PHOENIX REAL ESTATE MARKET WATCH

Here are a few statistics regarding the Phoenix

housing market.  According to RS Media, “-Phoenix was 2009’s most popular city in the country for online home hunters, according to the volume of the total number of home searches on www.ZipRealty.com throughout the year.”  Yes, there are still a lot of distressed properties, but at least we are clearing our inventory.

In addition, there were 6,551 homes sold in December, 2009 as compared to 4,920 sold in December, 2008.  The price range is up to $399k (houses over $400k sold were 393).  Of those 6,551, 43% were REO sales, 23% short sales and 34% regular sales.  We had 36% regular sales in December 2008 and the REO sales percentages have gone down while short sales have gone up. (Thank you, Tom Newell, First American Title).

I think we’ll continue to see these distressed properties for some time to come.  Another short sale statistic might interest you.  Your home will sell for more $$ via short sale than if it goes into foreclosure.  So, you’d think that the banks would be all over this one.  Unfortunately, we are still dealing with people, at the lending institutions, who are slow to respond and don’t care about any situation.

I’d love to hear from you with questions and/or comments on the short sale or REO process.

HAPPY NEW YEAR-WHAT’S AHEAD IN 2010?

I don’t know about you, but I’m glad to see

2009 come to an end.  My family and I have not been immune to the affects of the downturn in the economy.  While my real estate has been my best year yet, my husband’s business definitely saw a tremendous downturn.  We’re hoping that the new “streamlined” attitude within his office and our home will help us to get a better handle on our finances for 2010.

The real estate market will be a buyer’s market for the foreseeable future.  I don’t see the foreclosures and/or short sales ending any time soon.  I will be increasing my knowledge in the short sale process and my brokerage will be marketing to short sale properties within Scottsdale.  I typically steer my buyers away from short sales, but sometimes those are the only properties that are affordable — especially with my first time buyers.

If you’re fence sitting at all perhaps you should take the plunge.  From all indications we could see interest rates inching up by the end of the year.  The way the government is spending money, we are in for a tremendous period of inflation and it’s only a matter of time….