Phoenix Real Estate Market Update for 2012

 Reflecting on 2012 and what’s ahead for 2013

There is no doubt, 2012 has rewarded home owners, to which they say it is about  time!  Some reports are indicating a 15% – 25% increase in home values over  the last 12 months. The graph to the left shows the average $/sq.ft. for homes sold in Gilbert,  which has  rebounded to pre-2009 levels.  Can we expect this favorable trend to continue in 2013, or is this another bubble that will burst in 2013? They tell me I’m an analytic which probably explains why  I’ve included charts and graphs to explain my reasoning, so read on.

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Issues to Consider When Short Selling a Phoenix Waterfront Home or any Phoenix Az Home.

 Upside Down House

Phoenix Arizona Short Sales and “upside down” homes.

Short sales in Phoenix, Gilbert, Chandler,Queen Creek,  Scottsdale and all across the valley are taking center stage as they have become the topic of any Az real estate discussion. Many a buyer or seller that has been through a short sale transaction will undoubtedly compare it to high drama movie because of the highs and lows, a soap opera because it never ends  or a nightmare due to  all of the above.  These discussions will continue with home prices at current levels.  According to an article in the Phoenix Business Journal, First American CoreLogic Inc., estimates that 51% of the mortgaged properties in Arizona are “upside down”, also described as having negative equity, because the balance on the mortgage is more than the market value of the home.  This is confirmed by the fact that in most Phoenix area towns and communities, distressed sales account for 50 – 75% of the monthly home sales.  Therefore, many homeowners will need to become well informed of the various aspects of a short sale  when a situation arises and they need to sell.  The following are important points  that must be considered:

Continue reading “Issues to Consider When Short Selling a Phoenix Waterfront Home or any Phoenix Az Home.”

Waterfront bank owned and short sale properties in the Phoenix area

Waterfront Bank Owned Homes and Short Sales in Phoenix

Distressed Sales as a percentage of total sales by city – June 2009june-2009-distressed-sales-as-a-percentage-of-sales-by-city

In the current environment, if you talk about Phoenix real estate,  bank owned and short sale properties must be part of the conversation, and this has obviously impacted waterfront homes and lake community properties throughout the valley.  The differences between these two types of distressed properties are significant, but both represent opportunities for those looking for homes at below market prices.  In the majority of cities in the valley, bank owned (REO) and short sales represent the majority of the sales.   The chart to the left shows the bank owned homes and short sales as a percentage of total sales for the month of June 2009 by city. Continue reading “Waterfront bank owned and short sale properties in the Phoenix area”