Phoenix AZ Urban

There have been  millions of homes foreclosed on nationwide in the last 2 to 3 years and many are not put on the market for resale right away.  Many lenders that foreclose are holding back some of the properties and in many ways that’s a good thing.  If they put all the foreclosed properties on the market at once, the prices would really fall.  The number has fallen and we are currently down to a 5 month supply, down from last year and especially from the 8.4 months supply in January of 2010.  Check out the full story by clicking here.

Home sales are expected to stay on an uptrend through 2012, although the performance will be uneven with mortgage constraints weighing on the market, according to experts at a residential real estate forum today at the REALTORS^® Midyear Legislative Meetings & Trade Expo in DC. 

I was just looking in MLS for homes sold in three of our Urban Centers and the numbers aren’t looking bad.  We certainly aren’t heading for another boom but I think there’s proof we are skimming the bottom of the bust and could be starting the slow climb out of it as long as we don’t have any more surprises that can affect the economy.  Below I have listed the number of properties sold and the avg price per square foot for three of the Urban centers for the first 4 months of 2010 and 2011.  Sales are up albeit not by much and the price per foot is down a little but considering everything, I don’t think it’s too bad.  Remember these are average prices per foot and it cost not less than $100 per foot to build new so right now it’s cheaper to buy then to build and with interest rates still low, your payment is probably the same or less than you might be paying for rent.  So give me a call and let’s see if you can save on your monthly rent by buying something.

Year        City             Sales              Avg Price per Foot

2010        Phoenix       126                $104

2011                             248                $  89

2010        Scottsdale    203                $143

2011                             267                $136

2010        Tempe           88                $115

2011                             132                $  94

According to an ASU study commercial values have gone up 13% in the 4th Quarter of 2010 over the previous year where they had declined almost 40% over the prior year.  Even though this news letter is mostly dedicated to Residential Real Estate, this is good news for the overall economy. 

www.aznativeproperties.com

There are many people who owe more than their property is worth, it’s a huge boat and many of us are in it.  Old Republic Title and RooPho Realty has teamed up to help people who decide a Short Sale is in their best interest.  Most of the reasons for doing a short sale are very specific to your situation.  I’d be happy to sit down with you and provide you with information that will make the decision a little easier.  Nick Heth, of Peoples Mortgage, has delt with many buyers who now have one or the other on their credit score.  Here’s what he has to say; “When people ask me about the credit score hit of a short sale vs. a foreclosure, I think they should be more concerned with the effect of when they will be able to buy again?  With a short sale it’s as little as two (2) years, with a foreclosure the banks are now requiring seven (7) years.  Your credit will go down with both but certainly the short sale is going to affect it less. Your credit will recover quicker than even the two years, if you keep your other bills paid on time.”