Like much of the southwest, Kingman, AZ has experienced drastic housing price declines over the past 2 years.  The median sales price for homes in Kingman approached $200,000 in mid 2007 and is now less than $120,000.  With plummeting home prices and a worsening economy, foreclosures and short sales in Kingman, AZ are on the rise.

Presently in Kingman, AZ there are 2,229 homes listed for sale.  Of those 886 are existing homes, 4 are new construction, and 1,339 are either foreclosure or short sales, which accounts for 60% of all homes on the market.  Since many homeowners owe a significant more on their mortgage than the actual value of their home, more and more of the homeowners are electing to foreclose on their homes.

Since foreclosures are horrible for both the bank and the borrower, banks have consistently been negotiating with Kingman homeowners to attempt to hold a short sale, which is more beneficial for both the homeowner and the bank.

With many experts predicting that the bottom of the real estate market decline is either upon us or is even behind us, now may be the best time to purchase a home in Kingman, AZ.  To get the best deal on a home in Kingman, you should contact a realtor who specializes in foreclosure and short sale real estate transactions.  Realtors with foreclosure and short sale transaction experience will best know how to negotiate with the banks and avoid much of the red tape that comes with foreclosure and short sale purchases.