October Real Estate Market Report with Jeff Cameron, MRW Homes in Scottsdale. Review of the Cromford Report for October 2011 http://cromfordreport.com/
I hope you found value in this video about the real estate market in metro Phoenix and Scottsdale.
Today we went right at common misconceptions about the real estate market in Phoenix such as:
1. A glut of foreclosed homes overhangs the market. Not true.
2. A new wave of foreclosures is coming. Not true
3. Shadow inventory is big, scary and out to get you! Shadow inventory is no more than the WIP account. The works in process. Homes taken back by the bank have to be repaired, vacated, valued and then listed for sale.
4. Prices are still declining. Not true
5. Short Sales take forever and rarely succeed. We are getting approvals on just about all of our Short Sales and in many cases within 45 days.
6. Renting save money compared with buying a home. You can buy a home in over 90% of Arizona communities and with a minimum down, pay much less than the cost to rent.
When you look at the facts, the real estate market in Phoenix is primed for a bump up in values. There is demand with very little supply. Yes we still have distressed properties and short sales, but they are declining and the market is absorbing them right away.
Are you looking to buy a home today or soon? If you are considering a home purchase, call me and we can review your target market and how that market is today.
If you are thinking of selling. You have a lot of questions that need to be answered before you act. Call me for a FREE Consultation. 480-502-7699
A review of the numbers for home sales in metro Phoenix and Scottsdale in the month of September for 2011 is below.
Available homes for sale 15,232 -.26% as of October 1, 2011
Pending homes 16,071 -4.1% (homes with an accepted offer)
Closed homes 6,928 -7.99% from August as normal for this time of year.
new sales for the month 6,020 -19.8% from August
new listings for the month -8.32% from August
Months supply of homes 2.3 months
Average price per square foot is showing $75.31 for September which is up 4.06% from August.
Foreclosure Sales were 35.5% of the sales in September, Short Sales were 26.6% and traditional sales were 34.6% of the Single Family Home Sales.
The break down of Pending home sales is Foreclosure 20.1%, Short Sale 61.1%, Traditional Sales make up 18.2% of Pending home sales.
The break down of Active and Available homes listing in the metro Phoenix MLS is as follows: Foreclosure 15.6%, Short Sale 19.3% and Traditional is 65% of the listings.
If you are considering a Short Sale, find answers to your questions at:
http://www.goshortsaleaz.com/
Or call me, Jeff Cameron, at 480-502-7699 for a FREE 1 hour consultation
480-652-2004