to request documentation about the association’s bylaws and past meeting minutes of the board proactively. Any buyer will ask to review this information before proceeding with a purchase agreement.
Accepting an offer doesn’t mean it’s a done deal. Once you go to contract on your house in Tucson, it’s important to be responsive to requests from the buyer’s agent and attorney — especially if speed is a concern. With buyers worried about high borrowing costs and headlines about economic uncertainty, you should be prepared to do what it takes to get the deal across the finish line in a timely manner. You’ll also want to consider how much it costs to sell a house. Here are some common closing costs for sellers:
- Realtor fees: This represents the biggest chunk of cash that sellers are responsible for. You’ll typically pay 5 to 6 percent of the home’s sale price, which your agent and the buyer’s agent split. On a median-priced $321,500 Tucson home, that’s up to $19,290.
- Title insurance: As a seller, you’re usually responsible for covering the cost of a new title insurance policy for the buyer, and the policy for the lender.
- Property taxes: If you have any outstanding property tax obligations, you’ll need to pay those at closing.
- Transfer taxes: Arizona home sellers get a break on this one: The state doesn’t charge any real estate transfer taxes.
- Attorney fees: If you hire a real estate attorney (which you definitely should), you’ll pay his or her fees at closing. The rate varies, but it’s some of the smartest money you can spend to make sure the contract is negotiated by a professional.
- Concessions: If a buyer’s home inspection uncovers any damages that need to be repaired, you’ll likely get a request for concessions. If you agree to them, you’ll pay a portion of the buyer’s closing costs.
The most important decision you need to make is which is more important to you: selling as fast as possible or selling for as much money as possible? If speed is your ultimate goal, your first step should be to research the homebuying companies operating in Tucson. Most will provide an initial offer for free, and there’s usually no obligation to accept — but do your homework, and read everything very carefully before signing a contract.
If top dollar is your top priority, ask friends and family if they know any local real estate agents they would recommend. Ask neighbors, too — the better an agent knows your neighborhood, the better they will be able to help you. If speed is still important too, that’s fine, just make sure your agent knows that upfront so they can prepare an efficient marketing strategy.
Tucson homes are taking a rather long time to sell these days — around 49 days, according to April 2023 data from Redfin. However, there are much faster options: Plenty of cash-homebuyers operate in the area who can close a deal very quickly, and Opendoor, a major iBuyer that can act quickly as well, also buys homes in Tucson.
You are not legally required to hire a real estate attorney to sell a home in the state of Arizona. However, real estate transactions are complex and involve very large amounts of money, so it’s wise to have legal expertise on your side making sure everything is buttoned up.