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Our Commitment to You
We will personally search for homes meeting the specific criteria you are looking for. And if you are just curious and want to see what's out there, we have provided you a free Arizona MLS search for your convenience.
And for those thinking about selling, we will do a home evaluation for you free of cost. And when you are ready to sell, we will provide you the professional marketing service you have been looking for. Our goal is to get your home the exposure it needs in order to sell it in the shortest amount of time as well as leaving the least amount of inconvenience to you.
With over twenty years in the business, we ensure you will have a positive and enjoyable experience when you choose Acquire Realty to meet you real estate needs!
Short Sales
There are still a significant amount of short sale homes on the market all though this inventory has declined as well. Most buyers seem to want to find something right away rather than wait the extra time needed for a short sale offer which may or may not receive an approval from the seller’s lien holder.
Short sales do require a lot of work and time by a list agent, and we have seen them take as long as 5 months to receive approval. The amount of successful short sale closings has increased all though it is still roughly only about one tenth of the overall sales market.
The Bank Owned Market
The supply of bank owned homes peaked in February nearing 13,000 listings for the Phoenix metropolitan area. Since then, the inventory of these foreclosure listings has continually declined while sales have increased dramatically. The months of March, April and May each had over 5,000 closings for lender owned properties alone.
The average sales price per square foot hit bottom in April. The average sold price per square foot for the month of May was up approximately 3% from one month prior. An upward trend in prices now appears to be taking effect.
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Current Market Update
We currently have a true buying phenomenon taking place. The supply is coming down rapidly and the demand is really on the rise especially in the lower and mid price ranges where trends now say we are in a sellers market. Many properties are getting multiple offers and we are seeing a lot of buyers having to make numerous offers before finally getting one accepted. We advise if you are a buyer, don’t offer too low and if you are a seller, don’t settle too low as the trends are working favorably for you.
However, if you are looking for a higher end home (over $700,000), it still appears to be a buyers market as the inventory remains quite high in comparison to what’s selling and we have yet to see those prices hit bottom quite yet.
Monthly sales have been abnormally high the past several months and the amount of pending listings hit a record high of over 14,000 during the month of May. Many first time home buyers are looking to take advantage of the $8000 tax credit for 2008.
Investors are also looking to take advantage of the low prices as they are about 50% of where they used to be selling even three years ago. This is making it attractive opportunity for investors who are looking for a long term investment in rental properties. And many of these investors are buying with cash.
Compared to the buying fury of 2005, this one is a bit different as then many inexperienced investors jumped into that market looking just to make a profit on the appreciation of their homes thinking prices would keep rising evermore. The loosened lending policies at the time also encouraged those buyers even further allowing many to become over financed and end up with payments too high to have kept met. Today, lenders are on the other extreme being excessively careful in making buyer’s prove they will be able to afford their payments.
