Archive for the ‘Trends’ Category

We think it should get extended for the second time, but we can’t say for sure.

Here’s the link to the IRS website is case you aren’t exactly sure what it is.

Are you in a home now that is upside down in value?  Have you been “on the fence” about short selling or foreclosing and don’t know which would be best &/or when?

In 2007, it was one of the last things Bush signed and it blew open the doors for Short Sales because before then people had to pay taxes on the “Phantom Income” they received from their creditors (IRS Form 1099 C). 

Until the end of this year, it’s still in effect. 

We do expect it will be extended again, but probably not until the last hour like in 2010 when President Obama had extended it for another 2 years.

We do expect it will cause delays in the last half of this year for short sales in general because of the “rush” of people who will want to short sell their home they are upside down in before it’s they think it’s too late.

We do think it’s a good idea to talk to someone now just in case it doesn’t get extended. But again, we do feel strongly that it should.

Please call at 480-696-5800 OR Click here and get started online if you think you are ready to explore your short sale options.

Year-over-year Median List Price Appreciation: 15.38%
Year-over-year Median Age of Inventory: -27.47%
Year-over-year Inventory: -48.10%
Unemployment Rate (November): 7.7%
Search/Listing Ratio Rank: 7

Photo: Panoramic Images | Getty Images- CLICK PHOTO FOR LINK TO COMPLETE STORY

The other area on this list that’s not in Florida is the Phoenix-Mesa area in Arizona. It used to reside at the number four spot, but jumped ahead two notches between the third and fourth quarters of 2011. This area experienced more than its fair share of foreclosures, and one in every 317 homes still goes into foreclosure. However, the foreclosed homes on the market are being sold at bargain prices, which has caused a 27.47 percent decrease in the median age of inventory.

The city’s unemployment rate in November was 7.7 percent, better than the national average, which can only help boost the local economy. Real estate broker Christy Walker has an optimistic forecast. "The Phoenix market has experienced a positive change in the past year and is poised to continue rebounding throughout 2012," she says. "Employment is up, foreclosures have dropped significantly, investor sales are substantial and our inventory is hovering around a three-month supply with increasing demand."

If you ask any Buyer shopping for homes today, they will tell you it’s a dog eat dog world beating the pavements trying to find a “good” home at a “good” deal.  We are seeing multiple offer bidding wars; offers being placed on homes “site unseen” to try to beat the masses. 

There is a Supply shortage out there with only 16,592 homes showing active in our local ARMLS as of this morning, when a year ago the number was more than double that!?!  We love our Investors who are coming from Canada, Hawaii, Australia and other parts of the world buying up everything they can at our rock bottom price HOWEVER it’s been very challenging for the local families trying to break back into the market again after a Short Sale or Foreclosure as a result since most investors are offering cash and quick closes.

OUR ADVICE?: Work with a knowledgeable Real Estate Company with experience and HAVE PATIENCE!  Start searching for homes HERE and please let us know if you or someone you know needs help navigating through our ever changing Real Estate Market!

Seems the whole world at the end of any given year going into the next makes New Years’ Resolutions and Goals of things they’d like to do in the following year. 

For me, to be a better Mom and Wife and take better care of my health… pretty boring stuff- somewhat the norm- I do also want to buy a home again myself as my own waiting period of 3 years after a Short Sale or Foreclosure is coming around already and I figured I probably wasn’t the only one.  Since 2007, with the help from my team, we’ve helped over 300 families either Short Sale their home OR buy a home and we’d love to do the very same for you or someone you know that may need our help. If you are one of our past clients, the timing may be right for you this year to buy again too?

IF SHORT SALE is something you’ve been putting off- PLEASE DO NOT put off any longer- as it stands now, The MORTGAGE FOREGIVENESS ACT OF 2007 signed by Bush is set to expire at the end of this year.  Short sales can take 3-6 months on average.  If this does not get extended soon, I predict that we are going to have a rush of Short Sales towards the second half of this year which may cause additional “traffic jams” with the lenders. Some folks trying to do a Short Sale in 2012 may miss the boat entirely for the forgiveness of the “Phantom Income” that the banks issue via 1099s at the end of each year from their losses on distressed loans. DON’T let this happen to you or someone you know! Click Here to get started with the Short Sale Process

On the flip side, it’s never been a better time to buy- RATES are @ 4% and sales prices lower than I’ve seen in most of my nearly 20 year career in Real Estate.  Click Here to see the in depth Power Point Presentation from Mike Orr of the Cromford Report with very interesting statistics on our current market and what it’s done the last couple of years.

Either way- we are here to serve! Please feel free to call us anytime at 480-243-4242 for help achieving your Real Estate Goals!