Sat, Nov 22, 2008

Tucson Region

Get perks, sellers say as Pinal homes sit

The Associated Press
Tucson, Arizona | Published: 07.06.2006
In an attempt to lure buyers, home builders in Pinal County have recently started slashing prices and offering perks, from free pools to cabinet upgrades.
And homeowners — some determined to make big bucks and others who are over-leveraged and need to sell at a certain price — are feeling the fallout. Many of them are grudgingly cutting prices by tens of thousands of dollars, and their homes are still sitting unsold for months because of the massive competition.
The county is set to see 16,571 new-home building permits — more than any other year after 2005, when a record 18,749 were issued.
Meanwhile, builders are knocking prices down by $100,000 in some cases to attract buyers and offering real estate agents up to nearly 10 percent commissions, said Scott Helsel, a real estate agent in the Pinal County city of Maricopa, south of Phoenix.
"For sellers, it's a shocking thing," Helsel said. "They think they're losing money when they're really just making less."