May Real Estate Market Summary

Cromford May Distress Click on photo of Dashboard for a downloadable PDF Summary written by Mike Orr, of the Cromford Report.

  1. A highlight on the Chandler Market is that 46% of our active listings were Short Sales, which is a huge increase from same time last year.
  2. Active price per sqft is highest for normal “equity” sales but the gap on closed sales between REO bank owned foreclosed homes and short sales is not nearly as great.  I believe due to a lot of sellers listing for too much and then accepting less at the closing table, partially due to appraisal issues and other competition.
  3. We are still seeing record highs of distress, at 57.7% in Chandler, although it has come down about 5% since March which is a great sign for our area.
  4. A lot less REO’s are active on the market since the banks are pushing sellers now to do Short Sales (in general but Lender specific still) rather than foreclosing at a Trustee sale and having to sell themselves which loses them an average of $38k per house.

If you are interested in a personal analysis of your situation, please contact us here or call 480-243-4242 for one of our Agents to answer your questions regarding homes for sale in your area.

You can also sign up free on our website for a Listingbook account which allows you to search live MLS data (updates every half hour) to research homes yourself for sale or that have sold in your area.  You just need to enter your name and email- it’s free and simple to use!

12 replies
  1. Ortensia
    Ortensia says:

    Very interesting topic. A smart investor can make a good deal of money on foreclosed properties; there is no doubt about it. How does one find out about homes that are being foreclosed? Most states require that foreclosures be stated in local newspapers, and this gives the public a chance to respond by bidding on the home. There is usually an auction, where the home will be auctioned off to the highest bidder. If you know what the home is worth and can figure out what may have been owed on the home, it makes it really easy to get a great deal on the home. Often the bank just wants to make back what they lost on the debt, so the home will be sold for half of its market value. I found a great place to search for these property’s for free. If anyone is interested, it is http://www.Short-Sale-Foreclosure.com – GOOD LUCK!

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