Arizona Market Updates

August Sales - Growing Opportunity in Short Sales

dave — Wed, 02 Sep 2009 03:53:15 +0000

The month of August had just over 8000 homes sold which is slightly down from last month but still showed another increase in average sales price per square foot (just over 3%). Just over half of this month's sold homes were lender owned.

The one area that really stuck out to me, were how many more short sale homes are selling now. This sector has certainly shown a significant increase as over 1500 short sale listings closed through this past month. Banks are becoming more and more open and negotiable to short sales. And buyers are finding these to be some of the best valued deals around. But you will still need to be prepared for a wait as short sales are still taking anywhere from 2-6 months to go through the lender approval process.

Original post blogged on b2evolution.

Prices Continue to Rise

dave — Tue, 11 Aug 2009 19:43:52 +0000

The month of July had over 9000 homes sold. The average sold price per square foot rose approximately 4.7% from the month of June, the largest increase we've seen yet. However, we are still seeing a good amount of bank owned listings continue to come on the market as the supply remained quite steady throughout the month of July despite the large amount of homes that are being sold. The demand is still strong.

Original post blogged on b2evolution.

June -- Over a 4% SP/SF Increase!

dave — Sat, 11 Jul 2009 03:37:10 +0000

It is getting more and more competitive to purchase a home now as sales continue to rise. With over 9,300 sales in the month of June, this is the 2nd consecutive month with over 9,000 homes sold just topping the month of May. Here's a statistic you might want to watch out for... the average sold price per square feet was up over 4% in June from the previous month of May. The month of June is the 3rd consecutive month showing an increase in this category and is by far the most significant month as the other two averaged just over a 1% increase at 0.7% and 1.5% respectively. The question now is, how quickly will prices continue to rise?

Original post blogged on b2evolution.

26,000 Closings Over the Past 3 Months

dave — Mon, 22 Jun 2009 21:59:22 +0000

The buying fury continues for the Phoenix metropolitan area as home sales reached over 9,000 closings for the month of May and hit right around 26,000 closings for the past 90 days from today’s date. The average sales price per square foot was roughly $77 for the month of May which is up about 1.5% from the previous month of April and was also the 2nd straight month showing an increase in this category. It appears the market has hit bottom and is now starting a new upward trend.

Original post blogged on b2evolution.

Bank Owned Market Update

dave — Mon, 22 Jun 2009 00:05:23 +0000

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.

Original post blogged on b2evolution.

Arizona Bank Owned Homes Sales Trend

dave — Mon, 15 Dec 2008 10:33:00 +0000

We have been tracking the residential sales for the Arizona market including bank owned home, pre-forclosures / shortsales, and the entire market with MLS over the past two years. In November 2008 about 45% of residential sales were bank owned homes.

We at Acquire Realty have been successfully working with Canadian investors for the purchase of both individual and multiple home investments. Even with the downward trend of the market, when we crunch the numbers given to us by the bank and compare them to rental income potential, the results are astounding. With many single family homes priced right around $100,000 now is definitely the time to invest.

Click here to view market trend statistics.

Click here if you are interested in receiving more information about investment opportunities.

Original post blogged on b2evolution.

Investment Oportunity

dave — Sun, 02 Nov 2008 06:21:37 +0000

We have a special real estate investment opportunity for you. To view it click here. You won't want to miss these three beautiful homes that Acquire Realty has prepared for you in Litchfield Park, Arizona.

Original post blogged on b2evolution.

The Housing Stimulus Bill

dave — Thu, 31 Jul 2008 01:14:07 +0000

According to the National Association of Realtors the Housing and Economic Recovery Act of 2008 was passes by the Senate and signed by the President today.

A few of the provisions are:

GSE Reform – including a strong independent regulator, and permanent conforming loan limits up to the greater of $417,000 or 115% local area median home price, capped at $625,500. The effective date for reforms is immediate upon enactment, but the loan limits will not go into effect until the expiration of the Economic Stimulus limits (December 31, 2008).
FHA Reform – including permanent FHA loan limits at the greater of $271,050 or 115% of local area median home price, capped at $625,500; streamlined processing for FHA condos; reforms to the HECM program, and reforms to the FHA manufactured housing program. The downpayment requirement on FHA loans will go up to 3.5% (from 3%). The effective date for reforms is immediate upon enactment, but the loan limits will not go into effect until the expiration of the Economic Stimulus limits (December 31, 2008).
Homebuyer Tax Credit - a $7500 tax credit that would be would be available for any qualified purchase between April 8, 2008 and June 30, 2009. The credit is repayable over 15 years (making it, in effect, an interest free loan).

National Association of Realtors Web site

Original post blogged on b2evolution.