May Resale Number and What It Means to You!

Total re-sales in Maricopa County for May were 9,113! That’s 1,365 more than last month and 1,237 more than may 2012!  REO closed was 806 which is 9% and short sales closed was 1094 which is 12%. Normal sales closed was 7214 which represents 79%. Pending inventory is down to 12,497. REO pending was at 1,017 which is 8% and short sales are at 4,132 which is 33% and normal sales pending at 7,349 which is 59%. Active inventory for Maricopa County is still dropping down to 11,960. REO active is 631 which is 5% and short sales are at 482 which is 4% and normal listings are at 10,849 which represents 91%! There is less than 2 months inventory in all but 3 cities now!!(Fountain Hills, Paradise Valley and Scottsdale)

So what does this mean for you? If you are a buyer, expect prices to continue to rise as the number of available homes for sale shrinks.  You don’t have the luxury of  “time to think about it”.  Mortgage rates are still at historic lows, but they are creeping upwards.  As the interest rates rise, the amount of home you can afford diminishes.  If you are lucky enough to find that home you have been looking for do not hesitate to make an offer that will get you the home.  The steals and deals have been gone for two years now.

If you are a seller or a potential seller, now is a great time to put your home on the market.  The shortage of  inventory makes this a seller’s market.  Anytime inventory levels fall below a 3 month supply it is considered a seller’s market.  Of course you need to be reasonable on your asking price.  If you price your home too high above the current market value, you will have very little chance of getting it sold.  With the the internet, public information is easier to obtain than ever.  Today’s buyer is tech savvy and does their research long before calling a REALTOR®.  Tax records and sold property information can be obtained in a few keystrokes.  Even if someone would entertain paying over market value for a home, it must appraise for the sale price to complete the transaction. The only exception to this would be a cash sale.  Keep in mind that cash buyers are very business minded and most likely would not pay over market value.

In summary, we have what looks like a perfect storm.  Great time to buy. Great time to sell.

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How to Teach Kids to Save Money

Here is an article worth reading and implementing.  Saving money is an important skill that needs to be learned early on in life.  It is so important for the future of our children, our economy and the direction of our great county.

How to Teach Kids to Save Money

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Market Report for December 2012

MarketReport2012december

The Maricopa County Market closed 6,237 homes in December a slight increase. REO properties closed were 760 at 12% and Short Sales closed 1,633 are at 26% with 3,845 being normal at 62%. Pending Inventory has 1,163 REO’s at 11% and 4,035 Normal at 37% and the slowly dwindling 5,751 Short Sales at 53%. That’s another 1,000 less than last month! YEAH! Active inventory decreased to 13,852 listings with 1,241 REO’S at 9% and 930 short sales at 7% and 11,682 normal listings at 84%.

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What’s the best down payment on a home?

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The Romney Housing Policy

Worth watching…not an endorsement or opposition, just presenting information for you to digest.

The Romney Housing Policy.

 

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Forclosure Data for August 2012

Here is the Foreclosure Data through the end of August 2012.

1. Active Notices of trustee sale for residential properties as of the end of August 2012 were 14,999 units. Down from last month of 16,018. Down from the all time high of December 2009 of 47,606.

2. Residential Foreclosures were at there all time high in March 2010 at 5,451. Residential foreclosures were 2517 last month. This was up by 644 units from July.

3. The residential REO properties are sitting at 5,970 vs. last month of 5,453. Up slightly by 517 units from last month! August of 2011 there were 14,480 REO properties, down 59%! Listed REO properties are approximately 1300 units and pending are 1296. That tells us that there are approximately 3374 properties that are foreclosed but not yet on the market.
4. Short Sales Represent approximately 30% of the total sales and REO’s are down to 14.0%. Normal Sales are at the highest point in the last 5 years. They represent 56% of total sales!

Business continues to be strong. We are in a rare opportunity to buy! Interest rates are very low and prices are still low….. But not for long. REO properties seem to be going away as short sales continue to get approved.

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The Biggest Banking Scandal The World Has Ever Seen

The Biggest Banking Scandal The World Has Ever Seen.

This will make you say, “Hmmmm…”.  Information you need to know before the next elections in November.

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