Friday, December 17, 2010

67% of Phoenix-area sales are distressed

Image ID 1262615 by StockExchange user melissathr

Pulled some stats out of the Arizona Regional MLS database this morning, for a client who’s home shopping and wondering whether or not to bother looking at short sale homes.

According to MLS data as of today, December 17, 2010, 67% of all Metro Phoenix area homes sold in 2010 were in some state of financial distress.

Shortsales – 21% of all sales so far in 2010 in the Metro Phoenix region

Pre-foreclosures – 5%

REO – 41%

Are you a “regular” seller? You’ve got an uphill battle on your hands, fighting against the super-low prices of the bank owned and short sale homes. On the other hand, if your product property is in good shape and properly priced – and especially if it’s under about $200,000 – you might have buyers fighting to make offers on your home.

Are you a buyer? You should be prepared to see a lot of homes that need some “TLC” as the Realtors so charmingly put it in their MLS listing descriptions. Expect most of the homes you could potentially buy will need paint and carpet, at a minimum. Almost all of them will need a thorough professional cleaning. Many will need all new appliances. Lots of them will need a major landscaping cleanup.

Are you on the fence, wondering if you should get into the market, either to sell or to buy? Contact us. We practice low pressure real estate. Frankly Chris and Heather are not very good at giving sales pitches. We’re very good at listening, empathizing and giving advice that’s based on our clients’ needs, not on our own expectations of commissions.

Need some help finding your way? We’ve been selling Metro Phoenix real estate since before the boom & bust happened, and we plan to be here for a long time to come. Read what our clients say about us here, and then give us a call, text or email.

photo credit: Image ID 1262615 by StockExchange user melissathr