Five FAQs About Short Sales

Short sales are becoming more common these days as more and more lenders and homeowners look for ways to avoid foreclosure. A short sale is a good option in some cases. When a home is sold as a short sale, the home is sold for less than what is owed and the bank foregives the difference. The process takes a lot longer than a regular sale or the sale of the foreclosure, but in the end the Seller may end up in a better position financially than if the home went into foreclosure. And the Bank may end up with a smaller loss than if they foreclosed on the home. It can often be a Win-Win for everyone. Check out this video for the answers to … [Read more...]

Buying A Home – Stage 4 – Negotiating

Despite continued reports that buying a home in the Phoenix real estate market is like shopping at a swap meet, there are just not enough homes on the market to satisfy the demand. Competition can be fierce, especially for the choicest properties. Keep that in mind when you submit your offer... The inventory of homes in Phoenix has decreased by over 20% in just the last 3 months. Sales volume has increased by over 17% during that same 3 month period. Even as the number of foreclosures hitting the market has increased, buyer demand still exceeds the supply.  All these facts and figures become very important when you are putting in an offer … [Read more...]

Buying a Home – Stage 3 – Shopping!

So, you have your home buying team assembled...you have decided what you need and what you want in your new home...you know what your budget will allow. Great! Now the real fun begins...it's time to go shopping! By now, you have most likely been online and scouted homes in different areas. Maybe you have even checked out some these homes while you were driving around. Let's face it...shopping for a house can be a lot of fun. But once you've reached the point when you really ready to buy, you need to get down to business. The reality of this market is that most buyers are going to face tough competition of the choicest properties. Most … [Read more...]

Buying a Home – Step 2 – Assembling the Team

So, you have completed Step 1 - Planning to Buy a House. You have defined the big reason for making the purchase, you have made of the wants and needs for the new home and you have reviewed your finances to see what your budget will allow. You are now ready to move onto Step 2 in the Home Buying roadmap...preparing to buy a home by assembling a team of professionals. This step is critical to giving you every advantage in today's market. There are two key players on your team: a great Realtor and a great Lender. By making the right selection when choosing these professionals, the rest of the deal will fall nicely into place. There are … [Read more...]

Buying A Home? Make A Plan! Step 1…

As 2009 marches on here in Phoenix, buying a home is becoming more and more challenging. Inventory levels are shrinking, there are a lot more hoops to jump through to get a mortgage and most deals require some type of bank approval. It's no wonder buyers are getting frustrated! Everything becomes easier when you have a plan, so I would offer up a 5-step house buying plan for you to increase your chaances for success. In Step 1, a little planning goes a long way! Answer these 3 questions to start things off and keep you focused in the right direction: 1. Why are you buying a house? Understanding the big motivator for the move can help … [Read more...]

Queen Creek New Home Subdivisions Back in Business

With less than 3 months inventory of homes in Queen Creek, homebuyers are scratching their heads trying to find a home to buy. So it is no wonder that the home builders who had locked up their sales centers for months have opened the doors once again to take advantage of the increased demand in the area. I stopped into one of the sales centers and found that it was packed! The sale agents were all busy answering questions and handing out information. I haven't seen that in a long time. It is just one more indication that better days are ahead for the housing market here in Phoenix.  I want to pass along a couple of tips if you are … [Read more...]

Don’t Let a Little Foreclosure Ruin Your Day!!

Here in Phoenix, there are at least 12,200 families today who are watching their homes be sold by the bank.  There are another 15,000 who are trying to sell their home before the bank forecloses on them, too. About 30,000 additional families are just waiting for the bank to knock on their door and tell them to move on.  And there are many others who are in danger of becoming one of these statistics.  This is a very tough time for many families, myself included, and it is very easy to become overwhelmed by the stress.       On a day when I was really feeling the pressure, I came across a great blog called Love In the Time of Foreclsoure … [Read more...]

How Does Price Range Affect Inventory in the Phoenix Housing Market?

As of this morning, there is 4.1 months inventory of homes on the market in the Phoenix Metro area. A balanced market, where the Buyer and Seller have equal advantage, occurs at about 6 months inventory, so we are currently operating under a Seller's advantage. But the price range you are shopping in plays a big role in the actual inventory of homes available to you.           For those home buyers shopping below $100,000, you have about 1.6 months of inventory to choose from - a strong Seller's market. But the news is actually worse when you take out the junk house that no one wants to buy. My guess is that you probably have less than … [Read more...]

Is It Time To Buy A Short Sale?

With the inventory of foreclosures on the decline in Phoenix, buyers are sre starting to get frustrated. With less than one month's inventory of foreclosures, also known as REO's, some Buyers are looking for alternatives to the bidding wars they are often facing when trying one of these homes.   Although 2/3 of the homes sold in Phoenix and the surrounding suburbs are REO's, only about 15% of the inventory of available homes are REO's. But short sale listings are abundant - 11 months of inventory! But many buyers - and real estate agents - avoided short sales and for good reason. Last year, only 1 in 4 short sale listings actually went … [Read more...]

Why Can’t I Buy A Bank-Owned Property in Phoenix?

The Phoenix Metro area has made just about every Top Ten Foreclosure List out there...yes, the media is quick to point out how tough things are in the Valley of the Sun when it comes to real estate. The way the news media makes it sound, there are rows of "FORECLOSURE" signs lining every street in town.      But there's the media and then there's reality. And that is what is frustrating buyers. I have talked to several folks in recent weeks who can't understand why they can't saunter out on a Sunday afternoon, check out a couple of bank-owned homes, write up an offer for 10% below the asking price, and pick up the keys in a couple of … [Read more...]