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Giving up your home can be a traumatic business, which can be made even more stressful without a short sale realtor. Not just the financial aspect can be troublesome. The emotional impact of giving up the place that is tied so sentimentally to your family is very hard to take. If it is a house that has been in your family for generations, it can be even worse.
Not only is the sentimental aspect trying, but moving and adapting to a whole new house and neighbourhood can be stressful for all the members of the family. There are so many aspects to be taken into consideration, such as the possibility of a new school, workplace or commute route to both if the new place is very far away. Building social relations with new neighbours is always challenging, especially if you’ve gotten used to the same people’s company every day. There is also the question of a new layout for the house, the decor, and possibly, repairs to the new place. There is just so much to be done.
You can make it easier for your whole family by avoiding foreclosure and its consequent blow to dignity. Instead, you can opt for a short sale. Here is the principle of a short sale- in, for example, a Short Sale Phoenix, or anywhere else for that matter, the lender gets less than the entirety that is due, he can also minimize his losses by regaining the property faster.
Because the bank will be receiving money instead of the property itself, it is more convenient for them and for you. You can avoid having an unsightly dent in your credit history, and solve this problem in record time. It is never advisable to have a poor credit history because this will affect your ability to make transactions in the future.
Although it is the most advisable measure to take, a short sale is not as simple as it sounds. In fact, it takes a lot of negotiation and skills of persuasion. Getting through to the lender is not a simple process. It can be very frustrating when people put you on hold for very long and only end up not interested. However, this is one of the realities of the whole short sale business.
Trying to estimate the true market value of your property is a challenge for those who are not in this line of business. Since the process is no cost to you calculating what the cost of the sale will be for the lender closing costs and the amount of loans set against the house is also essential.
Take note that this is a business deal, so try to obtain the best terms you can under the circumstances. You will want the highest price possible, and terms and conditions that match your specific needs. Every short sale differs with the individuals involved.
Don’t jump into a deal without considering all of your options. Try to broaden your perspective and check on the availability of properties and the typical market prices reflecting the economic situation of the moment.
These pointers all sound very complicated and it is not surprising that a homeowner would prefer not to proceed with the short sale because of all the added pressure. But there is a way out of it, and a way to make everything go smoothly- contact a short sale realtor. Because this is her line of business, she knows all the shortcuts and how to navigate around them. Because of all of these complexities the Lenders insist on a Realtor being involved. If it is not listed with a Realtor, they won’t talk to anyone.
Most of these realtors are very savy negotiators, so you can rest easy knowing you are in good hands. You can also learn a lot from them, and if you are really interested in the nuances of short sales and foreclosures, you can ask them about details like Fair Credit Reporting Act, RESPA, Short Sale Scottsdale, and the HAFA Program.
If you find out that you are a good candidate for a short sale, it is advisable to contact a short sale realtor right away and if you don’t know if you are a qualified candidate, your certified short sale realtor will help you establish that.

Maureen Karpinski
Find your Phoenix Arizona Property at Cactus Country Arizona Homes & Properties

SALES Month over Month
Below are the stats supplied by Arizona Residential Multiple listing Service. As they come in, we have permission to send them out. This kind of information is so welcomed. Interesting that the bank owned property sales are only representing 38% of our market and I just have to think that short sales are going through the roof. Whatever it takes to get this market balanced. If you have real estate questions or needs please know I am a phone call or email away and would love to help you
Sales continue on a strong pace over the past three months. May sales of 9,077 represent a slight dip (2%) from April sales of 9,306. This trend follows a typical spring seasonal upswing pattern in sales activity. Nationally, sales, according to NAR’s most recent figures (April), show a gain of 1.52% year to date.
SALES Year over Year
Sales for May 2009 and May 2010 were virtually the same, a first for any month over the last
twelve. Last year the trend lowered in June after the spring upswing, only to remain flat through
the summer and take a plunge in November. The 2% dip in sales from April to May could be
reflective of this pattern repeating itself, but no other economic indicators signal that this April to May 2010 dip is the beginning of a downward trend.

NEW INVENTORY
New residential inventory declined from 13,871 in April to 11,717 new listings in May. The reduction in new listings added to the market since March represents is a healthy decline. Such a pattern affects the supply and demand ratio, which directly influences pricing. The downward trend may stay on course, or perhaps be affected by Sellers who will take advantage of the summer selling season to test the market.

TOTAL INVENTORY
As new inventory is declining, total residential inventory remains high with total residential inventory at the end of May at 41,326 units compared to 39,902 in May 2009. The total inventory trend remains relatively flat over the past twelve months, hovering below 40,000 twelve months ago to just above that level presently. Year over year it appears that total inventory for 2009-10 is stalled relative to 2008-09. However, the 2008-09 inventory had hit an unprecedented number close to 60,000, too high not to realize a sizable decline eventually.

LIST PRICES
The average list price in May was $220,900 which is a small (4%) but positive gain over the previous month. The median list price declined (slightly under 3%) from April to May to $136,000.The decline in the median price coupled with a rise in the average price indicates that there are more homes in the higher range that are making it to the market. Year over year the median list price remains fairly flat.

SALES PRICES
Average sales price remain virtually unchanged from April at $171,300. Median sales price for May however shows an increase over April from $127,500 to $130,000, an indicator that while additional higher end sales are coming to the market, they are not selling for as high a percentage of their list price as are the more moderately priced units. While not huge, it represents a 2% increase and continues a pattern of year over year price increases.

The ARMLS PENDING PRICE INDEX™
The ARMLS PPI™ predicts future average and median prices based on reports of pending sales
executed but not yet closed. The ARMLS Pending Price Index is available only through ARMLS, the sole aggregator of pending sales data.
The ARMLS Pending Price Index™ last month predicted that the median sales price for May would be $128,000. The actual May figure is $130,000, actualizing the upward prediction from the April forecast. In the near future, the ARMLS Pending Price Index is predicting a slight decline in median price in June, July and August, followed by a upward tick in September. The average price predicted last month for May was $173,000, and in actuality was $171,000.
The average sales price trend predicted by the ARMLS PPI™ for the rest of the summer shows an
up tick for June and July, a decline in August with an uptick again in September. Note that predictive accuracy declines the further into the future the prediction is made.

IMPENDING FORECLOSURES
Impending Foreclosures for Maricopa County for all property classes (residential, land and commercial) was 45,898 at the end of May. This represents a steady, yet slight downward trend since March. In contrast, the previous year’s (2008-09) impending foreclosures were on a significant upward trend from June 08 through May of 09. While the downward trend for the last three months is a good sign, it should be noted that the overall number of impending foreclosures is higher than at any time the previous year.

LENDER OWNED SALES
Lender owned sales (residential), which is sold inventory that the banks have taken back from the original borrowers, was at 3,430 in May, representing a much lower percentage (38%) of the overall sales in the market. This contrasts with the lender owned percentage of overall sales from a year ago of 62%. Clearly, the market is going in the right direction. As the lender owned percentage of overall sales declines, the influence of these distressed properties on median and average sales price also declines, inching us closer to a healthy market.
© 2010 ARMLS, may be reprinted with proper attribution.

AVERAGE DAYS ON MARKET
The average days on market (residential) in May, declined one day from April, to 96, showing only a modest decline and perpetuating the downward trend which started in March. Over time as the days in market decline, the absorption of excess inventory will increase, nudging us closer to a balanced supply and demand.

COMMENTARY
The Valley housing recovery at present seems content to move at its own deliberate pace, with its monthly gains and setbacks. While a monthly glimpse keeps our eye on the pulse of the recovery, longer term trends speak a more reliable truth. Speculation continues on the effects SB-1070 might have on the housing market. If many homeowners, regardless of nationality and immigration status, decide to sell or abandon homes in expectation of negative economic and social impact of this new law, the tenuous recovery could be undermined.
Signs are apparent that the Valley real estate is gaining ground in its recovery struggle. The decline in new inventory being added to the market hints that Sellers who are not serious are remaining on the sidelines. The sold unit trend has continued to climb since January. The slight dip in sold units from April to May is a somewhat positive sign, since a much greater decline would have seemed logical when the first time home buyer credit went away. Its absence caused very little change in the total sold units.
Most notable is the much lowered percentage of lender owned sales relative to total sales, coupled with the decline in impending foreclosures. The proliferation of foreclosure sales wreaks havoc upon pricing. Thus, a slowing of impending foreclosures which feed the total number of lender owned sales is a trend that signals a future recovery
Maureen Karpinski
Find your Phoenix Arizona Property at Cactus Country Arizona Homes & Properties

Arizona Residents: A Certified Short Sale Realtor Can Help You Avoid Foreclosure

Are you getting farther and farther behind in your mortgage, and feel you may be facing foreclosure? If you live in Phoenix or nearby areas of Peoria, Cave Creek,Scottsdale, and Glendale, a reputable Certified Arizona short sale realtor can help you see the light again by helping you get out of the situation you’re in.

The housing market has been in an uproar for a while, along with the economy. So many people have lost their jobs, which were their only source of income. It’s tough to pay a mortgage when you can barely put food on the table, but all is not lost. A professional, experienced Phoenix real estate agent with in-depth knowledge of the short sale process can help you get out from under that heavy burden!

What typically happens when you cannot pay the mortgage on your home? Your lender will often attempt to arrange a repayment plan, but that often fails or you may simply not have the money to even attempt to repay. At this point, your lender may mention a short sale, or you may bring it up yourself if you understand the process. This is why it is beneficial to you to have a Phoenix realtor on your side who has experience in this area. They understand how it works, and will do everything in their power to help you negotiate a sale with a qualified buyer. Simply put, if the bank agrees to take less money as pay-off for your home, you can avoid foreclosure and all of the negatives that go along with it.

Why would your lender agree to take less for your home than is actually owed? Banks are not in the property business. If they were to file foreclosure, there are hefty expenses involved. They also do not want vacant properties setting on the books, so many will agree to a short sale. When you decide to go this route, your credit will not be as badly damaged and you will likely be able to purchase another home in just two years, whereas with foreclosure it is often 7 years or even longer before you can buy a home of your own.

If you live in or around Phoenix and are facing financial difficulties that make it impossible to pay your mortgage, contact a highly qualified Arizona short sale realtor now. With our help, things can be turned toward a more positive direction!

Signatures
Maureen Karpinski
Find your Phoenix Arizona Property at Cactus Country Arizona Homes & Properties

Good News Around the Phoenix Area: Sales Go Up as Supply Goes Down

Don’t let the media reports fool you – I question any shadow inventory in the overall market around Phoenix! Tracking ahead of last year, the positive motion of the sales market continues on, as we are now back to a 3 ½ month market supply of homes in the valley. While pending sales continue to increase, supply continues to decrease.

The media claims that there are 50,000 homes in this “shadow inventory.” The homes in question are actually homes that are in various stages of foreclosure. This can often take as long as 9 months. With almost 8000 homes sold in the month of March, about 5000 REO homes every month are being absorbed. 9 months x 5000 means 45,000 homes, which is approximately the 50,000 being portrayed as “shadow.”

In the overall market, there are currently 26,880 single family detached homes on the market. The current market supply is 3 ½ months, and closing volume in the last 30 days is 7917 homes.

The previous reports’ inventory is the basis of the current active listing comparison. Closings from the previous month divided in to the total number of active listings generates supply numbers. The data does not include condos, town homes or patio homes, and includes single family detached homes only.

In the Phoenix area, there are currently 5543 active listings and inventories have decreased 2% from last report. Closings last month were 1817, which means approximately a 3 month supply.
Inventories are down 4% since last report in the West Valley. Currently, 6250 listings are active with 2282 closings over the past month. Approximately a 2 ¾ month supply.
In the NE Valley, active listing total 4139 and inventories decreased 2% from last report. 627 closings last month, approximately a 6 ½ month supply.
Inventories have decreased by 2% from last report in SE Valley. In the last month, there were a total of 6134 active listings with 1934 closings. Approximately a 3 ¼ month supply.

In Scottsdale over $1m, inventories have decreased by 2% since last report. With approximately a 17 ½ month supply, there were a total of 950 active listings and 54 closings in the last month.
Inventories have decreased by about 2% since last report in Scottsdale under $1m. In the last month, there were a total of 1935 active listings and 408 closes. Approximately a 4 ¾ month supply.

In Paradise Valley, there were a total of 442 active listings and 29 closes in the last month. Inventories have decreased by 2% since last report, approximately a 15 ¼ month supply.

Maureen Karpinski
Find your Phoenix Arizona Property at Cactus Country Arizona Homes & Properties