Ralph Cote of Remax Says Still Housing Shortage in SC, SC West & Sun Village

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So I went on Zillow and did a search for Sun City AZ. It came back with 406 so I scrolled through the 17 pages and at least 50 of them were for 10330 Thunderbird which is Eldorado. My mom bought there 6 years ago and am quite familiar with it. Very nice, but it is an independent living community with a monthly cost based on unit size and number of occupants. It's more the place people buy into as they age and want to remain in Sun City.

There were also a handful of properties clearly not in Sun City, but may have our zip code or are just misplaced. There was also a significant number of "pre-foreclosures" that aren't on the market yet and one can subscribe to a higher end service to gain access to information. I only noted 1 for sale by owner and I know there are more FISBO's than that.

My best guess for available legitimate properties for sale is in the 300 range, maybe a touch higher. It is a short inventory and as we all know usually creates a seller's market. That said, Sun City isn't typical of age restricted communities. There's often sales here based on needs, a spouse dies and the kids want mom to move home or worse yet, a death triggers an inheritance and the kids just want to unload the property. In both cases, it creates more of a buyer's market. On the other hand, you have folks who want to move but are in no hurry. If it's this year or next, no matter. Those are the ones you see over priced and on the market for years.

It's always wise for the buyer to know (if they can find out) the circumstances behind the sale. Usually when they are priced right, they go quickly, so rather than trying to save a buck or two, don't diddle around. Know what you want and jump right in.

 

Ok for those of us still looking you residents can stop extolling the shortage of homes to buy. Enough already :cocksure:

 

Actually as I went through the 17 pages I saw a dozen properties that tickled my fancy. The important thing is to know what you want and it's out there. And if not today, within a very short time. That's yet another great thing about Sun City.

 

There are still many houses available, some still sit for months even if they are good. Under contracts backups is a phrase they put on most every house now while its pending sale. Some do fail because buyers don't qualify. You will move on if you need to move in quickly but if not you can put in a back-up offer. Most do go through. The good thing about this market for me is, I was able to sell my current home easily for a great price and negotiate other items I wanted, like staying in it longer for free.

The problem going on now is people don't want to sell for two reasons. One, they think the price might go up. Two, since there is not much on the market to buy people worry they can't find a replacement house. I don't know if that is a factor in Sun City or not because of the unique reasons for home sales there. Could be a reason for some people. And of course there is just the panic of seeing homes sell fast, prices go up and you think you will miss it all. I have missed a few I should have bought by waiting. A few I kick myself over that I should have bought a year ago. Not for the price as much as the house is cool.

 

Good comments Cynthia, and never let the sale of a Sun City property bother you; another like it will be on the market before you know it (with a couple of exceptions). There are a handful of models that had a small number made and are quite desirable. When they come on the market, they usually sell quickly no matter what the price.

I tend to get less concerned about price because I know most buyers from out of state are selling their homes for far more than what they will pay here. The problem (for both buyers and sellers) is they get caught up in what it was worth 8 years ago (before the bust) or what they could have paid for it 3 years ago (before prices started to rise).

Let me use my mom's deals as an example of what I am saying. At one point my folks home was worth roughly $200,000. (at its highest point around 2005). When mom sold in 2007, she sold it for $175,000 (which if she had sold it a year later, she would have ben fortunate to get $150,000). She bought the largest 1 bedroom 1 bath at Eldorado paying $140,000 and when she sold it 3 years later she was happy to get $110,000. She bought the quad for $93,500. Through most of the transactions, she was losing paper dollars, but in the end she owned a bigger property than she started with and money in the bank from the first home sale.

It's all relative folks. Cynthia said it, and i'll repeat it, find a home you want and quick worrying about the nickels and dimes. What is was worth yesterday or what it may be worth tomorrow is almost meaningless. Unless you are buying or selling your Sun City home for investment purposes, look at it more as your investment in your future's happiness. We've put more into our home than we may ever get out of it, but we love it and really, that's what matters.