Home Prices Are Rising in Metro Phoenix and Scottsdale – Real Estate Market Report by Jeff Cameron
The Real Estate Market in Metro Phoenix and Scottsdale is Bouncing!
What do you think of me bouncing on that trampoline?
Hello my friends! I am sorry to be so late this month with the April Market Report. The market has been Crazy and I have been busy, busy, busy! Too busy to be blogging the way I should be. So, let me try to get caught up here.
Today we will Review:
- Home Sales in Metro Phoenix and Scottsdale for March 2012
- Update on the Foreclosure market and the so called Shadow Inventory
- Why new construction will surge this year
- Finally, our Give the School a Computer Promotion
Home Sales in March 2012, Here are the numbers:
- Available Single Family Homes 11,025 down 11.6% from last month and 23% from January 1st
- Pending Home Sales – Homes under contract 16,976 nearly 1.5 times the number of homes for sale
- Closed Single Family Homes in Metro Phoenix and Scottsdale 7,382 up 12% from last month, but down from last year
- New to the Market 6,263 vs new sales of 7,705
- Price per square foot $84.50 up 4.5% from last month and 9.5% YTD and up 17% from last years low and up 14% from a year ago!
In a nut shell the market is on fire right now. Buyers buy smart and buy now. Sellers, you have to give the time to the market for the market to price your home. That is why with our Premiere Home Launch Program buyers can’t get into the home for nearly a week after it is listed for sale. You see we list and market our listing for sale. We hit all the social media, youtube, facebook and Syndicate our properties across the internet so everyone sees them. Then, our launch is usually on a Saturday, during the launch day there are about 10-15 families touring the home. They bump into each other and know of each other. This helps with the bidding wars. We expect 3-5 offers and sell over list price.
How would you like to sell over list price?
Check out how it works on this video here:
Update on the Foreclosure Situation in Metro Phoenix and Scottsdale – Great news- Remember the number of people in foreclosure forecasts the future
- People in Foreclosure for Metro Phoenix and Scottsdale is 15,000 down from 20,000 in November, remember my video on the Cromford report and the Myth of Shadow Inventory
- Bank Owned homes equal 6,300 compared to 9,500 I November. Those consist of homes being prepped, homes for sale and homes under contract. 3,300 being prepped + 1,000 for sale and 2,000 pending or under contract.
You see this is great news. We are now seeing banks counter just about every Short Sale. With the market rising, the banks have to counter higher as the home is worth more by the time the get to them.
But that is all changing too. Bank of America has a goal of getting approvals on their short sales in 20 days or less.
Beginning June 15, real estate agents working with distressed homeowners
whose loans are backed by Fannie Mae and Freddie Mac should expect
to receive a decision on a short sale offer within 30-60 days.
The goal is to answer all offers in 30 days.
If there is a unique issue (and there always is) the servicers must answer in 60 days.
If a counter is involved the buyer must answer in 5 days, the servicer in 10 days.
For the complete article:
New Construction will surge in 2012 and into 2013. Our valley needs about 35,000 to 40,000 new homes each year to house the growth in population. Over the past 5 years we have been absorbing the pool of homes left by investors. That pool is very low or close to empty and we need to ramp up building again. This will lead to more jobs and a growing economy.
Last, this month our Promotion to donate Computer to Desert Canyon Elementary School. I met with Jan Posin at the PTO for DCES. They are doing a technology drive this year. I have committed to make a donation for every sale in the relavent area. But WHEN YOU SAY “GIVE THE SCHOOL A COMPUTER” when you hire The Cameron Team to buy or sell your home, we will donate a computer to this drive. So pass the word. Get your friends and family to use us this year and tell us to “GIVE THE SCHOOL A COMPUTER” Currently our donations will buy about 3 computers, and that is with NO One Saying, “GIVE THE SCHOOL A COMPUTER”
Get your friends and family to use us as their realtor. Tell them to tell us, “Give The School A Computer” prior to hiring us and our donation jumps to a full computer.
Home Prices Are Rising in Metro Phoenix and Scottsdale – Real Estate Market Report by Jeff Cameron
480-652-2004