Phoenix Tatum and Bell Foothills Home Sales Report for February 2011
Hi this is Jeff Cameron with Keller Williams here in Scottsdale Arizona. Welcome to your place on line to get the real estate facts. Today we are reviewing the single family home sales for February 2011 for the neighborhood at Tatum and Bell, I call the Foothills neighborhood due to the elementary school right in the middle. This report is for the tile roof homes built from around 1990 to 1996, with a few other in-fills later on. So, let’s get to the numbers!
There are 30 available listings in the neighborhood, down from 33 last month. Pending homes jumped to 17 from 10. Closings were flat at 7. But with 7 sales per month and 30 available homes, that is a 4.3 month supply of homes and should be a seller’s market.
Values bounced all over last year, however, our last sale had a HUGE appraisal problem due to low Bank Owned sales.
The problem right now is 2 fold. One, this is an FHA price range. Almost all owner occupant buyers are using FHA financing. Several Bank Owned properties have been in Average shape but didn’t qualify for FHA financing. Thus there only buyer was an investor. When you shrink the size of the pool of buyers, you lower values.
The next problem is the unregulated Short Sales. Agents and Short Sellers are dropping to unreasonable prices to attract offers, driving the market further down. The home I mentioned closed at $173,500 but there were two short sales available at $155,000.
Fannie Mae was in town a few weeks ago. They said they are no longer pricing aggressively and will not be accepting below market sales. They said appraiser are averaging 99% on their valuations while realtors are averaging 90%.
What can we do to change your market. One thing is to hire responsible realtors to short sale properties. If you or one of your neighbors is in trouble, call us at the Cameron Team. We will work to get your home sold at the highest price and our success rate with Short Sales is soaring! You have to know what you are doing. An agent that closes 5 or 10 short sales a year does not have the experience of our negotiator that has closed over 130 short sales successfully. She knows the back doors, she knows what works and what doesn’t work.
One of my clients was going to hire an attorney to negotiate the short sale. It was an up front fee of $2500. He told my client none of that stuff matters, just get an offer and we will submit. Now, first everyone thinking of short selling should talk to a reliable attorney to answer their legal questions. But hiring an attorney to negotiate the deal, to me, is no benefit. The attorney will turn the file over to an hourly waged person and go get another seller. He has not motivation to get the short sale accepted and a deal done because he makes the same $2500 whether you go to foreclosure or are sold as a short sale.
Are you a buyer looking to purchase a Short Sale Home at a Great Price? If so, you want to be aware of the fact that some listing agents continue to search out other buyers, keep the home on the market for sale, have other offers and when they get a response from the bank they go back to ALL the buyers looking for highest and best. When you buy a Short Sale, you want an agent that knows the ins and outs. What to look for to secure as the only buyer for that home, The Cameron Team and our buyer specialists are experts in Short Sales and Bank Owned Foreclosure homes. We know the tricks and are your best choice. Call 480-502-7699 or email Jeff@TheCameronTeam.com
Are you a Seller Looking to sell your home in a Short Sale? Before you act, know your options. We have videos that walk you through the process in the privacy of your own home at what every time you wish to watch as many times as possible!
the links below will take you there:
Before Foreclosure and Short Sale: What are my Options?
Before Foreclosure and Short Sale: Save my Home!
Before Foreclosure and Short Sale:
Before Foreclosure and Short Sale: Save my Credit Through Short Sale
Before Foreclosure and Short Sale: Last Step – How to Clean up My Credit!
Or for a Free 1 hour consultation and a referral to an Attorney for 5-10 minute Free consultation call me at 480-502-7699 or click here to contact me!
480-652-2004