Real estate inventory levels continue to decline to incredibly low levels.
There are currently 14,638 homes for sale in our multiple listing system. This is 490 less than we had last week, and 16,295 less than we had last year. A few years ago we had as many as 65,000 homes on the market. There is an acute shortage of homes available for sale. Multiple offers are commonplace.
If you know of someone who needs to sell a home, they should have plenty of buyers.
There is no question that our real estate market has been going through a very significant change Take a look at these stats:
Some important changes include:
We have 15,128 homes on the market for sale in our entire MLS system. This is less than half of what we had a year ago, and way less than the 65,000 homes we had on the market a few years ago. There is an acute shortage of properties for sale. Homes are now receiving multiple offers, and prices are increasing!
There are 1,329 REO (lender owned) properties on the market – about 1/4th of what we had last year.
There are 1,348 short sale properties on the market – about 1/6 the number we had this time last year.
There are 12,512 homes currently under contract – almost as many as we have available!
The properties for sale on the market have primarily been in three categories: Bank-owned properties, Short sale properties, and Flips (distressed properties that are purchased from the bank or as short sales, then are fixed up and put on the market).
There is now an opportunity for those who have a home they have been wanting to sell, but did not think it would sell in this market.
There are opportunities for those thinking of upgrading their housing as well. While they still might not get as much for their prior home as they would like, the savings they get on the purchase of a more expensive home may well overcome what they didn’t get with the sale of the prior home.
If you are thinking of selling and would like to know the current value range of your home, feel free to give me a call at 602-390-5384.
The number of homes for sale has dropped considerably over the past year, created a shortage of inventory and bidding competition for homes. As of the end of October 2011, there were 27,156 for sale in ARMLS (Arizona Multiple Listing Service) as compared to 46,175 for sale the previous year The Arizona Regional Multiple Listing Service – covers Phoenix Metro area and many surrounding towns.
Most of the home sales continue to come from short sales and foreclosures, and the number of these types of homes coming on the market has been decreasing. The inventory shortage is causing multiple offer conditions for many properties, especially in the lower prices ranges sought by many investors and first-time buyers who constitute a large percentage of the buyer market.
The market still offers incredible values to home buyers, but securing a home is not as easy as it has been. Today a buyer may have to make offers on several properties before obtaining a contract on one of them.
Please feel free to give me a call if you have any questions regarding this article, or any othe real estate matters.
Richard Park
West USA Realty
602-390-5384 (mobile)
Rick@RichardParkRealtor.com
The real estate market continues to evolve. Some markets are showing signs of improvement while others continue to struggle. While we are certain that things will eventually get much better, we also know that things will not be the same. Change is happening. The real estate market is changing. Marketing homes is changing. The way people look for homes is changing. When I started in the real estate market, several of the main methods for marketing homes were newspaper advertising, homes magazine advertising, and open houses. All three of those are used very little today. Home sellers today want more choices, more options in selling their homes. That is why I developed the Options In Selling program which is found on the web at www.OptionsInSelling.com.
The Options In Selling program provides for four different selling programs depending on the seller’s needs, ranging from simply handling the paperwork to a very complete and aggressive marketing program. Fees for the Options In Selling Program start at only 1.5%
The Options in Selling program is great for the fix and flipper who has real estate experience, has found his own buyer, and only wants someone to handle the paperwork. The Options in Selling program is also great for the For Sale By Owner seller who doesn’t mind doing a lot of work in order to reduce selling expenses. And the Options in Selling program offers one of the most aggressive marketing programs you will find offered in the market place.
To get more information what the Options in Selling program offers, go to www.OptionsInSelling and click on the Program Details tab.
Or you can call me at 602-390-5384.
Rick Park
John Hall & Associates
www.OptionsInSelling.com
Sherlock Holmes and Dr. Watson go on a camping trip, set up their tent, and fall asleep. Some hours later, Holmes wakes his faithful friend.
‘Watson, look up at the sky and tell me what you see.’
Watson replies, ‘I see millions of stars.’
‘What does that tell you?’
Watson ponders for a minute.’ Astronomically speaking, it tells me that there are millions of galaxies and potentially billions of planets. Astrologically, it tells me that Saturn is in Leo. Time wise, it appears to be approximately a quarter past three. Theologically, it’s evident the Lord is all-powerful and we are small and insignificant. Meteorologically, it seems we will have a beautiful day tomorrow. What does it tell you?
Holmes is silent for a moment, then speaks. ‘Watson, you idiot, someone has stolen our tent.’
Two blind pilots both are wearing dark glasses, one is using a guide dog, and the other is tapping his way along the aisle with a cane.
Nervous laughter spreads through the cabin, but the men enter the cockpit, the door closes, and the engines start up. The passengers begin glancing nervously around, searching for some sign that this is just a little practical joke. None is forthcoming.
The plane moves faster and faster down the runway and the people sitting in the window seats realize they’re headed straight for the water at the edge of the airport. As it begins to look as though the plane will plough in to the water, panicked screams fill the cabin. At that moment, the plane lifts smoothly into the air. The passengers relax and laugh a little sheepishly, and soon all retreat into their magazines, secure in the knowledge that the plane is in good hands.
In the cockpit, one of the blind pilots turns to the other and says,”ya know, Bob, one of these days, they’re going to scream too late and we’re gonna be in big trouble…”
Spell Checker
I halve a spelling checker,
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It plainly marks four my revue
Mistakes I dew knot sea.
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And weight four it two say
Weather eye am wrong oar write
It shows me strait aweigh.
As soon as a mist ache is maid
It nose bee fore two long
And eye can put the era rite
Its rarely ever wrong.
I’ve scent this massage threw it,
And I’m shore your pleased too no
Its letter prefect in every weigh;
My checker tolled me sew.
Republicans on the House Financial Services Committee have drafted legislation that would raise the minimum down payment required to obtain an FHA loan to 5% from the current amount of 3.5%. The bill also seeks to slash the maximum loan amounts in most markets.
The bill has not yet been introduced, but is expected to be the main subject of a hearing on Wednesday before the Subcommittee on Insurance, Housing and Community Opportunity.
The National Association of Realtors and The National Association of Home Builders are opposing the bill, estimating thta 40% of the FHA home buyers would not be able to purchase homes under the proposed changes.
Recently John Hall & Associates, the company that I have my license with held a contest for all the agents. The object of the contest was to show the most creative use of your real estate sign. We were allowed to place three entries. My entry “The Sign” came in second. Here are my three entries, followed by the winning entry.
Congratulations to Allen & Beth Rebenstorf who won first prize and took home the Ipad 2. It was a fun contest. I had a lot of fun.
Also, thanks to Jeremy Drysdale who assisted me with putting my entries together. Jeremy is studying graphic design, and he helped me put the finishing touches on my entries.
