Maricopa County is a fairly populated area – 3,954,958 – but so are the major communities in the county:

• Phoenix (1,445,632)
• Mesa (439,041)
• Chandler (236,123)
• Glendale ((226,721)
• Scottsdale (217,386)

Phoenix Real Estate Numbers Tell the Rest of the Story

The population in Phoenix is only half of the story. As the late, great Paul Harvey used to say, “Now for the rest of the story.”

The population in an area doesn’t tell the whole story. The reason? While the U.S. Census Bureau counts as many people as they can find, each person doesn’t have their own Phoenix apartment or house in which they live. Depending on the community, somewhere in the range of 1.5-2.5 people (on average) live in each housing unit. This considerably drives down the number of possible housing solutions for home buyers in Phoenix. For instance, here are official numbers pulled directly from the U.S. Census Bureau:

• Maricopa County (1,639,279)
• Phoenix (590,149)
• Mesa (201,173)
• Chandler (94,404)
• Glendale (90,505)
• Scottsdale (124,001)

The number of housing units is pretty much irrelevant to your property search in Phoenix, though, because these numbers represent all of the apartments, condos and houses in and around Phoenix… and the overwhelming majority of them already have somebody living in them.

Here’s the shocking truth about real estate in Phoenix: There just aren’t that many houses available in Phoenix. And the same goes for the suburban areas around Phoenix, such as Mesa, Chandler, Glendale and even Scottsdale. As an active Phoenix real estate agent, I see the numbers on a daily basis. The bottom line number that matters most to you in your Phoenix property search is the number of houses available today.

Number of Phoenix Houses For Sale

For instance, today’s available properties listed on the MLS (the multiple listing service, a handy listing sharing mechanism used by real estate agents that enables real estate professionals to find available properties offered by other real estate agents as a courtesy to their clients) shows the following total properties available:

• Phoenix (2,225)
• Mesa (864)
• Chandler (529)
• Glendale (498)
• Scottsdale (1,786)

Just looking at these numbers, you’d think that it would be fairly easy to find a great Phoenix home in one of the nearly 6,000 available properties, wouldn’t you? So why can’t you?

It comes down to simple math.

All of the Phoenix area homes won’t work for any single Phoenix home buyer. Some will be out of your price range, in a different area than you want to live or will lack amenities you’ve identified as extremely important to you.

How to Find the Perfect Phoenix Area Home

Finding the perfect Phoenix area home can be difficult. While you might know somebody… who knows of somebody… who might have a home for sale… in your price range… in the Phoenix neighborhood you want to live in… the reality is much different.

Most people searching for Phoenix homes aren’t that lucky. And luck should never enter the mix when you’re looking for Phoenix residential real estate.

You need to give yourself the best possible chances of finding the Phoenix home of your dreams.

This means working with the most qualified Phoenix real estate agent you can find. While there are a lot of choices in the Phoenix real estate market, your best bet for finding the right Phoenix home is to work with a good real estate agent, one with a proven track record of helping people find the right home, at the right price and in the right Phoenix neighborhood.

Gone are the days of stumbling upon a home that is available, writing an offer, and getting an acceptance with little or no competition.  Most of the offers we are writing on homes have multiple offers to compete with, some within 24-48 hours of hitting the market.  Demand is at an all-time high, and supply is at an all-time low.  Now more than ever, it is CRITICAL to have new listings sent to you on a daily basis by your agent.  All of our buyer clients are set up in the actual MLS system, and they receive daily updates from our agents of new opportunities.  When our clients find a home they’d like to see, we can usually meet them at the home within hours, not days.

So find a skilled Phoenix real estate agent who will set aside his or her desire to earn a few bucks in real estate commissions – and will go all out in finding the perfect home for their clients.  We have a team of dedicated buyers agents who will do just that.

If you put your focus on finding the right Phoenix real estate agent, in no time at all you’ll be making plans to lay down deep roots in the home of your dreams in Phoenix.

Then you can honestly say, “No, no trouble at all!” when friends ask if was easy to find a home in Phoenix.

Today, I watched with pride as my little $185,000 listing in North Central Phoenix was displayed to millions of Today Show viewers.  Kudos to Chad O’Donnell for his fantastic photos.

I’ve included the video below.  Our home is the 3rd one that is mentioned.

How cool is that?  In this particular case, they found our listing on Zillow, which gets 30 Million New Visits per month.  Anyway, just wanted to share this exciting news with everyone.  It’s not everyday that one of your listings makes it on the Today Show!

This link will take you to the listing…

ARMLS recently released the numbers for December/2011 in their monthly STAT Report, and the results are mixed.  Here is a breakdown of what happened in January in the Metro Phoenix Real Estate Market:

Sales (Month over Month)- Sales were down 1.3% (compared to December/2011), with a total of 6,455 closed listings.   As stated above, this is the 2nd largest drop we have seen in total sales in the past 12 months.  Advantage:  Seller

Sales (Year over Year)- January/2012 sales were down 6.7% over the December/2010 figure of 6,541.  January is always a tough month for sales, as we are just coming out of the holiday season.  Advantage:  Seller

New Inventory- We saw an uptick in new listings hitting the market, increasing by 34% over December/2011 (9,833 new listings hit the market in Janaury).  For the past 10 years, new inventory has risen by an average of 61% from December to January, so this number should come as no surprise.  That being said, remember that as of today, there are only 14,445 active listings on the market, and 9,833 were listed in January/2012.  See where this is going?  Think we might have a little supply problem?  Advantage:  Seller

Total Inventory-   Despite the increase in new listings, total inventory rose only 1.3% in January.  This metric pretty much leveled-out between July and January, settling in the 24,000-28,000 range (this takes into account all pending and AWC/pending short sales as well).  This inventory level matches up with the inventories we had in all of 2003-2004, before the “real-estate bubble” began.   Advantage:  Seller

Months Supply Of Inventory (MSI)- This metric has been going up steadily since June, and January was no different, coming in at 3.88 months.  Generally, an MSI below 4 indicates a seller’s market, between 4 and 6 represents a balanced market, and above 6 represents a buyer’s market.  Advantage:  Seller

New List Prices- Both new list price metrics , median and average, rose in January.  The new listing median list price jumped 7.8% to $140,000, and the average new list price increased by 21.5% to $243,200.  The last time we had an average new list price in the $243k0$244k range was November/2009.  Similarly, the last time the new listing median price was in the $140k’s, was January/2010.   Advantage: Seller

Sales Prices- Again, both sales price price metrics, median and average, rose in January.  The median price rose almost 2.6% to $120,000 in January, compared to December ($117,000).   Average sales price rose 3.3% from $162,200 in December, to $167,500 in January. In my opinion, this is the metric that will eventually tell us that we have “hit the bottom” in the Metro Phoenix market.  The median sales price has not been at or above $120,000 since October/2010, and the average sales price has not been above $165,000 since July/2010.  While this is definitely not a “trend”, it is nice to see these metrics increase, as they provide what I believe is the most important barometer when judging the health of the real estate market in Phoenix.  Advantage: Sellers

Foreclosures Pending- Dropped from 19,979 in December to 18,287 in January.  Beginning at the high-water mark in November/2009 (50,568), this number has dropped every month since then, and represents 36% of the all-time high. Foreclosures pending has now dropped 23 out of the past 25 months.  This is a HUGE improvement over the high of 40,641 in January/2011.  If this trend continues, we could see foreclosures fall under the 10,000 mark by May or June.  I can’t stress enough how important this news is, and we all hope that it continues.  This is a very important metric, as we all know that coming out of this mess will depend heavily on the amount of foreclosures on the market.  Advantage: Buyers

Distressed Sales-Distressed sales, which comprise of the total number of bank-owned and short sales, are the main source of the problem in our market (depressed pricing).  Distressed sales as a percentage of actual sales reached a market high of 74.1% in September/2010.  In January/2012, distressed properties (3,726) represented just 57.7% of total sales.  For the second month in a row, short sales outpaced foreclosure/bank-owned sales  In January, there were 1,801 lender-owned sales, and 1,925 short sales.  This is fantastic news!  More and more homeowners are understanding the short sale process, and the many benefits that come with a short sale versus a foreclosure.  There is no doubt that if this trend continues, we will continue to see a steady increase in both the average and median sales prices in the months ahead.  Advantage: Sellers

Lender-Owned Sales- Dropped significantly in January to 1,801 from 2,165 in December, and it’s percent of total sales rose by .3% to 27.9%.  This number has hovered between 40.8% and 46.2% since March/2011.  This is great news, and it’s a trend that we hope continues!  Advantage:  Sellers

Short Sales- The number of short sales in January decreased by 23.8% to 1,925, representing 29.8% of total sales. As stated above, I expect this number to continue to trend upward, as more Phoenix short sale agents are getting better at understanding the short sale process.  Lender-owned and short sales continue to dominate the market, representing almost 60% of total sales in the Phoenix market.  Our team of Phoenix short sale agents are ready to help, if you are considering a short sale.  Advantage:  Buyers & Sellers (short sales are better for the overall health of the market when compared to REO sales!).

Avg Days On Market- Decreased in January to 91 days.  As short sales begin to dominate the market, we expect to see this number increase during 2012.  Advantage:  Neither Seller or Buyer

So, what do you think?  Is it a seller’s market or a buyer’s market?  I still think we are temporarily faced with a seller’s market.  While overall inventory increased by 1.3% in January, the telling statistic is that there are only 14,000 homes on the market today, listed as active.  This, in a market with approximately 1.4 million homes.  This statistic alone explains why it is so difficult for buyers to find homes in today’s market.

There are tons of great things to point out from this report.  All four pricing metrics showed an increase, with the largest gain (21.5%) in average new list price.  There are several items that are “holding steady”, including total inventory, market-wide MSI (months of supply inventory), and days on market.  The biggest news to report is that short sales are continuing to outpace foreclosures.  Should this trend continue (and I believe it will), we should start to see an increase in our average sales prices, which will be a sign that we are headed to recovery.

According to the University of Arizona’s EB Eller College of Management, in their “Arizona’s Outlook 2012-2013:  On The Road To Recovery”.  They report that “all aggregate indicators of economic activity for Arizona are improving:  robust spending and declining unemployment, bankruptcies and foreclosures.  In addition to this, the Census Bureau is predicting a positive net migration to Metro Phoenix at 23,000.  After many months of negligibly population growth, this is indeed good news.

If you are a buyer, hang in there!  While there are some incredible deals in this market, you have probably realized (or will soon realize) that trying to purchase a home in this market is a daunting task, especially without the assistance of an experienced Phoenix buyer’s agent.  We are working hard to find homes for our buyer clients, but with inventory being so low, its been difficult, at best.  For our clients reading this, keep checking your email inbox, and call us immediately when you see something you like.

When it comes to finding a home, TIME IS OF THE ESSENCE.  If it’s a good deal, expect multiple offers in the first 24-48 hours, and be ready to “go in strong”.  One more piece of advice for our buyer clients…If you are trying to obtain financing, STAY AWAY FROM THE INSTITUTIONAL LENDERS (i.e. Wells Fargo, BofA, CitiMortgage, GMAC, etc.) and Mortgage Brokers, and work with a MORTGAGE BANKER.  The “big-banks” have literally screwed up every deal we’ve worked on in the past 3 months.  This is not an anomaly, it is a trend.  They have tightened their purse-strings, and are creating major headaches for our buyer clients.  Work with a mortgage bank that can close your loan in-house, and has in-house underwriting.  We have a list of qualified mortgage banks in the Metro Phoenix market that can close your loan in 15-20 days.  The average institutional lender is having a difficult time closing a loan in 60-75 days, if they can close them at all.  PLEASE do everything you can to work with a qualified Mortgage Bank.  There is nothing more frustrating than waiting 3-4 months for a short sale to be approved, only to lose it because your lender couldn’t get it done in time.

Now more than ever, you need a seasoned professional to walk you through these tumultuous times, not a part-timer.

Call me today and allow us to set up a plan to help you buy/sell your next home.  You’ll be glad you called.

Until next month….

Not so fast.

Before you leap with joy about the possibility that lawmakers will give homeowners added protections on Phoenix short sales, I need to:

• More fully explain the legislation
• Tell you about Senator Jack Harper’s anti-homeowner, pro-lender bill that would change the Arizona mortgage landscape for homeowners facing foreclosure
• Explain how you can get involved today by contacting your Representative and demanding that your needs be met by your elected officials

First, an important point that needs to be mentioned: Since 1971, Arizonans facing foreclosure have enjoyed an important legal protection – anti-deficiency statutes. This means lenders can’t foreclose on your mortgage, dispose of the property at fire sale prices, and then demand that you pay them the difference between the amount the property sold for and the amount you owed them. In most cases, when the lender forecloses, they get the property and you leave the property behind – owing nothing.

This seems fair to me. Nobody wants to go through foreclosure. It’s embarrassing for homeowners to admit to friends, family and neighbors that they’ve suffered a financial setback. Foreclosure hurts FICO scores, which makes it next to impossible to gain credit approval for 5-7 years after the foreclosure; the resulting credit damage can also make it difficult to land a job, get an apartment or restructure other debt. In short, homeowners who go through foreclosure lose — a lot! Now let’s dive into the specifics of HB2584 and how it applies to short sales.

HB2584: Doing Away With Short Sale Deficiency Judgments

If you own a home in Arizona, you’re painfully aware that real estate values have dropped like a rock. This is important to anyone facing foreclosure or who is navigating through the choppy waters of financial difficulty. The reason is simple: Short sale transactions are helpful tools that can help homeowners avoid foreclosure.

If you know that your current financial circumstances make it impossible to honor your financial commitment to your lender – no matter the reason – your first option is typically to sell your home. If you owe more on your home than it’s worth, simply selling the property gets swept off the table as a viable option. Fortunately, many lenders will accept less than what is owed on the property, in order to eliminate a mortgage loan, which isn’t paying for itself (from the lender’s perspective). This is what a short sale is.

Remember how I said that foreclosure wipes out the borrower’s financial responsibility to the lender? Short sales don’t do that – at least, not yet. HB2584 would change mortgage law in Arizona to match that of foreclosure.

Reasons That Anti-Deficiency in Short Sales Makes Sense

Expanding the anti-deficiency statute to short sales makes sense for homeowners facing financial trouble and the lenders that approve these transactions. Without diving into all the reasons lenders consider short sales in the first place, the most important reason is because lenders benefit in the long run. It allows them to take bad loans off their books and pursue new loans with consumers in a better position to pay their mortgages on time. It also saves them the time, the hassle and expense of foreclosing on a homeowner – and then having to pay for upkeep on a property that sits empty.

Anti-Deficiency in Short Sales Already Exists… Kind of

As a Phoenix short sale agent, I can tell you that anti-deficiency already exists in Arizona short sale transactions… kind of. I’m able to go to bat for homeowners going through a short sale, negotiating with the lender to include language in the transaction to keep homeowners from being on the hook for deficiencies. HB2584 would make this practice automatic and would apply uniformly to all short sales. The days of begging lenders for this courtesy would be over.

Arizona Mortgage Laws at a Tipping Point

This crucial anti-deficiency short sale legislation may never see the light of day, thanks to the anti-borrower maneuvering of a single elected official: Senator Jack

Senator Jack Harper-Suprise, AZ

Harper. It’s important that I point out that Senator Harper isn’t just opposing HB2584. It’s not that simple. He ALSO wants to roll back 40 years of anti-deficiency protections for foreclosures.

His reason?

He has a soft spot in his heart for lenders. That’s right – lenders – the very folks who worked with government, speculators and other misfits to all but destroy the national housing market. Before you pass judgment on Senator Jack Harper, it imperative that you gain a better understanding of what he does for a living when he’s not legislating.

You’re not going to believe this, but Senator Jack Harper is a mortgage loan officer. He has a very good understanding of the financial issues Arizonans are going through. He serves the Surprise region, an area that has seen its share of homeowners in distress.

How bad is it in Surprise, Arizona?

In 2011, about 1,500 bank-owned homes were sold. In addition, about 1,100 short sales were completed. All this in a community of only 117,000. There’s a whole lot of mortgage pain being spread around the Surprise area. Rather than taking a pro-homeowner position and supporting homeowners’ ability to avoid being on the hook for short sale deficiencies, his heart bleeds for… the poor, defenseless lenders. Rather than saving his constituents, Senator Harper wants to throw even more red meat to the lenders, so they can devour even more Arizona homeowner cash.

What would cause Senator Jack Harper to advocate throwing his constituents to the wolves in favor of lenders? Does he really have that much contempt for his own constituents or is he just in love with the raw power that comes from climbing into bed with powerful banking interests?

What Senator Harper chooses to do with bankers behind closed doors is his business. When those activities wind up hurting Senator Harper’s constituents – and the rest of Arizona’s mortgage market – it’s time for decent people to stand up and demand that Senator Harper defend his actions.

This is where you come in.

Demand Legislators Do the Right Thing for Arizona’s Housing Market

Don’t let Senator Jack Harper roll back 40 years of foreclosure anti-deficiency laws while simultaneously preventing Arizona short sale anti-deficiency laws from seeing the light of day. If you’re facing foreclosure, owe more on your house than it is worth, or you have a friend, a neighbor or a relative going through one of these situations, it’s time for you to stand up today and let your voice be heard.

Politicians often ram through legislation when nobody’s looking. And that’s what’s happening now. Don’t let it happen. Call Senator Jack Harper’s office now at (602) 926-4178, or email him today at Jharper@azleg.gov.   Tell him how outraged you are that he wants to end anti-deficiency laws. While you have a staffer on the phone, let them know that it’s time Senator Harper get behind anti-deficiency laws for short sales.

Don’t stop there, though.

It’s not enough that you make a simple phone call. Are you on Facebook? Twitter? If you are, share this post with everyone you know. Find Senator Harper on the web and get the word out about what he’s trying to do. Write letters to the editor of your local newspaper. Contact  your representative and demand that they support HB2584.

Don’t think that wayward politicians can’t be scared straight by angry constituents?  Politicians have the uncanny ability to sense political winds blowing. They don’t like the smell of angry, pitchfork-wielding voters. The reason? They clearly understand that angry voters can force politicians to do the right thing — voluntarily or as a result of voters collectively yanking the lever for that politician’s opponent in an election.

It can happen here. It can happen now. Only if you act now.

HB2584 could be passed. Anti-deficiency statutes for Phoenix short sales could become the law in Arizona, doing untold good for thousands of homeowners facing the possibility of a short sale in the coming months and years.

I’ve said several times in this piece that Arizona’s housing market is at a critical tipping point. Will the balance of power tip a little further in favor of homeowners considering short sales? Or will the banks regain control of Arizona’s housing market and put borrowers back in their collective place – worshiping at the altar of lenders, bailing them out when lenders get into trouble, then paying the banks for the privilege of being taken advantage of in financial transactions?

Only you can answer these questions.

What do you have to say about it?

More importantly, what will you do about it today?

Subscribe to our blog to get a copy of the Arcadia Homes Monthly Real Estate Report each month. The report is meant to keep you up-to-date on the latest real estate trends in the community.

Before I begin to explain the findings in the above chart, allow me to take a moment to define some of the terms.

Active: Listings that are currently listed as being “Active” in the MLS.

Pending: Listings that are currently under contract. This includes both Short Sales and Traditional (non- distressed) listings.

Closed: These are homes that closed escrow during the month of January / 2012.

Traditional: These are listings that are “non-distressed” (i.e., not short sales or bank-owned).

Short Sales: These are listings that are marketed/sold for less than what is owed on their respective mortgages.

Bank-Owned: As the title implies, these are listings that are marketed/sold by the bank/lender that owns them.

Other/Misc.: These are listings that are classified as being owner agent, probate, court approval required, etc.

There are currently 193 Active Listings on the market:

154 Are Traditional Listings

16 Are Short Sales

14 Are Bank-Owned

9 Is/Are Other/Misc.

There are currently 143 Pending Listings:

52 Are Traditional Listings

77 Are Short Sales

7 Are Bank-Owned

7 Is/Are Other/Misc.

During the month of January / 2012, there were 52 Closed Listings:

33 Were Traditional Listings

  8 Were Short Sales

  8 Were Bank-Owned

  3 Is/Are Other/Misc.

Finally, in the Arcadia Homes Monthly Real Estate Report, we will compare month/month cost per square foot for those homes that closed escrow in January / 2012.

The Average Price/Square Foot for homes sold in December / 2011 in Arcadia was $125.56 per square foot.

The Average Price/Square Foot for homes sold in January/2012 in Arcadia was $146.25 per square foot.

This represents a 14.26% increase in price/square foot within the community from December / 2011 to January / 2012!  The fact that 19 of the 55 homes that closed escrow were Short Sale home loans probably had a lot to do with this.

If you are looking to buy in the Arcadia community, feel free to contact the Arcadia Homes Team directly for a more in-depth analysis of area. We pride ourselves on our long-standing reputation of representing buyers in the Arcadia market, as well as surrounding neighborhoods in the area.

Or, if you are looking for the exclusive Arcadia Phoenix Home Search, you’ve come to the right place. This valuable search tool allows you to set up your own search parameters, and you will receive an email whenever a new listing that matches your needs hits the market. Trust me, you’ll love it!

If you currently live in the Arcadia market, and are looking to sell your home, look no further. Call Bob Hertzog today to discuss your options.

As I said at the beginning, I will be posting this information on a monthly basis. If you’d like to keep abreast of the latest happenings, feel free to subscribe to our blog to receive the Arcadia Homes Monthly Real Estate Report.

Below is a small sampling of the homes that are currently listed and available in the Arcadia Phoenix market.  Feel free click on the blue link titled “See More Arcadia AZ Homes For Sale” to get a complete list of homes that are currently available.  These listings are taken directly from the Arizona MLS, which gives you the most up-to-date source of listing information on the planet.  Enjoy!

Arcadia Phoenix Homes For Sale

Showing properties 1 - 10 of 172. See more Arcadia AZ Homes for Sale.
(all data current as of 2/22/2012)

1. $525,000 : 4101 E Minnezona Avenue, Phoenix
   
   4 beds, 2.00 baths

   Home size: 2,643 sq ft

   Lot size: 9,392 sq ft
   
2. $399,000 : 4019 E Clarendon Avenue, Phoenix
   
   4 beds, 3.00 baths

   Home size: 2,211 sq ft

   Lot size: 11,631 sq ft
   
3. $749,000 : 5508 E Calle Ventura --, Phoenix
   
   3 beds, 2.50 baths

   Home size: 2,876 sq ft

   Lot size: 25,670 sq ft
   
4. $795,000 : 3329 E Oregon Avenue, Phoenix
   
   3 beds, 3.50 baths

   Home size: 2,894 sq ft

   Lot size: 9,139 sq ft
   
5. $53,900 : 5525 E Thomas Road, Unit 6, Phoenix
   
   2 beds, 2.00 baths

   Home size: 982 sq ft

   Lot size: 932 sq ft
   
6. $70,000 : 3725 N 35th Street, Phoenix
   
   2 beds, 1.00 baths

   Home size: 980 sq ft

   Lot size: 9,557 sq ft
   
7. $549,000 : 4819 N 43rd Street, Phoenix
   
   5 beds, 3.00 baths

   Home size: 2,950 sq ft

   Lot size: 10,341 sq ft
   
8. $1,375,000 : 3500 E Lincoln Drive, Unit 10, Phoenix
   
   4 beds, 5.00 baths

   Home size: 5,892 sq ft

   Lot size: 23,764 sq ft
   
9. $274,500 : 3126 N 42nd Street, Phoenix
   
   4 beds, 3.00 baths

   Home size: 2,158 sq ft

   Lot size: 10,123 sq ft
   
10. $885,000 : 2946 N 50th Place, Phoenix
    
    3 beds, 4.00 baths

    Home size: 6,718 sq ft

    Lot size: 1.09 ac
    

Listing information deemed reliable but not guaranteed. Read full disclaimer.

Subscribe to the Kierland Homes Monthly Real Estate Report in order to get a copy sent to your inbox each month. The report is meant to keep you up-to-date on the latest real estate trends in the community.

Before I begin to explain the findings in the above chart, allow me to take a moment to define some of the terms.

Active: Listings that are currently listed as being “Active” in the MLS.

Pending: Listings that are currently under contract. This includes both Short Sales and Traditional (non- distressed) listings.

Closed: These are homes that closed escrow during the month of December/2011.

Traditional: These are listings that are “non-distressed” (i.e., not short sales or bank-owned).

Short Sales: These are listings that are marketed/sold for less than what is owed on their respective mortgages.

Bank-Owned: As the title implies, these are listings that are marketed/sold by the bank/lender that owns them.

Other/Misc.: Involves listings that are classified as owner agent, probate, court approval required, etc.

There are currently 180 Active Listings on the market:

142 Are Traditional Listings

23 Are Short Sales

11 Are Bank-Owned

4 Is/Are Misc.

There are currently 218 Pending Listings:

67 Are Traditional Listings

111 Are Short Sales

25 Are Bank-Owned

15 Is/Are Misc.

During the month of January / 2012, there were 76 closed listings:

38 Were Traditional Listings

23 Were Short Sales

15 Were Bank-Owned

0 Is/Are Misc.

Finally, in the Kierland Homes Monthly Real Estate Report, we will compare month/month cost per square foot for those homes that closed escrow in January / 2012:

The Average Price/Square Foot for homes sold in December/2011 in Kierland was $125.45 per square foot

The Average Price/Square Foot for homes sold in January / 2012  in Kierland was $139.29 per square foot.

This represents a 9.94% increase in prices within the community from December/2011 to January/2012!  This may be due to the fact that 38 of the 76 homes that closed escrow were Traditional Style transactions.

If you are looking to buy in this popular community, feel free to contact the Kierland Homes Team for a more in-depth analysis of area. We have a long-standing reputation with buyers in the Kierland market, as well as surrounding neighborhoods in the area.

Or, if you are looking to conduct your own Kierland Home Search, you’ve come to the right place. This valuable search tool allows you to set up your own search parameters, and you will receive an email whenever a new listing that matches your needs hits the market. Trust me, you’ll love it!

If you are considering selling your Kierland home, look no further. Contact the Kierland Homes Team to discuss your options.

As I said at the beginning, I will be posting this information on a monthly basis. If you’d like to keep abreast of the latest happenings, feel free to subscribe to the Kierland Homes Monthly Real Estate Report.

Below is a small sampling of the homes that are currently listed and available in the Kierland market.  Feel free click on the blue link titled “See More Kierland Homes For Sale” to get a complete list of homes that are currently available.  These listings are taken directly from the Arizona MLS, which gives you the most up-to-date source of listing information on the planet.  Enjoy!

Kierland Homes For Sale

Showing properties 1 - 10 of 165. See more Kierland Homes for Sale.
(all data current as of 2/22/2012)

1. $242,900 : 6828 E Ludlow Drive, Scottsdale
   
   4 beds, 2.75 baths

   Home size: 2,348 sq ft

   Lot size: 10,669 sq ft
   
2. $195,000 : 6201 E Waltann Lane, Scottsdale
   
   3 beds, 2.00 baths

   Home size: 1,415 sq ft

   Lot size: 6,236 sq ft
   
3. $225,900 : 5912 E Aire Libre Lane, Scottsdale
   
   3 beds, 2.00 baths

   Home size: 1,498 sq ft

   Lot size: 4,756 sq ft
   
4. $149,500 : 5640 E Bell Road, Unit 1003, Scottsdale
   
   2 beds, 2.50 baths

   Home size: 1,248 sq ft

   Lot size: 819 sq ft
   
5. $320,000 : 5533 E Paradise Drive, Scottsdale
   
   2 beds, 2.00 baths

   Home size: 1,759 sq ft

   Lot size: 5,480 sq ft
   
6. $139,000 : 6730 E Sweetwater Avenue, Scottsdale
   
   3 beds, 2.00 baths

   Home size: 1,785 sq ft

   Lot size: 10,676 sq ft
   
7. $239,950 : 15802 N 71st Street, Unit 304, Scottsdale
   
   1 bed, 1.50 baths

   Home size: 1,158 sq ft

   Lot size: 114 sq ft
   
8. $419,977 : 12202 N 63rd Street, Scottsdale
   
   4 beds, 2.00 baths

   Home size: 2,650 sq ft

   Lot size: 23,505 sq ft
   
9. $268,000 : 5502 E Shaw Butte Drive, Scottsdale
   
   2 beds, 2.00 baths

   Home size: 1,760 sq ft

   Lot size: 4,787 sq ft
   
10. $719,000 : 5302 E Sahuaro Drive, Scottsdale
    
    4 beds, 3.00 baths

    Home size: 3,948 sq ft

    Lot size: 25,170 sq ft
    

Listing information deemed reliable but not guaranteed. Read full disclaimer.

Subscribe to the Desert Ridge AZ Homes Monthly Real Estate Report to get this report delivered to your inbox on a monthly basis. The report is meant to keep you up-to-date on the latest real estate trends in the community.

Before I begin to explain the findings in the above chart, allow me to take a moment to define some of the terms.

Active: Listings that are currently listed as being “Active” in the MLS.

Pending: Listings that are currently under contract. This includes both Short Sales and Traditional (non- distressed) listings.

Closed: These are homes that closed escrow during the month of January /2012.

Traditional: These are listings that are “non-distressed” (i.e., not short sales or bank-owned).

Short Sales: These are listings that are marketed/sold for less than what is owed on their respective mortgages.

Bank-Owned: As the title implies, these are listings that are marketed/sold by the bank/lender that owns them.

Other/Misc.: These listings are owner/agent, probate, court approval required, etc.

There are currently 80 Active Listings on the market in Desert Ridge:

59 Are Traditional Listings

9 Are Short Sales

11 Are Bank Owned

1 Is/Are Other/Misc.

There are currently 131 Pending Listings in Desert Ridge:

33 Are Traditional Listings

83 Are Short Sales

8 Are Bank-Owned

7  Is/Are Other/Misc.

During the month of January / 2102, there were 47 closed listings in Desert Ridge:

23 Were Traditional Listings

14 Were Short Sales

8 Were Bank-Owned

2 Is/Are Other/Misc.

Finally, in the Desert Ridge AZ Homes Monthly Real Estate Report, we will compare month/month cost per square foot for those homes that closed escrow in January / 2012:

The Average Price/Square Foot for homes sold in December/2011 in Desert Ridge AZ was $115.63 per square foot.

The Average Price/Square Foot for homes sold in January /2012 was $113.85 per square foot.

This represents a 1.56% decrease in prices within the community from December /2011 to January /2012.  The fact that 14 of the 47 closings were  either Short Sales or bank-owned homes probably had a lot to do with this decrease.

If you are looking at purchasing a home in Desert Ridge AZ, feel free to call the Desert Ridge AZ Homes Team for a more in-depth analysis of area. We have helped countless Desert Ridge AZ Home Buyers find their dream homes over the years, as well as surrounding neighborhoods in the area.

Or, if you would like to search for you own Desert Ridge AZ homes on the internet, you’ve come to the right place. Our Desert Ridge AZ Search allows you to set up your own search parameters, and you will receive an email whenever a new listing that matches your needs hits the market. Trust me, you’ll love it!

If you are looking to sell your Desert Ridge AZ home, look no further. Call our Desert Ridge AZ Homes Team to discuss your options.

As I said at the beginning, I will be posting this information on a monthly basis. If you’d like to keep abreast of the latest happenings, feel free to subscribe to the Desert Ridge AZ Homes Monthly Report to get monthly updates on the market.

Below is a small sampling of the homes that are currently listed and available in the Desert Ridge market.  Feel free click on the blue link titled “See More Desert Ridge Homes For Sale” to get a complete list of homes that are currently available.  These listings are taken directly from the Arizona MLS, which gives you the most up-to-date source of listing information on the planet.  Enjoy!

Desert Ridge AZ Homes For Sale

Showing properties 1 - 10 of 89. See more Desert Ridge Homes for Sale.
(all data current as of 2/22/2012)

1. $439,459 : 4020 E Hashknife Road, Phoenix
   
   4 beds, 2.50 baths

   Home size: 3,524 sq ft

   Lot size: 7,125 sq ft
   
2. $225,000 : 21605 N 45 Place, Phoenix
   
   3 beds, 2.00 baths

   Lot size: 7,618 sq ft
   
3. $225,000 : 21605 N 45 Place, Phoenix
   
   3 beds, 2.00 baths

   Lot size: 7,618 sq ft
   
4. $184,900 : 19010 N 39th Street, Phoenix
   
   3 beds, 2.50 baths

   Home size: 1,924 sq ft

   Lot size: 5,047 sq ft
   
5. $149,000 : 4233 E Morrow Drive, Phoenix
   
   3 beds, 2.00 baths

   Home size: 1,561 sq ft

   Lot size: 5,217 sq ft
   
6. $320,000 : 4560 E Paso Trail, Phoenix
   
   3 beds, 2.00 baths

   Home size: 2,494 sq ft

   Lot size: 8,083 sq ft
   
7. $200,000 : 19216 N 39th Place, Phoenix
   
   4 beds, 2.00 baths

   Home size: 1,992 sq ft

   Lot size: 6,278 sq ft
   
8. $46,400 : 2441 E Tonto Lane, Phoenix
   
   3 beds, 2.00 baths

   Home size: 1,620 sq ft

   Lot size: 5,993 sq ft
   
9. $209,900 : 3630 E Kerry Lane, Phoenix
   
   3 beds, 2.00 baths

   Home size: 1,817 sq ft

   Lot size: 7,828 sq ft
   
10. $269,000 : 3537 E Kerry Lane, Phoenix
    
    4 beds, 2.00 baths

    Home size: 1,900 sq ft

    Lot size: 5,967 sq ft
    

Listing information deemed reliable but not guaranteed. Read full disclaimer.

Subscribe to my blog to get a copy of the McCormick Ranch Homes Monthly Real Estate Report each month. The report is meant to keep you up-to-date on the latest real estate trends in the community.

Before I begin to explain the findings in the above chart, allow me to take a moment to define some of the terms.

Active: Listings that are currently listed as being “Active” in the MLS.

Pending: Listings that are currently under contract. This includes both Short Sales and Traditional (non- distressed) listings.

Closed: These are homes that closed escrow during the month of December/2011.

Traditional: These are listings that are “non-distressed” (i.e., not short sales or bank-owned).

Short Sales: These are listings that are marketed/sold for less than what is owed on their respective mortgages.

Bank-Owned: As the title implies, these are listings that are marketed/sold by the bank/lender that owns them.

Other/Misc.: These are listings that are classified as owner/agent, probate, court approval required, etc.

There are currently 346 Active Listings on the market:

311 Are Traditional Listings

17 Are Short Sales

12 Are Bank-Owned

6 Is/Are Other/Misc.

There are currently 120 Pending Listings:

66 Are Traditional Listings

37 Are Short Sales

8 Are Bank-Owned

9 Is/Are Misc.

During the month of January / 2012, there were 62 Closed Listings:

37 Were Traditional Listings

13 Were Short Sales

10 Were Bank-Owned

2 Is/Are Misc.

Finally, in the McCormick Ranch Homes Monthly Real Estate Report, we will compare month/month cost per square foot for those homes that closed escrow in January / 2012:

The Average Price/Square Foot for homes sold in December/2011 in McCormick Ranch was $150.49 per square foot.

The Average Price/Square Foot for homes sold in January /2012 in McCormick Ranch was $157.92 per square foot.

This represents a 4.70% increase in price/square foot within the community from December/2011 to January/2012! The fact that 37 of the 62 homes that closed escrow were Traditional Sales probably had a great deal to do with this.

If you are looking to buy in the McCormick Ranch community, feel free to contact the McCormick Ranch Scottsdale Team for a more in-depth analysis of area. We pride ourselves on our long-standing reputation of representing buyers in the McCormick Ranch market, as well as surrounding neighborhoods in the area.

Or, if you are looking for the Best McCormick Ranch Home Search on the internet, you’ve come to the right place. Our McCormick Ranch Home Search allows you to set up your own search parameters, and you will receive an email whenever a new listing that matches your needs hits the market. Trust me, you’ll love it!

If you currently live in the McCormick Ranch market, and are looking to sell your McCormick Ranch home, look no further. Call the McCormick Ranch Homes Team to discuss your options.

As I said at the beginning, I will be posting this information on a monthly basis. If you’d like to keep abreast of the latest happenings, feel free to subscribe to the McCormick Ranch Homes blog to receive the McCormick Ranch Homes Monthly Real Estate Report.

Below is a small sampling of the homes that are currently listed and available in the McCormick Ranch market.  Feel free click on the blue link titled “See More McCormick Ranch Homes For Sale” to get a complete list of homes that are currently available.  These listings are taken directly from the Arizona MLS, which gives you the most up-to-date source of listing information on the planet.  Enjoy!

McCormick Ranch Homes For Sale

Showing properties 1 - 10 of 332. See more McCormick Ranch Homes for Sale.
(all data current as of 2/22/2012)

1. $629,000 : 13657 E Charter Oak Drive, Scottsdale
   
   3 beds, 2.50 baths

   Lot size: 10,054 sq ft
   
2. $288,500 : 8135 E Del Joya Drive, Scottsdale
   
   3 beds, 2.00 baths

   Home size: 1,930 sq ft
   
3. $1,195,000 : 10069 N 107th Street, Scottsdale
   
   5 beds, 4.50 baths

   Home size: 5,798 sq ft

   Lot size: 41,239 sq ft
   
4. $395,000 : 7222 E Gainey Ranch Road, Unit 218, Scottsdale
   
   2 beds, 2.00 baths

   Home size: 1,671 sq ft

   Lot size: 1,642 sq ft
   
5. $475,000 : 10571 E Bella Vista Drive, Scottsdale
   
   3 beds, 2.00 baths

   Home size: 2,046 sq ft

   Lot size: 7,448 sq ft
   
6. $249,000 : 7604 N Via De Manana --, Scottsdale
   
   4 beds, 2.00 baths

   Home size: 2,000 sq ft

   Lot size: 7,018 sq ft
   
7. $549,000 : 8643 E San Jacinto Drive, Scottsdale
   
   4 beds, 3.50 baths

   Home size: 3,037 sq ft

   Lot size: 10,292 sq ft
   
8. $429,500 : 10246 N 96th Place, Scottsdale
   
   3 beds, 2.00 baths

   Home size: 1,977 sq ft

   Lot size: 10,557 sq ft
   
9. $145,000 : 9550 N 94th Place, Unit 207, Scottsdale
   
   2 beds, 2.00 baths

   Home size: 1,144 sq ft

   Lot size: 1,144 sq ft
   
10. $180,000 : 8700 E Mountain View Road, Unit 2063, Scottsdale
    
    2 beds, 2.00 baths

    Home size: 1,091 sq ft

    Lot size: 1,000 sq ft
    

Listing information deemed reliable but not guaranteed. Read full disclaimer.

What the Mortgage Debt Relief Act of 2007 Does

Under normal circumstances, homeowners who lose their home to foreclosure or short sell their home (a way of selling a home with lender approval for less than the current mortgage balance) could owe their lender a ton of money. For instance, if my home goes back to the lender in a foreclosure, that lender will eventually sell the property. If I owe them $250,000 at the time of foreclosure and they sell it for $150,000, that lender could demand that I pay them the difference – in this case, $100,000. The Mortgage Debt Relief Act of 2007 would let me deduct the taxes that would ordinarily be due for that forgiven debt (the IRS ALWAYS wants their pound of flesh for “income”, and they get to define that word).

How Mortgage Debt Relief Act of 2007 Expiration Impacts Underwater Phoenix Homeowners

With the expiration of the Mortgage Debt Relief Act of 2007, underwater homeowners (or those facing foreclosure or thinking about a short sale) would be on the hook for paying taxes on any deficiency balance existing when one of these situations takes place.

Act Now! Use the Mortgage Debt Relief Act of 2007 to Protect Your Financial Future

Let me give you specific situations that could apply to your current situation. Then you’ll have a clearer understanding of how the Mortgage Debt Relief Act of 2007 can still help you… if you hurry:

• You owe your lender more than your home is worth – Millions of homeowners have seen the value of their homes drop like a rock. If you’re one of them, the Mortgage Debt Relief Act of 2007 could help. Selling your home outright is the immediate solution that comes to mind, although you’ll have to go to the closing table with a pile of cash to make up the difference between the amount your home sells for and your outstanding mortgage balance. If you’re delinquent on your mortgage loan or are wading through a sea of financial issues, a short sale or another foreclosure alternative could help you. (I’m not a lawyer, an accountant or a financial adviser. I’m also not telling you to walk away from your mortgage if you’re able to pay. I’m simply telling you how the Mortgage Debt Relief Act of 2007 could potentially help you. You’ll have to seek qualified guidance from a professional who can tell you the best solution for your specific situation)
• The foreclosure process is in the works – Once you fail to make a single mortgage payment, you’re technically in default on the terms of your mortgage loan. If you’ve been unable to catch up, your lender will begin foreclosure proceedings. Because very few homeowners recover when this happens, your best bet could be to let the process play out, as long as the foreclosure completes before the end of 2012. If foreclosure is inevitable, the Mortgage Debt Relief Act of 2007 could enable you to benefit by letting it happen before December 31, 2012. (If the foreclosure process is already underway, or will be soon, read the next example for a way to avoid foreclosure and still take advantage of the Mortgage Debt Relief Act of 2007.)
• You’re trying to negotiate a short sale – Short sales don’t happen overnight. There are lots of moving parts to successful short sales, and they typically take 4-6 months – or more – to complete. If you’re working with a Phoenix short sale agent to sell your home short, there’s still time to take advantage of the Mortgage Debt Relief Act of 2007. You just can’t wait until the last minute or your chance to avoid tax liability could slip away like a thief in the night.

The Mortgage Debt Relief Act of 2007 has done a lot of good, and has helped many Phoenix homeowners face very personal, always painful housing crises. It’s important that you not let this opportunity slip away. Are you currently working with a Phoenix short sale or foreclosure agent? If so, it’s crucial that you hold their feet to the fire to make sure you don’t lose the chance to avoid tax liability! If not, I recommend you get started right away. Time is growing short… and December 31, 2012, the curtain will close on the Mortgage Debt Relief Act of 2007.

HARP 2.0 Qualification

The first thing to keep in mind is that the government hasn’t yet released specifics for HARP 2.0 qualification. Noted government officials, including President Obama in his State of the Union Address, have discussed certain details publicly. Here’s what we expect to see when HARP 2.0 qualification details are released:

• Elimination of the 125% Mortgage Value Cap – What this means is that if you owe more than your home is worth, you could be eligible to refinance your Fannie Mae or Freddie Mac-financed or held mortgage, no matter how deeply under water you are.
• Refinancing Open to Borrowers With a Good Payment History in the Last 6 Months – If you’re underwater on your Fannie Mae or Freddie Mac mortgage loan, and you haven’t missed a payment (or been late) for six consecutive months, you may qualify. Don’t worry if you don’t meet this requirement. You can still qualify if you’ve been late or missed no more than 1 payment within the last 12 months, but you’ll have to wait until you’ve made 6 consecutive on-time payments to qualify.
• HARP 2.0 will be open to first-time refinancers – If you haven’t previously refinanced your mortgage through a HARP housing program, you could be eligible for HARP 2.0 refinancing. If you’ve already refinanced, other options could be available to you.  Contact me today to discuss your other options.

 Do I Qualify for HARP 2.0?

That’s a good question. To help you answer it, we’ve put together a more detailed questionnaire to help. Once you’ve gone through our helpful HARP 2.0 Refinancing Questionnaire , you’ll know for sure – one way or the other.

We can tell you now that if your mortgage isn’t held or serviced by Fannie Mae or Freddie Mac, you still have options. The last thing in the world you want to do is assume that you’re hopelessly lost at sea. If you’re having trouble making your mortgage payments, contact us today.

We can work with you to find solutions to your personal housing crisis. Some of the options available to you include refinancing through one of the handpicked mortgage providers in our home solutions database, or even helping you work through the details of a short sale.

HARP 2.0 qualification is fairly easy, although everyone won’t qualify, and participation is entirely voluntary, meaning your lender might not participate even if Fannie Mae or Freddie Mac services your mortgage loan. Don’t despair. Seek solutions today!