CactusCountryProperty

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

You may think that affluent homeowners that live in upscale areas of town are immune to the effects of the economic downturn, but you would be wrong. Even in Scottsdale, short sales are a growing trend. If you are lagging on your mortgage payments and see no way out, an experienced certified short sale Arizona real estate agent can help you get back above water.

When job loss is at a nearly all time high, people of every background are affected. Even those who once believed that money would never be a worry are experiencing problems. If you find that you owe more on your home than it is worth, and you just cannot meet your monthly financial obligations, selling your home may be the only way out. A short sale in Scottsdale means that you may be able to avoid foreclosure. Foreclosure is the least desirable option, as it completely destroys your credit rating.

If you are considering a short sale, you may wonder just how it works. You will hear bad things about the process, but most of that is due to the fact that it can be a lengthy undertaking. This is why you want to locate a knowledgeable real estate agent that knows the process thoroughly so that it will go as quickly and seamlessly as possible.

The first thing you must do if you decide to go this route is qualify. If you are unable to pay your mortgage because of a hardship such as divorce, loss of your job, a death or unexpected medical bills, you may be considered by your lender. Other things that play in to the equation are whether your home is worth less than you owe, and if you are currently in or near defaulting on your home. An Arizona realtor can help you sort through the red tape, so that you have a good idea of where you stand.

If you do qualify, it is the agents job to find a qualified buyer for your home. This is where the hold up usually begins – buyers want the home for a song, and lenders are not willing to sell it for nothing. If you hire a reputable agent, they will find buyers for your home that make reasonable offers. Once a buyer makes an offer that you like, it is then up to the lender to decide if they will accept the purchase offer.

While a short sale is probably not the easiest process, it should definitely be considered if you are on the verge of losing your home or going into foreclosure. Foreclosure is an ugly beast that you do not want to face if there are any other options available at all. Do you live in Scottsdale and find yourself sinking, unable to rise above the water? Speak with a reliable and experienced Arizona realtor today – it may be the best decision you have ever made!

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

Scottsdale Arizona has long been known for its luxurious home and condos. Although prices are higher in this area, they have decreased dramatically, making it a buyers market.  A reputable real estate agent can help you choose a property that is perfect for you and your family, and well below the prices of just two or three years ago!  Why should you buy now?  Because it is very likely that the chance will be gone one year from now, if not sooner.  This is the magic time to get the deal of your life.

In April of this year, home sales in the Scottsdale were up 12% over the same month last year.  Interest rates are at historical lows, prices are low and supply is up from normal.  What does this mean for you?  A stupendous deal, and one that you will probably never see again.  With well over 4000 homes and condos available in this magnificent area, there is sure to be one that is ideal for your situation.

Does it make any difference which Arizona realtor you choose when you are searching for the place you will call home?  It certainly does.  An experienced real estate agent that has lived and worked in this area for years has the knowledge and expertise needed to handle all of the transactions and take care of the dirty work for you.  A real estate transaction doesn’t only impact you financially, it can be very stressful and time consuming.  You need an agent that you feel comfortable and get along with.  A good one will also look out for your best interests.

Scottsdale offers many of the most beautiful, elegant homes and condos you will ever find.  It also offers many activities and the best golfing available.  With prices like these, you really cannot afford to miss your chance to have a luxury home at prices that will most likely never be seen again.  When the housing market begins to stabilize, it will be too late.

Are you in the market for a beautiful home that will be perfectly suited to you and your family?  If Scottsdale is your dream destination (and it is for many), don’t wait.  Contact a realtor who is a complete professional, and has what it takes to quickly and efficiently find the perfect home for your family, and your budget.

Locating an experienced Scottsdale Arizona realtor is your first step toward getting the home or property of your dreams, without all of the hassle of doing it yourself.  Buying real estate can be a very complex process, and it is time consuming.  A reputable agent is capable of finding properties that suit your preferences and handling negotiations for you.  If you are considering a move to Scottsdale, this article will explain the benefits of letting a licensed realtor handle it all for you.

Most people have full time jobs, and don’t have a lot of extra time to look for real estate that is in the perfect area and still at a price they find desirable.  A compassionate agent is flexible and able to work with your needs on your time schedule.  They know where properties are that suit your needs and budget, and they will negotiate the deal for you.  This saves you an abundance of time and stress.  A Scottsdale realtor will be willing and able to go the extra mile to make sure you are satisfied with your property and the price.

You want to make certain that the agent you choose is well qualified to handle your needs.  If they have vast experience in the area, they won’t mind you checking their references.  A real estate agent who has been in this business for years will know the market, the benefits and attractions of the area, and how to get the most for your investing dollar.  You should always find a good agent to represent your needs.  The realtor who is representing the seller of the home is looking out for the best interest of their client, so of course they want the best price they can get for the home or property.  You want to spend as little as possible, so you need a realtor of your own to represent your needs.

Scottsdale Arizona is known for its luxury homes, condos and other real estate.  Even when you have money, you don’t want to spend more than is necessary to own your dream home.  While some are happy to pay whatever the asking price is for a property, this is not necessary most of the time.  Anyone can be bargained with, and a qualified reputable realtor will be able to save you a pretty penny on a luxurious home that suits your lifestyle.

People have very busy lives these days, and their extra time is valuable.  You want to spend time with your family and doing the things you love to do.  Why spend all of your available time searching out the perfect home in the price range you desire?  This can take months or longer when you do it yourself.  Get the Scottsdale home of your dreams without unneeded stress and frustration.  Let an experienced Arizona realtor who truly cares about the needs of you and your family handle it for you!

When you are ready to purchase your dream home or want to invest in real estate, hiring a Phoenix realtor who has plenty of experience is essential. Not only can they find properties that are within your budget easily, they can also help take much of the stress off of you. Here are some other reasons hiring a Phoenix real estate agent is so important.

There are many concerns when it comes to investing in your future home or property. If you have a family and children, the concerns are even greater. Schools, neighborhood safety and comparative home values are just a few of the areas you will have questions about. A reputable Phoenix realtor can answer any questions you may have about Scottsdale, Mesa and Glendale as well.

When you are interested in purchasing a home, there are many things the average person knows nothing about. The inspection period is one of those things. This may be the most complex and important part of the whole buying process in Arizona, and you need to know how it works.

If you decide to purchase a home in Arizona, you have a great opportunity to investigate the home thoroughly before making a decision on whether to go forward with the purchase. Your Phoenix real estate agent knows all about this inspection period and can help guide you through. You don’t want to miss the deadlines or mismanage your opportunities!

Actually, when you choose a dependable realtor they can handle the whole process for you. Here are a few notes about the inspection period:

During the inspection period, the buyer has the right to accept the home in the condition it is in. You may also want to cancel the contract, or give the seller an opportunity to fix the problems found during inspection.

When the buyer wishes to request that repairs be done, they will use the “Buyer’s Inspection Notice” form to let the seller know about the repairs they are requesting. There is a time limit on these things, which adds to why you should hire a well seasoned Phoenix real estate agent to handle this for you.

The seller also has limited time to reply. They may agree to make the repairs you request, agree to repair a portion of the damages or refuse to make any repairs at all. At this point, there are some options left for the buyer. All of this is enough to give many people a huge headache, and is really better left to someone who has experience in handling tasks like this.

When you get ready to purchase a home or property in Phoenix or the nearby area of Scottsdale, Glendale or Mesa, get professional help. When you hire a knowledgeable realtor in Arizona, it makes your life much easier.
Maureen Karpinski
Find your Phoenix Arizona Property at Cactus Country Arizona Homes & Properties