For Sale Phoenix Homes

Wells Fargo Now Refusing To Waive Deficiency Rights On Freddie Mac Short Sales

Bob Hertzog — Mon, 14 May 2012 17:11:42 +0000

Good old Wells Fargo is up to their tricks again. Only this time, they may be playing with fire.

If you haven’t already heard, Wells Fargo instituted a policy that went into effect on 5/1/12. From now on, they are refusing to waive any deficiency rights for their Freddie Mac short sales. This, despite the fact that Freddie just instituted a policy on 2/15/12, specifically barring any lender/servicer from requiring deficiency language in their short sale approval letters. The new policy reads “Reinforcing the requirement that the Servicer, for itself and on behalf of Freddie Mac, must waive all rights to seek deficiencies for short payoffs and deed-in-lieu of foreclosure transactions on Freddie Mac Mortgages that have closed in accordance with the Guide”.

So, what did Wells Fargo do with this requirement? They basically gave Freddie Mac (and distressed homeowners) the proverbial “middle finger”, and instituted a policy that REQUIRES that ALL Freddie Mac mortgages will have the following language in the approval letters they issue: “With the exception of a Home Affordable Foreclosure Alternative (HAFA) closing, nothing in this Demand Statement or in the release of the mortgage shall waive the right to seek a deficiency under the loan documents or any of its other rights thereunder, and the obligations evidenced by the note shall remain in full force and effect until paid in full“. Houston, we have a problem!

I spoke with a Phoenix short sale agent about this the other day, and she told me that an executive at Wells Fargo told her that this policy was put into effect to “protect Wells Fargo, should Freddie Mac ever decide to change their policies regarding deficiency language in their approval letters”. Really? Do they really think we’re that stupid?

We all know that Wells Fargo and the GSE’s have been after each other, with Fannie/Freddie going tit-for-tat on several issues in the mainstream media, but this one crosses the line. You see, this new “policy” (which is in direct conflict with the wishes of Freddie Mac), not only hurts homeowners, but also the taxpayers that are now funding (and own) GSE’s Fannie Mae and Freddie Mac. Basically, Wells Fargo is going out of their way to force homeowners into foreclosure, especially in those states that offer deficiency protection (such as AZ, which has the AZ Anti-Deficiency Statute). You see, in AZ, short sales are not protected from future deficiency issues (unless specifically stated in the approval letter). In the case of foreclosure, in most cases, homeowners receive this protection. So, if a Phoenix short sale client receives an approval letter with this language in it, they will have no other choice than to allow their home to go to foreclosure. At the end of the day, a homeowner who is trying to “do the right thing”, and not simply walk away from their mortgage, is now getting screwed, big-time!

When all is said and done, Wells Fargo will once again end up with egg on their face from this latest fiasco. Being a banking customer of Wells Fargo with 8-10 different checking/savings accounts with them, I will be moving my business elsewhere this week. Their behavior is egregious, and hopefully others will agree and choose to do business with a different bank.

For those that are interested, I have included copies of the Fannie Mae Policy (2012-5), a copy of a recently obtained Wells Fargo Phoenix short sale approval letter, and correspondence from a Wells Fargo negotiator, specifically stating that “Freddie Mac retains the rights for deficiency” (even though Freddie’s policy specifically instructs servicers to NOT include this language). Simply click on the following link…

Wells Fargo Freddie Mac Short Sale Deficiency

So, now what? I plan on spending a good portion of my day sending this blog post, along with the documentation, to anyone that will listen. This includes our executive level contacts at Wells Fargo, Freddie Mac, the House Financial Services Committee, the local press, etc. Anyone that will listen.

Wells Fargo has made a decision to blatantly disregard Freddie Mac’s policy of not retaining deficiency rights in their short sale approval letters, and make up their own rules. In doing so, they stand to hurt not only distressed homeowners, but the American Taxpayers as well. This “pissing match” between Wells Fargo and Freddie Mac needs to stop, and it needs to stop today!

Please do your part and forward this blog to anyone that can help with this cause.

Until next time…

Phoenix Real Estate Trends Report-April 2012-Buyer’s or Seller’s Market?

Bob Hertzog — Tue, 08 May 2012 16:55:22 +0000

Total sales for April ended up at 8,435, which represents a 4.9% decline compared to March. At the present time, there are only 10,184 homes that are currently active on the market in Maricopa County, which has approximately 1.4 million homes. Just 30 days ago, we had over 11,000 homes that were actively listed for sale. The bottom line is that we still have a SERIOUS supply problem in today’s market. This lack of supply is hurting the overall number of sales metric, but is helping the market in many other ways, which I will go over in this months report.

ARMLS recently released the numbers for April/2012 in their monthly STAT Report, and the results are very positive. Here is a breakdown of what happened in March in the Metro Phoenix Real Estate Market:

Sales (Month over Month)- As stated above, sales were down 4.9% (compared to March), with a total of 8,435 closed listings. Advantage: Seller

Sales (Year over Year)- April/2012 sales of 8,435 were down 9.6% below the April/2011 numbers. Anything over 7,000 represents a robust market. To put this in perspective, our “low-point” for sales was January/2008, coming in at 2,912 total sales. Advantage: Seller

New Inventory- We saw an downturn in new listings hitting the market, decreasing by 3.3% compared to March (9,176 new listings hit the market in April). That being said, remember that as of today, there are only 10,184 active listings on the market, and 9,176 were listed in April/2012. Supply continues to be a major problem for buyers in today’s market. More on this later. Advantage: Seller

Total Inventory- Total inventory continued it’s downward trend, dropping to 20,676. While this metric represents a very healthy correction in the market, it is playing hell for our buyers looking for a home. We now have approximately 50% of the homes we had in April/2011 to choose from. Advantage: Seller

Months Supply Of Inventory (MSI)- This metric remained relatively stable, coming in at 2.5 months. This number varies greatly by price range. For example, homes priced between $30,000-$100,000 currently have an MSI of 1.93 months, while homes over $3 Million are coming in at 52.5 months. Generally, an MSI below 4 indicates a seller’s market, between 4 and 6 represents a balanced market, and above 6 represents a buyer’s market. It’s no wonder that buyers are finding it hard to find anything to buy these days. Advantage: Seller

New List Prices- New list prices remained relatively flat in April, with the median list price of $150,000 and the average list price declining slightly (1.8%) to $228,600. Advantage: Seller

Sales Prices- Again, this metric continues to show improvement. The median price increased 6.2% to $138,000 in April. This also represents an increase of 27% vs the decade low of $108,300 in May/2011! The average sales price also increased 4.8% in April to $189,000. This represents 6 straight months of upward sales price momentum, proving that the Phoenix real estate market is on it’s way to recovery. Advantage: Sellers

Foreclosures Pending- Foreclosures pending ticked up ever so slightly (27 units) to 18,056 in April, the fourth straight month that this metric has remained relatively flat. Phoenix foreclosures hit a monthly high of 50,568 in October/2009, to give you an idea of how much this metric has changed in the past 2-3 years. This is a very important metric, as we all know that coming out of this mess will depend heavily on the amount of foreclosures on the market. Advantage: Buyers

Distressed Sales-Distressed sales, which is comprised of the total number of bank-owned and short sales, are the main source of the problem in our market (depressed pricing). Distressed sales as a percentage of actual sales reached a market high of 74.1% in September/2010. In April/2012, distressed properties (3,711) represented just 44% of total sales. For the fifth month in a row, short sales outpaced foreclosure/bank-owned sales. In April, there were 1,583 lender-owned sales, and 2,128 short sales. This is fantastic news! More and more homeowners are understanding the short sale process, and the many benefits that come with a short sale versus a foreclosure. There is no doubt that if this trend continues, we will continue to see a steady increase in both the average and median sales prices in the months ahead. Advantage: Sellers

Lender-Owned Sales- Decreased in April to 1,583 from 1,872 in March, and it’s percent of total sales dropped to just 18.8% of total sales.. This number has hovered between 40.8% and 46.2% since March/2011. This is great news, and it’s a trend that we hope continues! Advantage: Sellers

Short Sales- The number of short sales in March increased by almost 5% to 2,128, representing 25% of total sales. As stated above, I expect this number to continue to trend upward, as more Phoenix short sale agents are getting better at understanding the short sale process. Our team of Phoenix short sale agents are ready to help, if you or someone you know is considering a short sale. Advantage: Buyers & Sellers (short sales are better for the overall health of the market when compared to REO sales!).

Avg Days On Market- Dropped by almost 7% in April to 86 days. As traditional sales increase, we expect the days on market to continue to decrease in 2012. Advantage: Neither Seller or Buyer

So, what do you think? Is it a seller’s market or a buyer’s market? I still think we are faced with a seller’s market. Overall inventory decreased by 3.3% in April (only 9,176 new listings hit the market), and the telling statistic is that there are only 10,184 homes on the market today in Maricopa County, listed as active. This, in a market with approximately 1.4 million homes. This statistic alone explains why it is so difficult for buyers to find homes in today’s market.

There are tons of great things to point out from this report. Sales were up 4.9% over March and total inventory dropped yet again. Months of Supply remained relatively flat at 2.5 months. Both the average and median sales price metrics continue to go up (six straight months), and the average sales price is now 27% higher than it was in May/2011. Foreclosures are down, and the percentage of distressed properties compared to total sales fell to 44%, a 2.8% drop from March. Also, the ratio of short sales to bank-owned in the distressed property mix increased for the 5th month in a row, proving that lenders are now working with homeowners on short sales, which is a HUGE PLUS!

If you are a buyer, hang in there! While there are some incredible deals in this market, you have probably realized (or will soon realize) that trying to purchase a home in this market is a daunting task, especially without the assistance of an experienced Phoenix buyer’s agent. We are working hard to find homes for our buyer clients, but with inventory being so low, its been difficult, at best. For our clients reading this, keep checking your email inbox, and call us immediately when you see something you like. Just remember, THERE IS HOPE! Year-to-date, we have helped 22 families find their dream homes, and we currently have approximately 30 homes under contract for our buyer clients.

When it comes to finding a home, TIME IS OF THE ESSENCE. If it’s a good deal, expect multiple offers in the first 24-48 hours, and be ready to “go in strong”. One more piece of advice for our buyer clients…If you are trying to obtain financing, STAY AWAY FROM THE INSTITUTIONAL LENDERS (i.e. Wells Fargo, BofA, CitiMortgage, GMAC, etc.) and Mortgage Brokers, and work with a MORTGAGE BANKER. The “big-banks” have literally screwed up every deal we’ve worked on in the past several months. This is not an anomaly, it is a trend. They have tightened their purse-strings, and are creating major headaches for our buyer clients. Work with a mortgage bank that can close your loan in-house, and has in-house underwriting. We have a list of qualified mortgage banks in the Metro Phoenix market that can close your loan in 15-20 days. The average institutional lender is having a difficult time closing a loan in 60-75 days, if they can close them at all. PLEASE do everything you can to work with a qualified Mortgage Bank. There is nothing more frustrating than waiting 3-4 months for a short sale to be approved, only to lose it because your lender couldn’t get it done in time.

Now more than ever, you need a seasoned professional to walk you through these tumultuous times, not a part-timer.

Call me today and allow us to set up a plan to help you buy/sell your next home. You’ll be glad you called.

Until next month….

McCormick Ranch AZ Homes Monthly Real Estate Report-April 2012

Bob Hertzog — Sat, 05 May 2012 23:56:36 +0000

McCormick Ranch is what I like to call “Classic Scottsdale”, located in the 85258 Zip Code. Because 85258 is home to what is considered to be the best school district in Arizona (Scottsdale Unified School District), and offers such amazing dining/shopping opportunities and miles of walking/biking trails along it’s many greenbelts within the community, this area has become extremely popular for people looking for their next home. Add to that it is proximity to the Loop 101 Freeway, and you get the perfect combination when looking for your next home. The 85258 zip code is commonly referred to as McCormick Ranch, and for the purposes of this report, I have included all real estate activity that has occurred in the past month within 85258.

Subscribe to my blog to get a copy of the McCormick Ranch Homes Monthly Real Estate Report each month. The report is meant to keep you up-to-date on the latest real estate trends in the community.

Before I begin to explain the findings in the above chart, allow me to take a moment to define some of the terms.

Active: Listings that are currently listed as being “Active” in the MLS.

Pending: Listings that are currently under contract. This includes both Short Sales and Traditional (non- distressed) listings.

Closed: These are homes that closed escrow during the month of April / 2012.

Traditional: These are listings that are “non-distressed” (i.e., not short sales or bank-owned).

Short Sales: These are listings that are marketed/sold for less than what is owed on their respective mortgages.

Bank-Owned: As the title implies, these are listings that are marketed/sold by the bank/lender that owns them.

Other/Misc.: These are listings that are classified as owner/agent, probate, court approval required, etc.

There are currently 263 Active Listings on the market:

242 Are Traditional Listings

06 Are Short Sales

12 Are Bank-Owned

03 Are Other/Misc.

There are currently 168 Pending Listings:

115 Are Traditional Listings

44 Are Short Sales

06 Are Bank-Owned

03 Is/Are Misc.

During the month of April / 2012, there were 113 Closed Listings:

93 Were Traditional Listings

07 Were Short Sales

08 Were Bank-Owned

05 Is/Are Misc.

Finally, in the McCormick Ranch Homes Monthly Real Estate Report, we will compare month/month cost per square foot for those homes that closed escrow in April / 2012:

The Average Price/Square Foot for homes sold in March / 2012 in McCormick Ranch was $159.78 per square foot.

The Average Price/Square Foot for homes sold in April / 2012 in McCormick Ranch was $168.44 per square foot.

This represents a 5.95% increase in price/square foot within the community from March / 2012 to April / 2012! The fact that 93 of the 113 homes that closed escrow were traditional loans probably had a great deal to do with this.

If you are looking to buy in the McCormick Ranch community, feel free to contact the McCormick Ranch Scottsdale Team for a more in-depth analysis of area. We pride ourselves on our long-standing reputation of representing buyers in the McCormick Ranch market, as well as surrounding neighborhoods in the area.

Or, if you are looking for the Best McCormick Ranch Home Search on the internet, you’ve come to the right place. Our McCormick Ranch Home Search allows you to set up your own search parameters, and you will receive an email whenever a new listing that matches your needs hits the market. Trust me, you’ll love it!

If you currently live in the McCormick Ranch market, and are looking to sell your McCormick Ranch home, look no further. Call the McCormick Ranch Homes Team to discuss your options.

As I said at the beginning, I will be posting this information on a monthly basis. If you’d like to keep abreast of the latest happenings, feel free to subscribe to the McCormick Ranch Homes blog to receive the McCormick Ranch Homes Monthly Real Estate Report.

Below is a small sampling of the homes that are currently listed and available in the McCormick Ranch market. Feel free click on the blue link titled “See More McCormick Ranch Homes For Sale” to get a complete list of homes that are currently available. These listings are taken directly from the Arizona MLS, which gives you the most up-to-date source of listing information on the planet. Enjoy!

McCormick Ranch Homes For Sale

Showing properties 1 - 10 of 245. See more McCormick Ranch Homes for Sale.
(all data current as of 5/19/2012)

$359,900 : 8379 E San Salvador Drive, Scottsdale

3 beds, 2.00 baths

Home size: 1,865 sq ft

Lot size: 8,968 sqft
$890,000 : 8525 E Appaloosa Trail, Scottsdale

4 beds, 3.00 baths

Home size: 4,105 sq ft

Lot size: 25,486 sqft
$469,900 : 8737 E San Felipe Drive, Scottsdale

3 beds, 2.00 baths

Home size: 2,446 sq ft

Lot size: 8,434 sqft
$649,000 : 8525 E San Jacinto Drive, Scottsdale

5 beds, 3.00 baths

Home size: 3,084 sq ft

Lot size: 9,119 sqft
$599,900 : 8462 N 84th Place, Scottsdale

4 beds, 2.50 baths

Home size: 3,265 sq ft

Lot size: 6,177 sqft
$223,900 : 7409 N Via Camello Del Norte Road, Unit 140, Scottsdale

3 beds, 2.00 baths

Home size: 1,329 sq ft

Lot size: 151 sqft
$329,900 : 8410 E Via De Jardin --, Scottsdale

4 beds, 2.50 baths

Home size: 2,687 sq ft

Lot size: 11,710 sqft
$259,000 : 8270 N Hayden Road, Unit 1052, Scottsdale

2 beds, 2.00 baths

Home size: 1,279 sq ft

Lot size: 1,279 sqft
$279,900 : 9705 E Mountain View Road, Unit 1017, Scottsdale

3 beds, 2.50 baths

Home size: 1,482 sq ft
$425,000 : 7700 E Gainey Ranch Road, Unit 149, Scottsdale

2 beds, 2.50 baths

Home size: 2,156 sq ft

Lot size: 1,388 sqft

Listing information deemed reliable but not guaranteed. Read full disclaimer.

Kierland Homes Monthly Real Estate Report – April 2012

Bob Hertzog — Sat, 05 May 2012 23:46:20 +0000

Kierland is an amazing area, located in the “magical” 85254 Zip Code of Scottsdale, AZ. Because 85254 is home to what many consider to be the best school districts in Arizona (Scottsdale Unified School District & Paradise Valley Unified School District), and offers some of the best dining/shopping opportunities at the nearby Kierland Commons, this area has become extremely popular for people looking for their next home. Add to that it’s proximity to the Loop 101 and 51 freeways, and you get the perfect combination when looking for your next home. The 85254 Zip Code is commonly referred to as Kierland, and for the purposes of this report, I have included all real estate activity that has occurred in the past month within 85254.

Subscribe to the Kierland Homes Monthly Real Estate Report in order to get a copy sent to your inbox each month. The report is meant to keep you up-to-date on the latest real estate trends in the community.

Before I begin to explain the findings in the above chart, allow me to take a moment to define some of the terms.

Active: Listings that are currently listed as being “Active” in the MLS.

Pending: Listings that are currently under contract. This includes both Short Sales and Traditional (non- distressed) listings.

Closed: These are homes that closed escrow during the month of April / 2012.

Traditional: These are listings that are “non-distressed” (i.e., not short sales or bank-owned).

Short Sales: These are listings that are marketed/sold for less than what is owed on their respective mortgages.

Bank-Owned: As the title implies, these are listings that are marketed/sold by the bank/lender that owns them.

Other/Misc.: Involves listings that are classified as owner agent, probate, court approval required, etc.

There are currently 129 Active Listings on the market:

104 Are Traditional Listings

13 Are Short Sales

08 Are Bank-Owned

04 Is/Are Misc.

There are currently 220 Pending Listings:

96 Are Traditional Listings

95 Are Short Sales

14 Are Bank-Owned

15 Is/Are Misc.

During the month of April / 2012, there were 93 closed listings:

63 Were Traditional Listings

20 Were Short Sales

06 Were Bank-Owned

04 Is/Are Misc.

Finally, in the Kierland Homes Monthly Real Estate Report, we will compare month/month cost per square foot for those homes that closed escrow in April / 2012:

The Average Price/Square Foot for homes sold in March / 2012 in Kierland was $141.63 per square foot

The Average Price/Square Foot for homes sold in April / 2012 in Kierland was $148.44 per square foot.

This represents a 4.59% increase in prices within the community from March / 2012 to April / 2012! This may be due to the fact that 63 of the 93 homes that closed escrow were traditional type loans.

If you are looking to buy in this popular community, feel free to contact the Kierland Homes Team for a more in-depth analysis of area. We have a long-standing reputation with buyers in the Kierland market, as well as surrounding neighborhoods in the area.

Or, if you are looking to conduct your own Kierland Home Search, you’ve come to the right place. This valuable search tool allows you to set up your own search parameters, and you will receive an email whenever a new listing that matches your needs hits the market. Trust me, you’ll love it!

If you are considering selling your Kierland home, look no further. Contact the Kierland Homes Team to discuss your options.

As I said at the beginning, I will be posting this information on a monthly basis. If you’d like to keep abreast of the latest happenings, feel free to subscribe to the Kierland Homes Monthly Real Estate Report.

Below is a small sampling of the homes that are currently listed and available in the Kierland market. Feel free click on the blue link titled “See More Kierland Homes For Sale” to get a complete list of homes that are currently available. These listings are taken directly from the Arizona MLS, which gives you the most up-to-date source of listing information on the planet. Enjoy!

Kierland Homes For Sale

Showing properties 1 - 10 of 137. See more Kierland Homes for Sale.
(all data current as of 5/19/2012)

$324,900 : 7019 E Hearn Road, Scottsdale

4 beds, 2.00 baths

Home size: 2,038 sq ft

Lot size: 11,040 sqft
$445,000 : 6419 E Carolina Drive, Scottsdale

4 beds, 2.50 baths

Home size: 2,511 sq ft

Lot size: 6,871 sqft
$309,900 : 15601 N 51st Place, Scottsdale

4 beds, 1.75 baths

Home size: 2,215 sq ft

Lot size: 12,437 sqft
$299,900 : 13627 N 57th Place, Scottsdale

5 beds, 2.50 baths

Home size: 2,322 sq ft

Lot size: 15,370 sqft
$107,500 : 4850 E Desert Cove Avenue, Unit 326, Scottsdale

2 beds, 2.00 baths

Home size: 1,059 sq ft

Lot size: 113 sqft
$239,000 : 4810 E Michigan Avenue, Scottsdale

3 beds, 2.00 baths

Home size: 1,659 sq ft

Lot size: 5,336 sqft
$575,000 : 5250 E Voltaire Avenue, Scottsdale

4 beds, 4.00 baths

Home size: 3,751 sq ft

Lot size: 35,740 sqft
$269,900 : 15221 N Clubgate Drive, Unit 2097, Scottsdale

2 beds, 2.00 baths

Home size: 1,273 sq ft

Lot size: 1,363 sqft
$525,000 : 11426 N 68th Place, Scottsdale

4 beds, 2.50 baths

Home size: 2,402 sq ft

Lot size: 35,276 sqft
$499,900 : 6416 E Le Marche Avenue, Scottsdale

5 beds, 3.00 baths

Home size: 3,432 sq ft

Lot size: 11,030 sqft

Listing information deemed reliable but not guaranteed. Read full disclaimer.

Arcadia Phoenix Homes Monthly Real Estate Report – April 2012

Bob Hertzog — Sat, 05 May 2012 23:40:53 +0000

Arcadia is a very unique neighborhood, located in the 85018 Zip Code in Phoenix, AZ. Because much of Arcadia is located in what many consider to be the best school district in Arizona (Scottsdale Unified School District), and offers such amazing dining/shopping opportunities and lush green neighborhoods, this area has become extremely popular for people looking for their next home. Add to that its proximity to Old Town Scottsdale, and you get the perfect combination when looking for your next home. The 85018 Zip Code is commonly referred to as Arcadia, and for the purposes of this report, I have included all real estate activity that has occurred in the past month within 85018.

Subscribe to our blog to get a copy of the Arcadia Homes Monthly Real Estate Report each month. The report is meant to keep you up-to-date on the latest real estate trends in the community.

Before I begin to explain the findings in the above chart, allow me to take a moment to define some of the terms.

Active: Listings that are currently listed as being “Active” in the MLS.

Pending: Listings that are currently under contract. This includes both Short Sales and Traditional (non- distressed) listings.

Closed: These are homes that closed escrow during the month of March / 2012.

Traditional: These are listings that are “non-distressed” (i.e., not short sales or bank-owned).

Short Sales: These are listings that are marketed/sold for less than what is owed on their respective mortgages.

Bank-Owned: As the title implies, these are listings that are marketed/sold by the bank/lender that owns them.

Other/Misc.: These are listings that are classified as being owner agent, probate, court approval required, etc.

There are currently 152 Active Listings on the market:

142 Are Traditional Listings

05 Are Short Sales

04 Are Bank-Owned

01 Is/Are Misc.

There are currently 158 Pending Listings:

68 Are Traditional Listings

72 Are Short Sales

11 Are Bank-Owned

07 Is/Are Misc.

During the month of April / 2012, there were 98 closed listings:

63 Were Traditional Listings

19 Were Short Sales

11 Were Bank-Owned

05 Is/Are Misc.

Finally, in the Arcadia Homes Monthly Real Estate Report, we will compare month/month cost per square foot for those homes that closed escrow in March / 2012.

The Average Price/Square Foot for homes sold in March / 2012 in Arcadia was $135.39 per square foot.

The Average Price/Square Foot for homes sold in March / 2012 in Arcadia was $155.75 per square foot.

This represents a 13.07% increase in price/square foot within the community from March / 2012 to April / 2012! The fact that 63 of the 98 homes that closed escrow were traditional type loans probably had a lot to do with this.

If you are looking to buy in the Arcadia community, feel free to contact the Arcadia Homes Team directly for a more in-depth analysis of area. We pride ourselves on our long-standing reputation of representing buyers in the Arcadia market, as well as surrounding neighborhoods in the area.

Or, if you are looking for the exclusive Arcadia Phoenix Home Search, you’ve come to the right place. This valuable search tool allows you to set up your own search parameters, and you will receive an email whenever a new listing that matches your needs hits the market. Trust me, you’ll love it!

If you currently live in the Arcadia market, and are looking to sell your home, look no further. Call Bob Hertzog today to discuss your options.

As I said at the beginning, I will be posting this information on a monthly basis. If you’d like to keep abreast of the latest happenings, feel free to subscribe to our blog to receive the Arcadia Homes Monthly Real Estate Report.

Below is a small sampling of the homes that are currently listed and available in the Arcadia Phoenix market. Feel free click on the blue link titled “See More Arcadia AZ Homes For Sale” to get a complete list of homes that are currently available. These listings are taken directly from the Arizona MLS, which gives you the most up-to-date source of listing information on the planet. Enjoy!

Arcadia Phoenix Homes For Sale

Showing properties 1 - 10 of 165. See more Arcadia AZ Homes for Sale.
(all data current as of 5/19/2012)

$172,500 : 4848 N 36th Street, Unit 232, Phoenix

2 beds, 2.00 baths

Home size: 1,091 sq ft

Lot size: 1,043 sqft
$286,900 : 4307 E Montecito Avenue, Phoenix

3 beds, 1.75 baths

Home size: 1,465 sq ft

Lot size: 6,917 sqft
$349,000 : 3419 N 45th Street, Phoenix

3 beds, 2.75 baths

Home size: 1,800 sq ft

Lot size: 10,581 sqft
$215,000 : 4329 E Montecito Avenue, Phoenix

3 beds, 2.00 baths

Home size: 1,508 sq ft

Lot size: 6,774 sqft
$169,900 : 3455 E Lance Lane, Phoenix

3 beds, 3.00 baths

Home size: 1,599 sq ft

Lot size: 1,558 sqft
$1,199,000 : 4618 E Orange Drive, Phoenix

5 beds, 4.50 baths

Home size: 4,557 sq ft

Lot size: 35,506 sqft
$275,000 : 4243 E Catalina Drive, Phoenix

3 beds, 2.00 baths

Home size: 2,019 sq ft

Lot size: 10,328 sqft
$499,000 : 4434 E Camelback Road, Unit 126, Phoenix

2 beds, 2.50 baths

Home size: 2,429 sq ft

Lot size: 2,849 sqft
$168,000 : 2929 N 39th Street, Unit 2, Phoenix

3 beds, 2.00 baths

Home size: 1,611 sq ft

Lot size: 2,000 sqft
$168,000 : 2929 N 39th Street, Unit 8, Phoenix

3 beds, 2.00 baths

Home size: 1,611 sq ft

Lot size: 841 sqft

Listing information deemed reliable but not guaranteed. Read full disclaimer.

Desert Ridge AZ Homes Monthly Real Estate Report-April 2012

Bob Hertzog — Sat, 05 May 2012 23:36:33 +0000

Desert Ridge AZ is a vibrant 5,700 acre community, located within the Desert Ridge Master-Plan. It boasts incredible desert views,the excelling Paradise Valley School District, an amazing 15,000 square foot community center, and wonderful shopping/dining opportunities at the nearby Desert Ridge Marketplace. Each month, we publish the Desert Ridge AZ Homes Monthly Real Estate Report to allow you to keep tabs on the market in this very popular community.

Subscribe to the Desert Ridge AZ Homes Monthly Real Estate Report to get this report delivered to your inbox on a monthly basis. The report is meant to keep you up-to-date on the latest real estate trends in the community.

Before I begin to explain the findings in the above chart, allow me to take a moment to define some of the terms.

Active: Listings that are currently listed as being “Active” in the MLS.

Pending: Listings that are currently under contract. This includes both Short Sales and Traditional (non- distressed) listings.

Closed: These are homes that closed escrow during the month of April / 2012.

Traditional: These are listings that are “non-distressed” (i.e., not short sales or bank-owned).

Short Sales: These are listings that are marketed/sold for less than what is owed on their respective mortgages.

Bank-Owned: As the title implies, these are listings that are marketed/sold by the bank/lender that owns them.

Other/Misc.: These listings are owner/agent, probate, court approval required, etc.

There are currently 47 Active Listings on the market in Desert Ridge:

35 Are Traditional Listings

06 Are Short Sales

05 Are Bank Owned

01 Is/Are Other/Misc.

There are currently 153 Pending Listings in Desert Ridge:

55 Are Traditional Listings

83 Are Short Sales

09 Are Bank-Owned

06 Is/Are Other/Misc.

During the month of April / 2102, there were 49 closed listings in Desert Ridge:

28 Were Traditional Listings

16 Were Short Sales

02 Were Bank-Owned

03 Is/Are Other/Misc.

Finally, in the Desert Ridge AZ Homes Monthly Real Estate Report, we will compare month/month cost per square foot for those homes that closed escrow in April / 2012:

The Average Price/Square Foot for homes sold in March / 2012 in Desert Ridge, AZ was $117.44 per square foot.

The Average Price/Square Foot for homes sold in April / 2012 was $120.12 per square foot.

This represents a 2.56% increase in prices within the community from March / 2012 to April / 2012! The fact that 28 of the 49 closings were Traditional Sales probably had a lot to do with this increase.

If you are looking at purchasing a home in Desert Ridge AZ, feel free to call the Desert Ridge AZ Homes Team for a more in-depth analysis of area. We have helped countless Desert Ridge AZ Home Buyers find their dream homes over the years, as well as surrounding neighborhoods in the area.

Or, if you would like to search for you own Desert Ridge AZ homeson the internet, you’ve come to the right place. Our Desert Ridge AZ Search allows you to set up your own search parameters, and you will receive an email whenever a new listing that matches your needs hits the market. Trust me, you’ll love it!

If you are looking to sell your Desert Ridge AZ home, look no further. Call our Desert Ridge AZ Homes Team to discuss your options.

As I said at the beginning, I will be posting this information on a monthly basis. If you’d like to keep abreast of the latest happenings, feel free to subscribe to the Desert Ridge AZ Homes Monthly Report to get monthly updates on the market.

Below is a small sampling of the homes that are currently listed and available in the Desert Ridge market. Feel free click on the blue link titled “See More Desert Ridge Homes For Sale” to get a complete list of homes that are currently available. These listings are taken directly from the Arizona MLS, which gives you the most up-to-date source of listing information on the planet. Enjoy!

Showing properties 1 - 20 of 63. See more Desert Ridge Homes for Sale.
(all data current as of 5/19/2012)

$525,000 : 3672 E Adobe Drive, Phoenix

4 beds, 3.50 baths

Home size: 3,472 sq ft

Lot size: 11,118 sqft
$275,000 : 3702 E Rockwood Drive, Phoenix

4 beds, 2.50 baths

Home size: 2,324 sq ft

Lot size: 8,457 sqft
$312,900 : 18836 N 41st Street, Phoenix

4 beds, 2.00 baths

Home size: 2,039 sq ft

Lot size: 7,655 sqft
$210,000 : 19621 N 36th Street, Phoenix

4 beds, 2.00 baths

Home size: 1,770 sq ft

Lot size: 6,842 sqft
$465,859 : 3838 E Cat Balue Drive, Phoenix

3 beds, 2.50 baths

Home size: 2,792 sq ft

Lot size: 6,105 sqft
$178,000 : 18625 N 39th Way, Phoenix

3 beds, 2.50 baths

Home size: 1,924 sq ft

Lot size: 4,333 sqft
$675,000 : 22208 N 36th Street, Phoenix

5 beds, 4.50 baths

Home size: 5,123 sq ft

Lot size: 15,750 sqft
$184,500 : 4428 E Tether Trail, Phoenix

3 beds, 2.00 baths

Home size: 1,285 sq ft

Lot size: 5,339 sqft
$315,000 : 3935 E Rough Rider Road, Unit 1229, Phoenix

3 beds, 3.00 baths

Home size: 1,940 sq ft

Lot size: 78 sqft
$586,745 : 3774 E Ringtail Way, Phoenix

5 beds, 4.50 baths

Home size: 4,049 sq ft

Lot size: 6,920 sqft
$548,000 : 3536 E Expedition Way, Phoenix

4 beds, 3.50 baths

Home size: 3,466 sq ft

Lot size: 9,450 sqft
$335,000 : 25812 N 44 Way, Phoenix

5 beds, 3.50 baths

Home size: 3,476 sq ft

Lot size: 7,025 sqft
$389,900 : 4035 E Casitas Del Rio Drive, Phoenix

3 beds, 2.50 baths

Home size: 2,236 sq ft

Lot size: 7,923 sqft
$184,900 : 18640 N 44th Place, Phoenix

3 beds, 1.75 baths

Home size: 1,530 sq ft

Lot size: 4,323 sqft
$200,000 : 3525 E Tonto Lane, Phoenix

4 beds, 2.50 baths

Home size: 2,157 sq ft

Lot size: 7,018 sqft
$369,000 : 4332 E Swilling Road, Phoenix

4 beds, 2.00 baths

Home size: 2,408 sq ft

Lot size: 8,760 sqft
$450,000 : 3927 E Waller Lane, Phoenix

4 beds, 2.50 baths

Home size: 2,933 sq ft

Lot size: 5,438 sqft
$182,500 : 3013 E Utopia Road, Phoenix

2 beds, 2.50 baths

Home size: 1,821 sq ft

Lot size: 5,615 sqft
$65,000 : 3036 E Utopia Road N, Unit 62, Phoenix

2 beds, 2.00 baths

Home size: 1,440 sq ft
$469,474 : 23306 N 40th Place, Phoenix

4 beds, 2.50 baths

Home size: 3,523 sq ft

Lot size: 7,582 sqft

Listing information deemed reliable but not guaranteed. Read full disclaimer.

The FTC & Phoenix Short Sale Listing Practices: Advice for Sellers and Agents

Bob Hertzog — Fri, 04 May 2012 04:09:10 +0000

If you’re facing the very real possibility of losing your home to foreclosure, you’re interested in solutions to your financial tension. A quick Google search tells you that a Phoenix short sale might be an effective foreclosure avoidance solution for your situation. Even better, there seem to be a number of prolific Phoenix short sale agents with impressive track records. Some claim “100% success rates” while others say they’ve completed hundreds – even thousands – of short sales. The problem is, some unscrupulous real estate agents will say or do almost anything to win business. How do you know which ones are honest, above-board and truly looking out for your best interests?

Phoenix Short Sale Advice for Sellers

First, a brief disclosure: You should be commended for seeking effective foreclosure avoidance strategies. The easier path might be to just throw the keys on the counter, call your lender, and walk away from a mortgage you know you can’t afford. So I applaud you for taking the time to try to do the right thing.

Short sale transactions are radically different than any other property sale. Not only is it necessary to find a willing buyer, you also need a Phoenix short sale agent who understands how to negotiate with your lender, can file the correct documents (in a timely manner) and guide you through the process to a successful completion. Short sales take many, many hours to complete, and there are numerous pitfalls along the way that can derail a short sale.

When you see Phoenix short sale agent advertisements, some will make claims that seem a little too good to be true. For instance, if you keep your eyes open you’ll see short sale agents claiming that all of their short sales go through, that they can complete the process from start to finish within 24 hours, and other dubious claims (like having hundreds, even thousands, of successful short sales under their belt).

When you’re facing the very real prospect of losing your home to foreclosure, you don’t have a lot of time to spare. So caution goes out the window, and common sense gives way to a “let’s give it a shot and see what happens” mentality. Whatever you do – don’t believe everything you read or hear. Your financial future is on the line!

Real estate agents and brokers sign off on a Code of Ethics pledge, a voluntary agreement that they’ll advertise honestly & ethically, and that they’ll always look out for the best interests of their clients. Some of the Phoenix short sale agents trolling for business on the Internet will say whatever they think it will take to win business. The reason? They have families to feed, and they’ll only be paid if they successfully close a real estate transaction. And real estate is an incredibly competitive industry.

To ensure that any Phoenix short sale agent you’re considering working with is as good as he or she says they are, ask the hard questions:

How many short sales have you completed? Don’t accept the answer as gospel; require proof. If the agent has really completed short sales, they’ll have plenty of former clients you can contact to ensure that they can do what they say they can. So check out agent claims. It’s worth the effort.
How long have you been handling short sales? While length of service is no guarantee, most real estate agents won’t continue in the business unless they’re experiencing a certain level of success.
How do you keep clients informed each step of the way? This is crucial. Short sales aren’t completed overnight, and if you’re staring down the barrel of the foreclosure gun, time is of the essence. Constant communication is crucial.

Short sale success comes down to knowing how the process works, and advertisements that claim the short sale agent essentially walks on water won’t get you any closer to avoiding foreclosure. You also need good representation from an honest, ethical short sale agent who can guide you through the process and help you reach your goal of avoiding foreclosure.

Short Sale Advertising Advice for Agents & Brokers

Just as the sellers of distressed real estate deserve quality representation, there are legal reasons for agents and brokers to play by the rules. If you’re an agent who thinks a little “harmless” false/misleading advertising never hurt anyone, think again.

When you sign on as a real estate agent, you swear to uphold certain principles of integrity and honesty. These agreements are important to the Arizona Association of Realtors and the National Association of Realtors, and they keep their eyes open for violations of these ethical standards.

Do you really think the Internet is so big that nobody will ever find out about false and/or misleading claims? Think again! If you can’t document that you’re the top producing agent in an office, region or state; if you haven’t closed hundreds of short sales; if any claim you make can’t be proven and independently verified; don’t make the claim! It’s as simple as that.

Here’s another reason to toe the ethical, moral and legal line: Big Brother is watching. In this case, I’m referring to the Federal Trade Commission. Internet marketers, folks selling goods and or services, etc., have found out the hard way that Uncle Sam’s FTC takes a pretty dim view of people making claims that simply aren’t true.

Violate association guidelines and you could face an administrative hearing. Break state real estate advertising rules and you might get your wrist slapped. Here’s the deal: The FTC is a federal agency. They have the ability to make a federal issue of your false claims, and they won’t simply go away because you don’t like what they have to say. So it’s imperative that you play by the rules and always tell the truth in advertising (or in areas where you’re offering your services, including comment boards, advice columns or anywhere else you come in contact with potential clients).

Final Verdict for Sellers and Short Sale Agents

Whether you’re a seller seeking foreclosure avoidance strategies or a Phoenix short sale agent wanting to guide homeowners through the process, both parties are counting on the other to make it happen. Sellers deserve qualified representation; agents need to be honest about the way they conduct themselves – online, in person or in print advertisements.

The outcome of Phoenix short sale transactions hangs in the balance.

Servicemembers Civil Relief Act Protects Our Heroes From Unlawful Foreclosures

Bob Hertzog — Fri, 20 Apr 2012 15:06:12 +0000

Unless your brain easily goes into overdrive, it’s probably tough to imagine willingly stepping into the line of fire and being shot at in exchange for a few bucks in hazard pay, shooting at people to defend American ideals. Our service members do this on a daily basis, and many of them are injured – or worse. If you’re one of our American fighting heroes, pay special attention to this post… because there are special benefits just for you, courtesy of the Servicemembers Civil Relief Act (SCRA).

Wrongful Foreclosure Relief (Applies to Mortgages Serviced by Citigroup, Wells Fargo, and Ally Financial)

Have you been through a wrongful foreclosure? If so, you could be entitled to a financially rewarding apology from your lender. Instead of a card, your lender might be required to wrap up the deed to your house, tie on a pretty bow, and give you the keys to your home – and you’d owe them nothing. Zilch. Nada. Nothing. Just Uncle Sam’s way of smacking these lenders for taking something they didn’t have a legal right to take.

The government is requiring these three lenders to meticulously go through all military mortgages foreclosed after January 1, 2006. Any improper foreclosures will be entitled to a minimum payment of $116,785 PLUS lost equity and interest or the deed to the house.

Listen up, even if you haven’t been through foreclosure, because the following also applies to all service member mortgages:

Foreclosures are NOT allowed on any service member mortgages without a court order if you signed your original mortgage paperwork before joining the service
If you’re in foreclosure (or have received a notice from your lender threatening foreclosure, and you’re getting Hostile Fire/Imminent Danger Pay and you’re stationed away from home at any point during the 9 months before getting the foreclosure-related letter, your lender can’t foreclose on you without getting a court order. This perk is a little different because it doesn’t matter whether you signed your mortgage paperwork before or after your enlistment began.
Service members sometimes get new orders, so if you get a Permanent Change in Station (PCS) order, you get a couple of special perks. First, you can modify your mortgage terms to keep from defaulting. If you need to short sell your home (sell it for less than you owe your lender), you can’t be forced to pay your lender the difference – regardless of what your lender might try to tell you, and regardless of state laws. (Some lenders might not understand this, or might not want to let on that they know about this, but once they’re reminded, they’ll fall into line pretty quickly. If not, contact me today and I’ll point you in the right direction.

Interest Rate Reductions for Certain Service Members

This benefit applies equally to mortgages, auto loans – even credit cards. Read this section carefully because it applies to all credit obligations which were incurred before military service began. Regardless of the interest rate you agreed to, if you signed on the dotted line with an interest rate of greater than 6% before joining the military, Uncle Sam is cutting up the agreement and reducing the maximum interest rate to 6%. Car loan with a 20% interest rate? Nope. 6%. This can be huge! Note: This doesn’t mean the creditor can fudge the numbers and jack your rate up later, nor can they defer the excess interest and stick you with the bill when you leave the military. This is a forever deal.

Services Members Leasing Homes Also Get Perks

If you’re leasing your home, you might think you’ll be left out in the cold. Your good Uncle has you covered there, too. First, if you’re facing eviction for non-payment of rent – and you’re on active duty – you can’t be evicted if your monthly rental payment is under $2,900 per month. Keep in mind, this isn’t designed to encourage non-payment of rent; the idea is to keep active duty personnel from being evicted during tough financial times. Because so many service members are serving abroad, in hostile areas, this can take some of the stress off and give you the flexibility to focus on staying alive overseas without worrying that your loved ones might be forced into the street.

In addition, if you’re locked into a lease and you receive permanent change of station orders, you can cancel your lease without penalty if your status change will last at least 90 days.

These are just a few of the perks Uncle Sam has worked out for active duty personnel. The details are all buried within the Service Members Civil Relief Act. It’s dry, boring reading, but you can learn more about it by reading the full text here.

In addition, if you think your lender, a creditor, or even a landlord has violated the terms of the act, you can visit the U.S. Armed Forces Legal Assistance (AFLA) website. In their able hands, you’ll quickly get the help you need to keep from getting the shaft.

If you’re reading this article and you’re not in the military, I want to mention a worthy organization that is doing amazing work to make returning service members lives a little better, particularly those who return with debilitating injuries and other battle scars. Wings For Warriors is down in the trenches, working tirelessly to help our precious men and women put themselves back together. Here’s the deal: It takes money for them to do what they do – a lot of money. I’m challenging each and every one of you to visit Wings For Warriors now and give the biggest gift you can afford.

I know times are tough right now, and many people are struggling. I also know freedom isn’t free; it’s been bought and paid for by members of our military… not with cash (which can be replaced) but with lost opportunities, lost potential and even lost lives. It makes our daily gripes about gas prices seem inconsequential. So I’m asking you to put your money where your mouth is… and help make the lives of returning injured war heroes just a little better. So what are you waiting for? Go to the Wings For Warriors website now… and be as generous with your money as our wounded warriors have been with their blood.

Phoenix Real Estate Trends Report-March 2012-Buyers Or Sellers Market?

Bob Hertzog — Tue, 10 Apr 2012 08:22:38 +0000

Total sales for March increased by 1,620, which represents a 22.3% increase over February. At the present time, there are only 11,202 homes that are currently active on the market in Maricopa County, which has approximately 1.4 million homes. Just 30 days ago, we had over 15,000 homes that were actively listed for sale. The bottom line is that we have a SERIOUS supply problem in today’s market. This lack of supply is hurting the overall number of sales metric, but is helping the market in many other ways, which I will go over in this months report.

ARMLS recently released the numbers for March/2012 in their monthly STAT Report, and the results are very positive. Here is a breakdown of what happened in March in the Metro Phoenix Real Estate Market:

Sales (Month over Month)- As stated above, sales were up 22.3% (compared to February), with a total of 8,869 closed listings. Advantage: Seller

Sales (Year over Year)- March/2012 sales of 8,869 were down 10.7% below the March/2011 numbers. Anything over 7,000 represents a robust market. To put this in perspective, our “low-point” for sales was January/2008, coming in at 2,912 total sales. Advantage: Seller

New Inventory- We saw an upturn in new listings hitting the market, increasing by 6.8% over February (9,942 new listings hit the market in March). That being said, remember that as of today, there are only 11,202 active listings on the market, and 9,942 were listed in March/2012. Supply continues to be a major problem for buyers in today’s market. More on this later. Advantage: Seller

Total Inventory- Total inventory dropped 7.9% from February to March. While this metric represents a very healthy correction in the market, it is playing hell for our buyers looking for a home. We now only have 60% of the homes we had in March/2011 to choose from. Advantage: Seller

Months Supply Of Inventory (MSI)- For the second month in a row, this metric has dropped, coming in at 2.47 months. Last month, this figure was at 3.27 months. This is a HUGE drop! Generally, an MSI below 4 indicates a seller’s market, between 4 and 6 represents a balanced market, and above 6 represents a buyer’s market. It’s no wonder that buyers are finding it hard to find anything to buy these days. Advantage: Seller

New List Prices- New list price metrics , median and average, came in higher for March. The new listing median list price jumped 3.5% to $149,900, and the average new list price increased by 1.4% to $232,900. To sum up, prices ARE going up. Advantage: Seller

Sales Prices- Again, this metric continues to show improvement. The median price increased 6.4% to $129,900 in March, compared to February ($122,000). This also represents an increase of 19.9% vs the decade low of $108,300 in May/2011. The average sales price also increased 8.4% in March to $180,600. The last time the average sales price was $180,000 was in January 2009, while pricing was decreasing. In my opinion, this is the metric that will eventually tell us that we have “hit the bottom” in the Metro Phoenix market. We haven’t hit the bottom yet, but this is definitely good news! Advantage: Sellers

Foreclosures Pending- Foreclosures pending increased from 17,833 in February to 18,029 in March. The recent deal that was cut between the banks and the various Attorney General’s undoubtedly has a lot to do with this increase. Unfortunately, I see this number increasing over the next several months. Banks now know that they are “off the hook” when it comes to robo-signing scandal, and we can all expect them to “cash-in” on their latest victory. This is a very important metric, as we all know that coming out of this mess will depend heavily on the amount of foreclosures on the market. Advantage: Buyers

Distressed Sales-Distressed sales, which is comprised of the total number of bank-owned and short sales, are the main source of the problem in our market (depressed pricing). Distressed sales as a percentage of actual sales reached a market high of 74.1% in September/2010. In March/2012, distressed properties (4,147) represented just 46.8% of total sales. For the fourth month in a row, short sales outpaced foreclosure/bank-owned sales. In March, there were 1,872 lender-owned sales, and 2,275 short sales. This is fantastic news! More and more homeowners are understanding the short sale process, and the many benefits that come with a short sale versus a foreclosure. There is no doubt that if this trend continues, we will continue to see a steady increase in both the average and median sales prices in the months ahead. Advantage: Sellers

Lender-Owned Sales- Increased in March to 1,872 from 1,687 in February, but it’s percent of total sales dropped to just 21.1% of total sales.. This number has hovered between 40.8% and 46.2% since March/2011. This is great news, and it’s a trend that we hope continues! Advantage: Sellers

Short Sales- The number of short sales in March increased by almost 12% to 2,036, representing 23% of total sales. As stated above, I expect this number to continue to trend upward, as more Phoenix short sale agents are getting better at understanding the short sale process. Lender-owned and short sales continue to dominate the market, representing almost 53% of total sales in the Phoenix market. Our team of Phoenix short sale agents are ready to help, if you are considering a short sale. Advantage: Buyers & Sellers (short sales are better for the overall health of the market when compared to REO sales!).

Avg Days On Market- Dropped slightly in March to 92 days. As short sales begin to dominate the market, we expect to see this number increase during 2012. Advantage: Neither Seller or Buyer

So, what do you think? Is it a seller’s market or a buyer’s market? I still think we are faced with a seller’s market. Overall inventory decreased by 7.9% in March (only 8,869 new listings), and the telling statistic is that there are only 11,202 homes on the market today in Maricopa County, listed as active. This, in a market with approximately 1.4 million homes. This statistic alone explains why it is so difficult for buyers to find homes in today’s market.

There are tons of great things to point out from this report. Sales were up 22.3% over February and total inventory dropped 7.9%. Months of Supply dropped big-time from 3.27 months to 2.47 months. All four pricing metrics, average and median new list prices and sales prices (although not robust), showed upward movement. Foreclosures are down, and the percentage of distressed properties compared to total sales fell to 46.8%, a 5.2% drop from February. Also, the ratio of short sales to bank-owned in the distressed property mix increased for the 4th month in a row, proving that lenders are now working with homeowners on short sales, which is a HUGE PLUS!

While things continue to improve, we need to step back and consider the ramifications of the recent settlement between the Attorney Generals and the lenders. While this settlement may help a few homeowners who were wrongfully displaced due to the robo-signing scandals, I feel that now this decision has been made, we will see an increase in foreclosure activity, as lenders are now “off the hook” with the authorities. Just look at the foreclosure numbers for this month, and I think you’ll agree. As the months go by, we will continue to see more foreclosures, in my opinion. While this will definitely help buyers (increased inventory), it will undoubtedly drop our average and median sales prices. With that being said, until we work our way through the distressed inventory, we will never recover. So, while this may bring temporary pain to our market, I think it’s a healthy thing in the long run. Hopefully, more homeowners are now aware of the advantages to a Phoenix short sale over a foreclosure, and will choose this route instead of simply walking a way and suffering the long term effects of a foreclosure.

When it comes to finding a home, TIME IS OF THE ESSENCE. If it’s a good deal, expect multiple offers in the first 24-48 hours, and be ready to “go in strong”. One more piece of advice for our buyer clients…If you are trying to obtain financing, STAY AWAY FROM THE INSTITUTIONAL LENDERS (i.e. Wells Fargo, BofA, CitiMortgage, GMAC, etc.) and Mortgage Brokers, and work with a MORTGAGE BANKER. The “big-banks” have literally screwed up every deal we’ve worked on in the past 3 months. This is not an anomaly, it is a trend. They have tightened their purse-strings, and are creating major headaches for our buyer clients. Work with a mortgage bank that can close your loan in-house, and has in-house underwriting. We have a list of qualified mortgage banks in the Metro Phoenix market that can close your loan in 15-20 days. The average institutional lender is having a difficult time closing a loan in 60-75 days, if they can close them at all. PLEASE do everything you can to work with a qualified Mortgage Bank. There is nothing more frustrating than waiting 3-4 months for a short sale to be approved, only to lose it because your lender couldn’t get it done in time.

Now more than ever, you need a seasoned professional to walk you through these tumultuous times, not a part-timer.

Call me today and allow us to set up a plan to help you buy/sell your next home. You’ll be glad you called.

Until next month….

Arcadia AZ Homes Monthly Real Estate Report-March 2012

Bob Hertzog — Mon, 02 Apr 2012 07:12:39 +0000