Scottsdale Foreclosures: A Heat Map

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: Sales are Up in Scottsdale – Is now the time to list and sell your home? Scottsdale Real Estate: How many homes are for sale by auction? Looking for Foreclosures in...

What do AWC-C, AWC-I, and AWC-O mean in Scottsdale MLS home listings?

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) –...

Scottsdale Highlight: Karen Raciti, My Favorite Hair Stylist

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...

Phoenix Real Estate Update What are the odds of selling your house?

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. ...

Finally! Significant positive trends in the Phoenix real estate market

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...