As expected there were no surprises for the month of September. The Sales volume came in as expected while prices remained flat. Sales volume for this year has been running 14% lower than 2013, but the sales volume for this month was only 1% lower than September 2013. Keep in mind there were 21 working days this September compared to 20 working days in September 2013. Discounting the number of working days, the year-over-year sales volumes were very similar.
Distressed Sales for the Arizona Regional MLS stats show that only 9.6% of homes sold are distressed sales. The pending foreclosures are down to only 6,190 homes. That is a 31.5% decrease from last year.
With year-over-year sales volumes for homes sold being in lockstep, we are afforded a clear picture of the year-over-year changes in sales composition. Normal or traditional sales are up, distressed or investor sales are down. – Provided by ARMLS.
Distressed Sales For Gilbert Arizona
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The market continues to cruise at a moderate pace with 6,114 total resales in Maricopa County for July. REO closed was 367 which is 6%. Short sales closed were 214 which is 4% and normal sales closed was 5,533 which is 90%. Pending inventory is at 8,448 with REO pending at 450 which is 5% and short sales pending at 1,366 which is 16% and normal pending at 6,631 which is 79%. Active inventory in Maricopa County is down again slightly to 19,457. REO active is 644 and short sale active is also at 693 which is 3% each. Normal active is at 18,124 which is 94%.
Home buyers and Home Sellers get started now. Utilize our Free services and excellent resources for excellent information on the community you want to know about.
First a Quick Poll Do you Think Appraisers Should See a Purchase Contract Before Appraising a home?
I recently helped a family get into a beautiful home over in the Val Vista Lakes community. The home is 2911 St, two story with 4 bedrooms, 3 full bathrooms and a loft. The home Was listed at $330,000 and with my help and negotiation skills we were able to get the seller down to $310,000 for the sales price with $1,500 paid towards our closing costs. The buyer stated and I quote , “I am as happy as a pig in mud” classic and comical.
So we got off to a good start we were $21,500 below list price. The average home was listed for $133 a sf, we just locked down our contract at a value of $106 a sq ft. There were some minor repairs that needed to be done from when we did our walk through. But we still needed to get into our deep dark home inspection and really break down the integrity of the home.
The DAY OF THE INSPECTION. The home is in pretty good shape except the roof has some minor issues. We got a licensed roofer, well actually 2 roofer’s to come out and inspect the roof more thoroughly. To replace the roof it would be $6,500 dollars, to just make repairs it would be about $1500. ( Yea $6500 to replace the roof, Hit me up if you need a good roofer that is cheap ). So not to big of a deal. We are $21,500 below the list price of the home and $27 below the average price per sq foot for the community. We are still in great shape.
DAY THE APPRAISAL COMES IN – The lender calls me up and says congrats the appraisal came in at the contract price. My response was not excitement. I was not happy with the results and asked the lender to forward me a copy to review. Upon reviewing there was not one comparable that the appraiser used that supported the low $310,000 sale price in fact he used homes that were $20 to $30 thousand dollars more. One was $27 a sq foot more than our property. If you take 2911 sq feet x $27 a sq ft that equals $78,597, just a small difference here, right? Now you may be wondering why I was upset. Well when your client thinks they are getting a great deal and the appraisal only comes back at the purchase price of the home, some buyers get discouraged and want to back out.
Luckily I had explained to the buyers that it was very likely that we would get an appraisal just like the one we received because appraisers now a days are too conservative and worried that the banks will get upset with them if they appraise the home higher. Now this brings me to my thought process, appraisals are supposed to be done by a non biased, licensed 3rd party to the transaction. Well if the appraiser is supposed to come up with the true value of the home, the appraiser should never receive a copy of the purchase contract. They don’t get a contract when they do appraisals for a refinance!
Make sure you educate your clients before hand to help set the expectations so that you don’t have a deal killer later.
We have an amazing property available here in the private gated community of Val Vista Classic in Gilbert Arizona. The Val Vista Classic community is located in an excellent location off of Val Vista and Pecos. Just 1 mile East is the San Tan Mall & San Tan Village shopping center with entertainment and restaurants. To the south just 1 mile is the 202 Freeway, making it quick to get on the move, no waiting at multiple stop lights.
The quiet community provided 3 swimming pools to keep nice and cool in the summer time, 5 beautiful lakes with water features and a basket ball court to keep your competitive spirit entertained. The property 2634 S Harmony Ave is located to the North West of the community right in front of the 1 acre grassy common area with large trees and walking paths. This is a common location for people walking their dogs and socializing with each other.
This beautiful home offers the 2nd largest floor plan in the community. It was recently remodeled in 2013 with granite counter tops, tile flooring in the kitchen and bathrooms, wood flooring in the common areas and carpet in the bedrooms. All rooms have ceiling fans with lights. The windows have blinds to keep the sun out and the heavy insulation helps keep the energy costs low. The living room and kitchen are very spacious with lots of room for entertaining.
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If you are familiar with the Seville area in Gilbert Arizona, you know there is a wide range of homes to choose from in this master planned community that you are looking to call home. This beautiful community was carefully planned and builders like Shea, Beazer and DR Horton have done an excellent job with their home designs and floor plans. There are currently 3065 single family homes in the community. There are currently 1960 single story homes and 1105 multi level homes in the Seville community in Gilbert, Arizona 85298.
Seville currently is in the boundaries of Seville Elementary school of the Chandler School District and is a 4 out of 5 star ranking according to “Great Schools Ratings”. The ratio of teacher to student is currently 23 : 1 giving the children the attention they deserve. The test scores for Riggs Elementary are way above average for each grade level. See more detail here
The Seville Country club provides a beautiful setting. The golf course is artfully maintained by top notch professional greens keepers. The club house is built to suit the life style you expect in a exclusive golf course. For Family fun there is a recreational center with 3 swimming pools, 2 water slides, sand volley ball courts, basketball courts, a small bar area, a nice size gym and weight room. The Seville Club House restaurant is top of the line and the chefs on occasion provide their own specialties. Feel free to take a tour while checking out homes. We would be happy to take you up to the club house to take a look at the exclusive amenities the community has to offer.
Please Fill Out The Info Below. This will allow us to set up your free home buyer guide to listing updates with Pictures and Details. You have zero obligation to purchase anything. When you sign up and decide to purchase you get our VIP Buyer Program. You receive a FREE Appraisal, Free 12 Months of Insurance and a Free 12 Month Home Warranty to protect your new home. You also receive our HOME BUYER GUARANTEE if your not happy with your new Seville home in the first 18 months after purchasing we will sell your home for FREE! So take advantage, we are professionals and we respect your time and privacy.
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Provided by Bradley Potter, PLLC of Homesmart realty a equal housing opportunity brokerage.
As a Short Sale Specialist in Arizona we know bad things happen to good people.
So don’t let your previous short sale paralyze you into thinking that you are not able to purchase a home again anytime soon. This means that potential home buyers in the Phoenix, Ahwatukee, Gilbert, Chandler & Mesa areas in Arizona who would like to take advantage of the low rates and buy a home in the Phoenix area should contact us today 480-239-5468 and we can put you in touch with a lender to find out if you qualify for the Back at Work Program FHA. This is your second chance and its important to start the process now and learn about all the new guidelines available.
If your thinking about a short sale in Phoenix, Ahwatukee, Gilbert, Chandler & Mesa areas in Arizona, now is the time to start the process.
The worst thing you can do is nothing, if your falling behind on your mortgage or facing a hardship. Not only are the new FHA rules, helping homeowners who have previously had a short sale or foreclosure.
These new rules are going to add a new group of buyers in the market, this may be the perfect opportunity to short sell your home and take advantage of all the new short sale guidelines. If you have had a short sale in past here is your chance to purchase a home again. There are some amazing homes on the market in Phoenix and surrounding areas.
A short sale is a sale of real estate in which the proceeds from selling the property will fall short of the balance of debts secured by liens against the property. In addition, the property owner cannot afford or chooses not to repay the liens full amounts.
Therefore, the lien holders agree to release their lien on the real estate and accept less than the amount owed on the debt. Any unpaid balance owed to the creditors is known as a deficiency.
Short sale agreements do not necessarily release borrowers from their obligations to repay any deficiencies of the loans, unless specifically agreed to between the parties. That is why finding the right short sale specialist is important.
There may be tax consequences to a short sale but every situation is unique. Maybe you heard that you should not do a short sale or you will get taxed…
Does It Hurt My Credit?
Yes a short sale will have an impact on your credit. But so does the 30 day late, 60 day late & 90 day late missed payments. Most lenders will consider a 90 day late the same as a foreclosure status on your credit report.