Posts Tagged ‘REO’

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!

With Inventory at a low of 29k in Maricopa County (This time last year we had 41k homes on the market); we are beginning to see multiple offers on our properties in just the last few weeks.  The “good” ones are going quick.  Prices continue to defy the law of Supply and Demand and are staying low, at least for now. If you are thinking about buying or selling- NOW is definitely the time.  Please give us a call at 480-243-4242 if there is anything we can do to help you or someone you know with their Real Estate needs.

Bank Owned, REO, Foreclosure; they all mean the same thing. The last person who owned it couldn’t keep up on the payments and it reverted back to the bank in a Trustee Sale.  Now it’s up to the bank/lender to sell it to someone new and there’s a lot of competition out there these days since Lender Owned Active Listings have grown 68% in Just 5 Months!

There were 8,544 lender owned homes offered for sale as active listings on ARMLS as of September 30. As of April 30, 2010 there were only 5,090. This is a 68% growth in just 5 months. In recent weeks we have seen prices start to fall almost as steeply as we did during 2008 as a result of our market getting a huge supply in such a short period of time.

COUPLED WITH INSANELY LOW INTEREST RATES- YOU CAN BUY A HOME for just $200,000 for as little as $7000 down (FHA) & @ barely over $1000 a month (principal and interest).  At the peak of the market, it would have cost you nearly as much as 3 times for the same home (if not more) !!!

For the buyer out there today; there are deals to be had- especially if they don’t mind rolling up their sleeves and doing a little rehab work.  A year ago today there were barely half the amount of REO (Bank Owned, Foreclosures) homes on the marketplace- just look at the top row of the chart above to see those stats. Gone are the bidding wars for these homes, which do make the Short Sales less appealing. 

Typically the Short Sales that are occupied are in better shape than their vacant Bank Owned counterparts, but waiting for the unknown can hurt their appeal in comparison of getting an answer on average within a week on a Bank Owned Home. 

DO YOU NEED HELP NAVIGATING IN THIS MARKET??? CONTACT US AT 480-243-4242 OR START SHOPPING NOW HERE.

We are also happy to send you a custom list of homes that fit what you are looking for, just ask us!