Wondering why you can’t find a foreclosure in Scottsdale? This heat map pretty much shows the lay of the land across Greater Phoenix. Scottsdale (and the east-side 101 corridor) have the lowest percentages of foreclosures throughout the valley, with the exception of a pocket in the northwest part of the county.
Source: Cromford Report
Other info related to Scottsdale Foreclosures:
I got a great question on my blog yesterday and as I started to answer, I realized that it’s an important question with an answer worth sharing with anyone who visits this site searching for homes.
The question was:
I saw some houses for sale on your website and noticed some said AWC-C, AWC-I and AWC-O. What do these mean and are these houses still available?
AWC stands for Active with Contingency, and it’s used if the property owner chooses to continue marketing the property. Per our local MLS rules, if the owner does not wish to continue marketing, the agent should change the listing to Pending regardless of any contingency.
AWC-C (Contingent Offers) – This status is used when the sale of the listed property is contingent on the sale of buyer’s property.
AWC-I (Seller Written Instructions) – The AWC-I status was originally created for the situation where the seller puts in writing to continue marketing the property, even with an accepted contract in place. A typical seller may want to kept the house available for showings, if the first offer is not particularly strong, or if they would like to consider a backup offer.
In our current market, you will see this status with short sales. The seller has accepted a buyer’s offer, but the seller’s lender has not. Once the lender and seller and buyer agree to terms, the status is changed to Pending. There are situations where a short sale may have multiple contracts submitted to the bank, and in this case, the home will still show as Active.
AWC-O (Existing Option to Purchase) – The seller and buyer have agreed to an option to purchase.
I just did quick check of the Active Scottsdale listings, and there are currently 3,496 homes for sale, in the Active status. In addition:
- 139 properties are AWC-C.
- 481 are in the AWC-I status. 376 of these are short sales.
- 2 are AWC-O.
Properties in AWC are still being actively marketed, and are available to show. Offers can be submitted, but they would be considered as a backup offer. Should the offer in first position be cancelled, the backup offer automatically moves into first position.
Thankfully, I discovered Karen after getting yet another really bad hair cut from someone else. You see, I have thick, wavy hair, with a mind of its own. That day, I walked in my mom’s house, she said “You’ve got to find someone who knows how to cut your hair. Why don’t your try the girl who cuts your sister’s hair?”
Well, that day was about 15 years ago, and that girl, Karen Raciti, has been cutting my hair ever since. I’ve never even remotely considered going to anyone else. She knows my style, which is “easy, fun, and fast”. And, “no, I won’t blow dry my hair straight!”, which I really did in high school, when I had my long hippie hair!
What I really love about going to Karen is that she understands so much about hair and face shapes, and will give me honest feedback. She makes suggestions, listens to me, and then comes up with a solution that really works for me.
Karen just moved her location, from Rumors where she was for 24 years(!), to Jo’ Paris Salon.
I love her new location. Jo’ Paris is located at 14202 N Scottsdale Road, just behind Sapporo. It’s fresh, new, and has a great feel from the minute you walk in the door.
Karen is always offering her client’s $10 off their next service for every new client they recommend. I told Karen that I wanted her to give that that discount to any new client who told her that they heard about her from me, either on my blog, on Facebook, or in person. And that’s what she’s going to do!
So, if you need a really good haircut and are looking for for a professional stylists who’s a natural at it, plus really easy to work with while creating your vision, please give Karen a call. Her direct number is 602-524-5429. Be sure to give her my name, so you can get $10 off your first visit with her.
The one question that I’m asked more than any, is: “How’s the (real estate) market?"
Everyone wants to know, whether they are thinking about buying, selling, or remodeling.
We are coming out of some dicey times. And in some ways, the market stabilized over 18 months ago. And it others, we are just now seeing what we hope is the bottom of the bottom.
Buyers are out in droves. Pending homes sales have jumped. My two most recent buyer clients had to make three offers, before getting something accepted in multiple, multiple offer situations.
Hearing that, you may be thinking about putting your house on the market.
A couple things to know.
- Generally speaking, current home prices area at about the 2002-2003 level.
- The time it takes to sell a house, on average, depends on the type of sale, and in a normal sale, the price range.
Considering all resale home sales (normal, foreclosures / lender-owned, short sale, and pre-foreclosures) as a whole, the average listing success rate have been over 50% since March 2009, and over 55% since January 2010. In the past two month, the listing success rate has increased steadily to 65%.
However, short sales and pre-foreclosures vary greatly from this average.
Short sales priced in the $200,000 to $800,000 price range have about a 50% success rate, while the upper and lower ends of the market tend to be in the 30-40% range.
When it comes for lender-owned (foreclosures, often called REO) properties, the success rates are much, much higher. In March of 2011, the listing success rate was 85-90%, pretty much across the board. If you look at the past two years, you can see that in the higher (over $800,000) price ranges, that the results are typically lower than other price ranges, and vary widely.
Finally, looking at normal listings, you can see that price range make a considerable difference in the potential to sell your home.
As of March 2011, the results by price range for normal listings are:
|$100K – $200K
|$200K – $400K
|$400k – $800K
The huge run-up on homes priced under $200,000 has slowed in the past 12 months, but homes priced over $400,000 are selling again.
So….the odds of selling your house have improved dramatically in the past two years, as long as you price your home to sell at today’s prices.
It’s been months since Michael Orr has issued any kind of positive news at the Cromford Report, so I’m sharing his most recent report, “March 17, 2011 – Market Indicators Signaling Another Turnaround”. (I’ve slightly edited his original report and added in the charts that he’s referenced in his update.)
March 17, 2011 – Market Indicators Signaling Another Turnaround
Almost all the key market indicators turned negative at the end of the second quarter of 2010, and thus predicted the fall in pricing we experienced during the second half of the year.
The good news is that now we are seeing the opposite happen. Those same market indicators are turning positive, suggesting we are likely to see prices strengthen over the next six to nine months.
It is generally regarded as very tricky to call a market bottom (or top) at the time it is happening, but real estate is a relatively slow-changing market and several key indicators give us fair warning if we choose the right ones and track them on a daily basis. The indicators we like are:
1. The Cromford Market Index™ – This has been over 100 since late December and around 110 since January 23.
2. Days Inventory – Has been falling steeply since November 21, a strong signal that supply is tightening and getting even stronger since January.
3. Pending Listing Count – Grown from 8,695 on January 2 to 12,993 on March 16, indicating plenty of buying interest.
4. Contract Ratio – Having dropped to 38 at the beginning of January, has increased sharply to over 62 by mid March. This again confirms a strong swing in the balance away from supply and towards demand. This swing applies to REOs, short sales and normal listings.
5. Monthly Sales Volume – Weak during the second half of 2010, this suddenly strengthened in December 2010 and has been well above last year through the first quarter of 2011.
6. Listing Success Rate – Has jumped from 58% in February to 65% now.
7. Sales Price as a Percentage of List Price – The low point was 94.23% on December 31. We have now improved to 95.37%.
There are two important measures that have not made much progress yet – Pending $/SF and Monthly Sales $/SF. That is because pricing is always the last thing to turn round. Currently the low points are $81.55 for pending sales on March 10th and $80.60 for monthly sales on February 22. We can now see both of these edging tentatively upwards. We do not expect dramatic rises, but we believe the price weakness experienced between June 2010 and March 2011 is all but dissipated. If we do see futher dips they are likely to be small and short term affairs.
We have already seen two low points for monthly sales $/SF – April 6, 2009 and February 22, 2011. We may see more yet, but based on today’s trends this is fairly unlikely in the short term. Barring unforeseen catastrophe or significant external events (e.g. government action) we appear to have started the second upward leg of our W shaped recovery. Hopefully we are going to get a W shaped recovery and not experience a VW shaped one!
I always appreciate Michael’s commentary. Based on the number of phone calls and emails that I’m getting from serious buyers, I’d say that there’s quite a bit of pent of demand right now. I’m finally hearing from move up buyers and people relocating for business and pleasure. Investors are still bullish on the Phoenix real estate market, too.
Finally, feels like spring is on its way!