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Every day we hear or read all sorts of negativity and doom and gloom on the news and in the papers about the housing market. Bottom line? Our Phoenix Valley homes are still selling. HOWEVER, there are more coming ONTO the market than are leaving. That means: We are in a clear and simple buyer's market. That said, many of the listings I am seeing are priced right. SO, what does that mean for a buyer? That means, depending on the situation of the seller, you can negotiate "some," but not go crazy. Depending on the price of the home - say 200K range, you might safely be able to offer $5,000 less; however, on a 600K home, $10,000 might work. I use "might," "maybe," "could," because every seller is in a different situation. I frequently suggest to my sellers that they list their home with a very tiny window of negotiation knowing that in this market buyers expect to negotiate "some." Rarely do my sellers list for more than $5,000 of their bottom line. This morning we had 50,998 active listings.
The Arizona Republic reports that the number of homes sold in the Southeast Valley increased an average of 28 percent from February to March, according to the latest housing numbers from ASU's Realty Studies. Mesa went from 460 sales in February to 620 in March, a 35 percent increase. Chandler went from 280 to 380; Gilbert went from 230 to 290, and Ahwatukee went from 85 to 120 sales. However, the median price fell throughout the Southeast Valley in March compared to a year earlier. Ahwatukee's median price fell 7 percent and Gilbert falling 8 percent. "People are lowering their prices, if they can, to sell," said Jay Butler, director of Realty Studies. The Southeast Valley has 16,700 homes for sale at the end of February, according to the MLS. Homes are taking an average of 98 days to sell in the Southeast Valley.
To read the entire article: http://www.azcentral.com/community/ahwatukee/articles/0410ev-resales-ahwatukee-ON.html
The Arizona Republic Scottsdale, reports that Scottsdale sales fell 15 percent in March from a year earlier, but median prices were up 6.7 percent from a year earlier to $635,000. Scottsdale condominium and townhome sales also fell 26 percent in March, but prices were up a fraction at $265,950. The past two years "were freak years". "We're pretty much at a normal (sales) pace now and nobody likes that," said Karl Stauffer, Scottsdale Area Association of Realtors treasurer. There is about a seven month supply of Scottsdale resale homes selling for under $1 million, an inventory that is the lowest in the Valley, he said. In March, 465 homes sold in the Scottsdale market and 280 condos and townhomes sold. Paradise Valley's median home price of $1.6 million was up less than a half-percent over last March.
http://www.azcentral.com/community/scottsdale/articles/0411sr-homesales0411Z8.html
On another note, there are many, many foreclosures and listings reflecting "as is," and "short sales." A short sale in real estate occurs when the outstanding obligations (loans) against a property are greater than what the property can be sold for. That "may" mean that the seller has let it go back to the mortgage company, and then a buyer will need to finance through that lender and get loan approval and negotiate the price. Many people got in over their heads in 2004-2005 because of the frenzy. Unfortunately, we are now seeing an unbelievable amount of "preforeclosures, foreclosures and/or short sales. I do not recommend an "as is" property unless you're willing to fork out the money to do an inspection and then, based upon that inspection either walk away or move forward.
Call or email me with any questions you may have. I'll be happy to help you buy or list your present home.
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