Bank Owned Lisitngs of the Week
Since the North Valley of Greater Phoenix is so new the lender owned homes are a great opportunity to buy a young home at rock bottom prices. Check out these opportunities!!
Click here to see detailed listing information on these properties.
See more great Lender Owned homes in the North Valley and give me a call, I would love to help you find that next great deal.
Molly Trecek
Monarch, Realtors
Realtor, CNE, GRI
MollyTrecek@cox.net
623 229-4196
Add comment April 14, 2010
Keeping an Eye on Real Estate
The North Valley Real Estate Market definitely heated up the last quarter of 2009 and has been steady through the first quarter of 2010. Lender owned homes and “Flips” have ranked at the top of the list for my Buyers. I have been fortunate to have closed 6 homes for some great clients in the past few months. Four of the six have been lender owned homes. The other two were homes purchased by investors who restored the homes to great condition and resold them to my buyers. Not a bad way to go if you want a “like new home” and if you don’t have time to wait out a Short Sale. Typically lender owned homes have multiple offers and can be a challenge to purchase just because there are mostly likely 3-5 other buyers trying to purchase the same property. Fortunately I have had great success for my buyers with lender owned homes as I understand the process from the bank’s perspective and what they are looking for in an offer.
The crystal ball question for the last year or so has been, “Have we hit the bottom of the market?” Below is some information taken from ARMLS and the Cromford Report. You be the judge. This information encompasses the Greater Phoenix area. According to these stats the average sold price of homes in Phoenix has risen $19,084 in the last year.
| Avg Sale Price | Avg Days on Market | |||
|---|---|---|---|---|
| Mar/2010 | $177,776 | 77 | ||
| Feb/2010 | $173,979 | 75 | ||
| Jan/2010 | $175,939 | 70 | ||
| Dec/2009 | $177,298 | 67 | ||
| Nov/2009 | $174,205 | 65 | ||
| Oct/2009 | $170,219 | 65 | ||
| Sep/2009 | $174,566 | 69 | ||
| Aug/2009 | $170,770 | 71 | ||
| Jul/2009 | $175,007 | 80 | ||
| Jun/2009 | $170,618 | 83 | ||
| May/2009 | $163,144 | 79 | ||
| Apr/2009 | $158,692 | 85 | ||
| Mar/2009 | $158,722 | 88 | ||
| Feb/2009 | $171,891 | 86 | ||
| Jan/2009 | $180,022 | 79 | ||
| Dec/2008 | $190,777 | 78 | ||
| Nov/2008 | $203,817 | 77 | ||
| Oct/2008 | $211,524 | 81 | ||
| Sep/2008 | $218,503 | 82 | ||
| Aug/2008 | $238,088 | 90 | ||
| Jul/2008 | $249,812 | 99 | ||
| Jun/2008 | $265,394 | 110 | ||
| May/2008 | $271,097 | 108 | ||
| Apr/2008 | $278,998 | 115 |
Cromford Report confirms table above.
“Sales pricing can be measured in several ways: Average Sales Price, Median Sales Price, Average Sales Price per Sq. Ft., to name but a few. But however we measure it, we can now make an unequivocal statement:
Average sales pricing in Greater Phoenix is HIGHER NOW THAN IT WAS AT THIS TIME LAST YEAR.
In other words, we are now seeing POSITIVE ANNUAL APPRECIATION RATES again for the first time since 2006.
February 25, 2010 was the first day to show a positive appreciation rate (0.3%) based on our favorite pricing measure – Average Sales Price per Sq. Ft. The last time we saw positive annual appreciation measured this way was on October 7, 2006.
March 2, 2010 was the first day to show positive appreciation based on Median Sales Prices. The last time we saw this was August 19, 2006.
It is not so much that sales prices are increasing at the moment, in fact they are somewhat directionless, with the overall average sales $/SF lying between $88 and $92 since early September 2009. The reason for positive appreciation is that sales prices fell to extreme lows in March and April 2009 and recovered from these lows during the spring and summer of 2009. So we currently have a very easy comparison to beat. In fact late March and early April 2009 saw us reach lows of just above $82 per square foot, so we are currently measuring a very strong annual appreciation rate of over 8%.”
January 2010 Anthem Stats:
Number of homes Sold since January 1, 2010: 282
High Dollar sales:
- 2 homes sold for $725,000
- 1 home for $685,000
- 1 home sold for $595,000
- 1 home sold for $575,000
- 1 home sold for $540,000
- 2 homes sold for $525,000
**This is good news to Anthem home owners as sale prices haven’t reached these levels in several years.
Anthem Pending Home Sales: 161
Active Anthem Listings: 233
I hope you have found this information interesting and helpful. Please contact me if you or someone you know is interested in buying or selling real estate. I always appreciate referrals.
Add comment April 7, 2010
Truth in Real Estate
After spending some time researching the Arizona Regional Multiple Listing Service I have been able to pull together some great statistics for all you number lovers out there. Amongst all the bad news about the economy I want to share some interesting facts about what is going on in the Anthem Real Estate market. Following are the basics:
Of the 188 Total Active listings:
86 are Short Sale listings
63 are Traditional Sellers
12 are New homes listed by Pulte in Arroyo Grande
4 are corporate owned homes
188 total Active listings… an 8% decrease since last month
112 properties closed in the last 30 days… 24% increase over last month
1.67 months of inventory at the present absorption rate…30% decrease from last month.
In addition there are 73 + short sale listings waiting for the bank to approve the sale.
So after reviewing all this good news, one might say “prices are going up right?” Well, they have stabilized and in certain market segments they have increased. Appraisals are having something to do with the continued holding back of the prices. Buyers are willing to pay more than the appraiser valuations of the homes. This may often be due to the banks still accepting low offers, thus creating comps that the Appraisers have to use. Let’s say a short sale offer was submitted 5 months ago. Our market did look different at that time. The BPO (Broker Price Opinion something all banks require) of the home now comes in higher than the offer made. The bank has a choice either to sell the home at under market value to avoid it going through Foreclosure or stick to their price and try and find another buyer. The banks have certain formulas in which they operate. That is really what it comes down to. They need a certain price to make their numbers work and they compare that to the cost of a foreclosure, so when they start holding to market value, in my opinion things will start to move in the right direction. I spoke with one agent the other day that lists many lender owned homes. On one home he had 40 offers. It was most likely on a low priced home as the price range of $100,000 to $150,000 is the most competitive. I called about a home here in Anthem for one of my buyers the other day to check availability as it had only been active for a day, but I was most certain that it already had multiple offers on it. It was listed at $137,000. The listing agent told me that she had multiple offers and one was so far above asking that she was concerned about the appraisal.
Definitely interesting times that we are navigating through. One way or another I find the way for my clients.
Click on the link at the beginning of this post and read some intereting info about our economy. You be the judge.
Add comment August 5, 2009
Is the Market Better than 2005??
I think we can all agree that 2005 was one of the hottest Real Estate Markets ever seen in the Phoenix area. Take a look below to see some startling numbers.
Phoenix Metro Sales Stats
May 2009
Total Sales: 8,338 homes sold
Homes Priced $1.00-$399,999 7852 sold
Homes Priced $400,000 and above 486 sold
Bank Owned Homes accounted for 64% of homes sold
Short Sales accounted for 11% of homes sold
75% of homes sold in May 2009 were distress sales
May 2005
Total Sales: 8,025
Homes Priced $1.00-$399,999 6483 sold
Homes Priced $400,000 and above 1542 sold
Bank Owned Homes accounted for <1% of homes sold
Short Sales accounted for 0% of homes sold
In May 2005 less than 1% of homes sold were distress sales.
To View full Chart from FlexMLS.
After reviewing that info we can say that we are in a very active market.
In Anthem, AZ we are technically in a Sellers market. Anthem has 2 months of inventory as of today. The absorption rate is very high. 107 homes sold in the last 30 days and as of today there are only 222 active listings. If no new listings came available for the next 2 months there would be nothing to buy in Anthem. Even with this low inventory prices are still extremely good as the prices are being driven by pre-foreclosures and foreclosures. When a home does come available and it is priced aggressively it will have multiple offers, especially if it is in the $120,000- 175,000 range. If you are planning to buy, make sure you are pre-qualified and ready to make an offer when you find the right house, because most likely it won’t be around long. Multiple counter offer situations with bank owned properties are common place. Bank owned homes are selling within days of listing because of their aggressive pricing and I have seen some have up to 7 offers come in at once. So BE READY TO MOVE on the property of your choice.
Most Short Sale listings are taking 3-5 months to get approval from the bank. Buying one of these homes takes a lot of patience, but usually the prices are fantastic. I call it ”emotional sweat equity”. If you can hang in there and wait, you will most likely get a great deal.
Below you will find some links to Anthem listings.
Homes For Sale between $0- $200,000
Homes For Sale Between $201,000-400,000
Homes For Sale Between $401,000-$1,000,000
Give me a call. I would love to help you find your next home.
Molly Trecek
623 229-4196
Add comment June 8, 2009
What is going on in the Phoenix Area?
The Phoenix Real Estate Market is rebounding.
Click the link below to see a city by city report of Active listings, price per square foot, Sales per month, and Foreclosure activity. On the Foreclosure chart you will see the letters NT and TD. The NT graph shows the number of properties that have been given notice that they are going to be foreclosed on. The TD is the actual number of properties that have been foreclosed on. According to this chart many pre-foreclosures are being worked out. There are not nearly the number of bank owned listings available on the market today as there were just a few months ago.
When you visit this link, at the top of the page you will see the word “City” and a box below it that says “Anthem”. You can click on the arrow on the box and a pop down window will appear and you may choose any city in which you would like to the same information that you are seeing for Anthem.
Inventory is down and Sales are up. It is time to buy.
Add comment May 12, 2009
Promising Signs from Phoenix Housing Data
Promising Signs from Valley Housing Data
In March, foreclosures fell, sales in some areas hit record highs
By Catherine Reagor, April 4, 2009
The Arizona Republic
For the first time in years, there’s good news coming out of metropolitan Phoenix’s housing market.
In March, home sales soared to levels not seen since 2005, foreclosures fell for the first time in a year and prices showed signs of leveling off in some areas.
The Valley’s most affordable communities, including many edge neighborhoods, are leading the housing rebound. “The affordable end of the Valley’s housing market could finally be at the bottom looking up,” said Mike Orr, a real-estate agent and analyst who publishes the Cromford Report. “Homes priced for $150,000 or lower are selling fast and even getting multiple offers. My money is on home prices in many of those neighborhoods being slightly higher by June.” High-priced areas such as Paradise Valley and north Scottsdale aren’t seeing the same increases in home sales, though, and are likely to experience more price declines, Orr said.
Valley pending home sales hit 7,550 in March, a 70 percent jump from a year earlier, according to the Cromford Report, which has partnered with the Information Market to track housing indicators by analyzing data from the Arizona Regional Multiple Listing Service and real-estate records. The data track mostly resales but include some new-home sales.
Pending home sales, more than 90 percent of which become final, are a leading indicator for the housing market and include only deals that have a signed contract and set price.
Several Valley cities, including Phoenix, Avondale, Glendale, Peoria, Surprise and Goodyear, posted record sales in March, even beating monthly sales figures from the housing boom of 2005-06.
All of the West Valley cities seeing record sales were battered by foreclosures last year. Those foreclosures pushed down home values.
Now investors, first-time home buyers and retirees are buying those foreclosed homes from lenders. About two-thirds of all Valley home sales are foreclosure properties being resold. All those sales are putting a serious dent in the foreclosure inventory.
“There aren’t that many foreclosure homes on the market now,” said Orr, who is in the process of buying a foreclosure home in Queen Creek for $94,000. “Many of those deals will soon be gone.”
In Queen Creek, the number of foreclosure homes for sale has dropped to 79 at the end of March from 169 in February.
Foreclosure homes are selling nearly twice as fast as they did last fall, when lender-owned homes began to dominate the Valley’s housing market. On average, it is taking 117 days for a foreclosure home to sell now, compared with 227 days in November.
The number of foreclosure homes on the market could continue to fall. There were 3,377 foreclosures in metro Phoenix during March, almost 2,000 less than in February. At the same time, foreclosure cancellations nearly doubled to 3,168 last month.
Preforeclosures hit a new high of 10,689 in March. However, Tom Ruff of the Information Market doesn’t believe all those will turn into foreclosures. He cites as reasons the growing number of successful short sales in the Valley and the loan-modification programs available under the federal government’s housing plan.
Short sales can drag down prices but not as much as foreclosures.
The average sales price per square foot of a Valley foreclosure home has held steady at $66 for the past three weeks. The Valley’s overall average price per square foot fell in March to $83 from $89 in February. But Orr doesn’t see that number going below $80 because of the recent increase in demand for houses and the shrinking inventory of foreclosure homes.
The Valley’s median home price fell in March to $129,000 from $136,000 in February. Prices are a lagging indicator of deals made months ago, before President Barack Obama’s housing-rescue plan was announced and before sales began to pick up.
Orr says home prices will continue to fall in Paradise Valley, where there are about 550 houses for sale and only about six are selling a month.
At the current sales rate, that’s at least a seven-year inventory of houses on the market in Paradise Valley. In most other parts of the Valley, the inventory of homes for sale is less than a year.
If sales continue to climb in other metro Phoenix communities this month and in May, there’s a good chance home prices in the Valley’s most affordable communities could tick up in June.
“April will be the turning point for the housing market,” Orr said. “People are beginning to perceive we are at the bottom, and there’s no reason to wait to buy anymore.”
Click here to view bank owned listings.
Give me a call or e-mail me for further information.
Add comment April 21, 2009
