PHOENIX is one of the most popular cities in the entire United States!* 1,594 single family detached homes were purchased in December 2009 vs. 1,303 last year (December 2008).* The average price paid was $142,082 vs. $142,109 last year.* The median price came in at $100,000 vs. $95,000 last year.* The average ratio of purchase price to list price was 99% vs. 96% last year.* The average time on the market was 66 days vs. 69 days last year.* There were 8,292 Active single family listings vs. 14,546 last year.
Phoenix (and the greater metropolitan area) is being impacted by bank owned (foreclosed/REO) properties continuing to hit the market in big numbers. As a result, several unique conditions currently exist:The selection of available homes for sale in Phoenix is good, but significantly less than just a few months ago. Regardless of the price point, many of the bank owned (foreclosed/REO) properties are in deplorable condition (trashed/stripped by former owners and/or vandalized after being vacated/abandoned), but perhaps 10-20% of them are in terrific locations, have quality upgrades and a private pool, and are in move-in condition. There are also hundreds of single family homes, townhouses and condos in Phoenix that are on the market by homeowners who want or need to sell their homes, many of which are in outstanding condition and priced quite aggressively.Prices in Phoenix have fallen to the point where many nearly new homes are actually priced below current comps/appraisals. Some areas have seen prices correct downward by as much as 50% or more, but purchase prices have seen a slight increase over the past few months. Home prices are extremely attractive and affordable in virtually every area of Phoenix, including gated communities and waterfront properties, and are arguably at or near rock-bottom levels.In spite of the sub-prime lending crash that started in 2006, and national banking/liquidity crisis that surfaced in 2007-2008, mortgage loans in Phoenix are still readily available. Credit requirements are more stringent than they were in recent years, but solid loan products and pre-approvals are indeed accessible. Several loan products have made a roaring come-back, including FHA loans up to $346,250 requiring only a 3.5% down payment, and VA loans requiring no down payment.Mortgage interest rates continue to hover in an historically low range. Like most everything on this planet, the reasons for such super-low mortgage interest rates are numerous and complex. The obvious benefit is that many buyers are indeed able to finance their home purchases. And given the tremendous choice of homes and almost unbelievable pricing, bargains, deals and steals in Phoenix are happening daily.The result of the foregoing conditions ~ abundant supply of homes, extraordinarily low prices, availability of mortgage financing and low interest rates ~ is a noticeable, steady increase in buying activity in Phoenix. Properties that are priced aggressively and in above-average condition (bank owned or not) are often drawing multiple offers and selling in just a few days.Whether your interest is in single family homes, townhomes or condos... and whether you're focused on bank owned (foreclosed/REO) properties, pre-foreclosures, short sales or homes being offered by traditional homeowner-sellers... and whether you're looking for smaller, larger, older, newer, waterfront, gated, private pool, no pool, active adult, horse property, mountain views or any other type of home in Phoenix, we're here to serve you and help you find and purchase just the right home at just the right price.
Keller Williams Sonoran Living
Realtor®
602-622-2776 Main
602-258-7035 Home
Phoenix (and the greater metropolitan area) is being impacted by bank owned (foreclosed/REO) properties continuing to hit the market in big numbers. As a result, several unique conditions currently exist:The selection of available homes for sale in Phoenix is good, but significantly less than just a few months ago. Regardless of the price point, many of the bank owned (foreclosed/REO) properties are in deplorable condition (trashed/stripped by former owners and/or vandalized after being vacated/abandoned), but perhaps 10-20% of them are in terrific locations, have quality upgrades and a private pool, and are in move-in condition. There are also hundreds of single family homes, townhouses and condos in Phoenix that are on the market by homeowners who want or need to sell their homes, many of which are in outstanding condition and priced quite aggressively.Prices in Phoenix have fallen to the point where many nearly new homes are actually priced below current comps/appraisals. Some areas have seen prices correct downward by as much as 50% or more, but purchase prices have seen a slight increase over the past few months. Home prices are extremely attractive and affordable in virtually every area of Phoenix, including gated communities and waterfront properties, and are arguably at or near rock-bottom levels.In spite of the sub-prime lending crash that started in 2006, and national banking/liquidity crisis that surfaced in 2007-2008, mortgage loans in Phoenix are still readily available. Credit requirements are more stringent than they were in recent years, but solid loan products and pre-approvals are indeed accessible. Several loan products have made a roaring come-back, including FHA loans up to $346,250 requiring only a 3.5% down payment, and VA loans requiring no down payment.Mortgage interest rates continue to hover in an historically low range. Like most everything on this planet, the reasons for such super-low mortgage interest rates are numerous and complex. The obvious benefit is that many buyers are indeed able to finance their home purchases. And given the tremendous choice of homes and almost unbelievable pricing, bargains, deals and steals in Phoenix are happening daily.The result of the foregoing conditions ~ abundant supply of homes, extraordinarily low prices, availability of mortgage financing and low interest rates ~ is a noticeable, steady increase in buying activity in Phoenix. Properties that are priced aggressively and in above-average condition (bank owned or not) are often drawing multiple offers and selling in just a few days.Whether your interest is in single family homes, townhomes or condos... and whether you're focused on bank owned (foreclosed/REO) properties, pre-foreclosures, short sales or homes being offered by traditional homeowner-sellers... and whether you're looking for smaller, larger, older, newer, waterfront, gated, private pool, no pool, active adult, horse property, mountain views or any other type of home in Phoenix, we're here to serve you and help you find and purchase just the right home at just the right price.
Michael Pittman
Keller Williams Sonoran Living
Realtor®
602-622-2776 Main
602-258-7035 Home