Here is the latest from our Phoenix market:
Phoenix was one of the first markets to be hit hard by the economic downturn, and is now the first to be recovering. Phoenix used to rank #5 in the nation for mortgage delinquencies…today it is #39! The bottom of the market was September 2011, just over a year ago. Since then, prices have risen 28% overall, with some local cities hitting 40% increases.
Courtesy of Michael Orr/Cromford Report
These increases in prices mean it is a great time for people to sell. Many homeowners probably do not know that they have equity in their homes and could easily sell their homes today. Now is an excellent time for homeowners to contact their Realtors to get their current property values. Home pricing at this time is critical. Properties priced at the right price point can often expect multiple offers and possibly sell for more than the asking price. See below for an example of a recent sale in the Phoenix area.
Courtesy of Michael Orr and the Cromford Report
Short Sales have also become a good solution for many sellers. A Short Sale is when someone sells their home for a price lower than what is owed on the loan. This process has become more common and generally does not take as much time as it used to. However, each situation is different, and it requires a seller to assemble a team of professionals to help. Here are a couple of links to experts we know have done well for clients:
Irving Hymson – http://scottsdale-lawyer.com/irving-hymson/
Scott Drucker – http://www.mackdruckerwatson.com/scott-drucker-partner.php
To sum it up, REAL ESTATE IS GOOD IN PHOENIX! Inventory is low, prices are up and interest rates are low. Now is the ideal time for homeowners that have been waiting to put their homes on the market.