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Arizona Homeowners – How a Short Sale Can Set You Free if You Are Drowning in Your Mortgage

Whether you live in Phoenix, Scottsdale, Mesa or Glendale, you may find that you just cannot afford your mortgage any longer. In fact, you may owe more on your home than what it is worth, and it seems you are getting farther and farther behind. A short sale is a viable option for those who see no way out of their dilemma, and fear they are facing foreclosure. An experienced Arizona realtor can help you understand the process, and also assist you in all negotiations should you decide the short sale route is right for you.

Are you already months behind in your mortgage payments? Foreclosure may be just a few weeks away, and is something you really want to avoid. While you may hear bad things about a short sale, most of that is due to the fact that it can be a lengthy process – but if you have a reputable real estate agent, it can be much simpler and accomplished in far less time.

One thing many people find attractive about the short sale is that they can honestly tell friends and family they sold their home and avoid embarrassment often associated with foreclosure. You can also avoid having your credit completely destroyed, which can be devastating for some people. When your credit is demolished, you are looking at about 7 years of not being able to purchase anything on credit – even another home.

A short sale will affect your credit rating somewhat, but not like foreclosure does. You will likely be able to purchase another home in two years or less. Why do you need an Arizona realtor if you decide to go this route? They will help you negotiate with your lender, and also help you find a buyer for your home. Your lender must approve the offer of the buyer; a good agent can make sure that the price the buyer is offering is in the ball park, so that you do not waste time.

As long as you can prove good reason for why you can no longer pay your mortgage and your lender agrees, a short sale may be just the solution to your problem. Lenders would rather have some money on your home, because they are not in the business of owning vacant properties. If you live in Phoenix, Scottsdale, Glendale, Mesa or surrounding areas and need to consult with a professional, contact an experienced, Certified Arizona short sale realtor today.

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