What you need to know about buying a home for sale in metro Phoenix and Scottsdale

I received an email from a buyer for a home to purchase here in Phoenix metro area. I sent her the following email and felt I should share it with all of you!

I would be very happy to assist you with a purchase here in the valley. I am very aware of the product you are looking for as I have sold several to my investors.

I conducted the search you stated below and there are no homes for sale, all are sold. I will review the 4 homes you sent below.

First, let me ask, will you be paying cash? the reason I ask is that for this product cash is king.

One of my investors bought 4 homes like this in April – June of last year. We have tried on dozens others since then. He is handicapped as this last purchase he is getting a loan.

Let me describe our weekly experience, actually this occurred this week and last.

A new home comes on the market and he wants to write a sight unseen offer, as after running around for months he finally realized this is the only reasonable way to purchase this product.

He emails me the home. I look it up. I call, email and text the agent; as most don’t answer the phone. My question is simple. “how many offer, are they over full price and are they cash…Will my buyer with a loan compete if he offers $65k for your $59k listing?”

The answer is always the same. “Don’t waste your time, we have cash offers well above what you are describing.”

I spoke to my client in detail last week. I said Ed, I don’t know why these terrible agents keep teasing you by listing a home below $75k. If they had any idea what was going on in the market, they would list them higher. They must keep looking at the Pending sales or AWC (which is pending but you see it as active on those web sites) an not understand the market has gone higher.

You see most of these listing agents either don’t sell much or don’t care as the value is so low.

Lets review the homes you sent me:

3237 W. Mohawk Lane – Zip 85001- short sale $49,900.

Listed 10/3 – tenant occupied and all contracts were reviewed and one accepted by 10/11. This does not mean the home was on the market 8 days, but merely it took that look to make a decision on which buyer and get docs executed.

3134 W. Country Gables Dr. – Zip 85053 – $45,000.

Listed 12/13, temp off market 12/13, back on market 12/18, AWC(under contract) 12/23.

949 E. Wahalla Lane – Zip 85024 – short sale $65,000.

Listed 1/5, temp off market 1/6, back on market 1/31, under contract 1/31. I do this. Once I have a ton of offers, I temp the home off market, go back to all buyers for highest and best. Then after we have the best offer in place with all docs signed I pend the home.

6619 W. Phelps Rd. Zip 85306 – short sale $65,000.

This is probably the worst example of the market as this home went under contract 7/17. It was listed 7/11. I say worst example because it represents the value of last July.

Let’s talk and review.

Here are a couple of videos I have done to explain the market. Some are older but give the message:

Shadow Inventory Myth

Interesting, I watched this video again from November. Then 24k in foreclosure, now below 20k. Then 14k owned by the bank and now 10k. Things have improved so much as we go into the new year.

Cromford Report reviewed

I review where my facts come from, The Cromford Report. You will see the information above was done in November but it was September numbers. Reports take a while to get out.

My insider report about the market

I look forward to speaking with you!

Jeff Cameron

What you need to know about buying a home for sale in metro Phoenix and Scottsdale

Contact Us

Jeff Cameron

Jeff: 480-652-2004