It seems that I am constantly telling my clients that there are no home that match their criteria.  Unfortunately this is a very common conversation in todays market.  Most buyers today are very specific in what they want and believe that based on the press they hear on a daily basis their are numerous homes on the market that meet their criteria.  Nothing could be farther from the truth.  We are finding that the home buyers today who want to be in a specific area, want their children to go to a specific school, want to live close to their friends, close to golf, shopping, etc…  When all of these different wants and needs are put together the home is very specific and the inventory is very limited. 

Inventory in the certain parts of the Valley is at a very low level.  Some are approaching close to 2 months worth of inventory which quickly equates to a buyers market.  The competition for homes in the under $400K range is fierce and underbidding on properties often results in not obtaining the home the buyers want as there are usually multiple offers on many of these homes.  I have clients who ask for very specific homes in very competitive price ranges and they are often hesitant to believe that in “the Entire Valley” there are no homes that match their search criteria.  Home searches are taking several months and are sometimes in areas being watched by several similay buyer who are all wanting that neighborhood and that school district. 

When you agent tells you there are no homes that match your specific search criteria believe them.  Go to their office and sit down with your agent and work through some of your limiting criteria.  There may be something out there that is close to what you want and the previously imposed guidelines may take a back seat to some of the benefits this new home offers.  The Scottsdale Real Estate market is extrememly competitive.  Listen to your agent to get the Scottsdale Home you want or the home in the Valley you are desiring.

With the increase to the number of short sales on the Phoenix Home Market and the Scottsdale Market banks are getting better at approving them.  We are seeing higher and higher success rates on homes with second mortgages.  This is goog news to the seller who is trying to prevent a foreclosure as well as the buyer who is looking for a great price and the bank who now is more than likely selling at a price above what they will net after the homes go to auction.  Ashort sale for a bank is a win win situation in comparison to a foreclosure.  During a foreclosure the bank has just increased the amount of money it has to pay to sell the  home by approximately 20%.  These fees come from lawyer fees, multiple recordings, realtor fees, inspection and repair cost, maintenance cost during vacancy,  paying to have the home vacated, utilities, etc… 

A short sale allows for the bank to forgie the debt between the sales price at current market value and the price the home owner may have paid for the home during the boom.  The boom price has no effect on what the bank will take for the home in the short sale.  The price the bank will take is based on the current market values as determined through a Brokers Price Opinion and an Appraisal.  The bank must then get approval from their investors and insurers if there are any.  The more levels of investers and insurers there are the more difficult the home will be to get closed and to get the original mortgage holder out from under the large delta in value versus price paid.

All short sale are different.  If you are in need of selling your home or have any questions regarding a short sale or regarding the process based on the number of loans, the actual lenders and if there are investors or it is insured call us and we can answer any questions ou may have.  We look forward to hearing from you and assisting you if needed.

Does your agent know the market you are searching in for your home?  Would it surprise you to know that in Scottsdale there are fewer than two  months worth of homes on the market?  Many buyers are finding it very difficult to find the home that they want due to the increasingly fewer and fewer numer of homes that are for sale in our market.  Looking to buy in the Pinnacle Peak Elementary Area… There are even fewer yet.  Couple that with the listings that are not foreclosures or short sales and the pickings are very slim.  I have heard and I am sure you have as well about this ghost inventory… Inventory that the banks have foreclosed on and and not releasing for sale because they do not want to see the market crash even furhter.  Well that inventory is even more slim that I previously expected.  In the 85255 zip code there is approximately 20 homes on this “ghost inventory” and about half of them have renters in them that the bank is unable to evict due to their rental agreement.  Competition for homes is great in the Scottsdale area and the Phoenix market.  With homes prices reaching 2002 levels and the affordability index at unprecedented levels now is the time to buy.  It is also the time to make certain your agent knows what they are doing and the numbers.  Although it is a great time to buy there is no need to use an uneducated agent who will end up costing you thousands… Call today and dicuss with us your plans and where you are wanting to buy and we will go to work for you and keep you from spending more than you need too.

Is your next Home going to be a Scottsdale Home? Are you planning on buying a home in the Scottsdale area ot in some part of the Phoenix Valley?  Make sure you have a Lender who knows the market.  In the last month I have had a number of home owners who have met with several issues associated with their loan that are preventing them from realizing their dream of owning a home.  Not only do these lending issues effect the purchase of their new home it also adds to their frustration in buying a home as well as the uncertainty if they are going to get to their new location in a sufficient amount of time.  Recently there are some issues with buyers discussing theire loan requirements with lenders in their state of origin.  The problem is that their state may have substantially different lending requirement that those that are here in Arizona. 

Another issue we are seeing is where, what was acceptable only a few short weeks ago as related to signing procedures is no longer accepted today.  Some lenders are no longer allowing for a buyer to use Power of Attorney when purchasing a home.  This has caused some issues for our clients who are in the Military or travel extensively abroad in getting their documents handled in a timely manner.  We are finding that the big banks do not have an issue with this but the smaller loan origination companies are not on board with this type of purchase. 

The worst case issue that we had is where a loan for a Phoenix Home was to close at the end of the month and the lender drew the docs for the wrong type of property.  This caused us to have to go back and redraw all docs, redo the entire signing by the buyer and forced the sellers to come to the table with more funds to cover the change in the HOA fees due to the extended closing. 

All of these issues are able to be resolved but the fact of the matter is if you work with a lender who knows what they are doing, is current with what the new requirements are for the area and are diligent in having the correct paparwork these can be prevented.  The purchase of a new home should not be one of stress and anxiety but one of relaxation and excitement.  When you are looking to purchase your new Scottsdale home Make certain you have a knowledgable team working for you and that your Full Time Professional Real Estate Agent has the contacts you need to make the process an enjoyable one.

I am currently working with a number of buyers in the Scottsdale Real Estate Market.  My buyers keep asking me where are all these great buys and all the wonderful opportunities that we see on the news and read about in the paper.  The fact of the matter is that they are out there but there are few and far between.  Let me ask this one simple question.  If there was a home on “Your Block, USA” and it was a great home at a great price how long would it be there for sale.  Not very long is the correct answer.  We have the same market here.  Homes that are priced to sell and are in great condition are selling. They are selling in any price range.  They are selling more frequently in the lower priced price range as there are more buyers there.  The Scottsdale Real Estate market is no different than any other market out there.  If you have a home and you price it right it will sell. If you have a home and it is not priced right it will sit on the market.  A client of mine called me to look at a home today that had been on the market for 3 days… It already had “multiple offers”.  What happens when you get multiple offers on a property is that the price is driven up to, or stays at, the fair market value.  No one is running around today paying higher than retail pricing.  The reason… No one is sure where the market is heading from a price perspective.  It is surely heading downward for a bit longer but no one knows when it will change course.

So when you read that there are 5,000 homes on the market in Scottsdale for sale ask yourself a few questions…. How many months inventory are normal?  At what rate are they being absorbed?  How many homes are in my price range? What is my price range doing from the homes sold perspective? How many of the homes in my price range are on the market for longer than 30 days?  These are all great questions to ask your local area Scottsdale Realtor.  This will help you understand what you can expect when you go out and start looking for one of these “easily found” 5,000 + homes on the market.  Call us today.  We can help you determine what to expect in your home search at any price point and we can help you better understand what is happening when you list your home.  www.JeffreyWilsonHomes.com , 480-861-2005

The Scottsdale Real Estate market is a varying one.  Homes range in Values from around $100,000 to a Gold Claim in North Scottsdale for  $43,000,000.  And everything in between.  Know your market and work with someone who knows the market as there are wide ranges of home owners associations/fees, airport noise area’s, superfund sites, flood zones and more… When you are searching for your new Scottsdale Home it is good to know what you are looking at and  not just on the surface.  Several areas within the Scottsdale Area have been deemed as Superfund sites…  These are areas where the Federal Government and in most cases the Environmental offenders have spent huge quantities of money’s to clean up an area after an environmental incident.  Airport fly way zones are another item that may come into effect when considering the purchase of your new home.  Does air traffic and the constant sound of aircraft engines bother you or distract from a relaxing evening next to the pool?  If so you may want to stay away from these area.  Are possible areas of flooding a major concern for you… Maybe they are or are not… Either way you need to know what areas may pose a possible future threat from flooding and plan accordingly.  Flood Zones may also effect the price of your insurance as your lender will require you to carry Flood insurance if you are located in one of these flood zones.  Association fees in Scottsdale range from the minimal to the excessive.  Make sure you are not wanting to move into an area that has an HOA that is not conducive to your lifestyle. An experienced agent who is working in the Scottsdale Area Market full time will be able to help you out in determining all of these issues. So whether you are purchasing a $100,000 home or a $43,000,000 Gold Claim always remember to make sure that whatever you plan on using the property for it is conducive to that goal and you are working with someone who knows the area.

The Scottsdale Foreclosure market is a very competitive and active market.  Currently the Homes that are in Foreclosure in Scottsdale and in all stages or condition.  There are homes that have been completely wrecked, homes in the middle of the building process, homes that are pristine and Foreclosures that show like model homes.  Make sure you are aware of the scenarios out there in the Scottsdale Foreclosure market.  While Foreclosures most generally represent the best opportunity on the market this can be misleading.  Some foreclosures are overpriced… Most generally this can be determined by the number of days on Market.  A foreclosure, or any home as far as that goes will not last if priced right according to the market conditions.

The term foreclosure often attracts bargain hunters.  It is important to determine the true value of the home upfront with your agent and make an offer accordingly.  While you and the bank are working back and forth between a few thousand dollars another buyer can step in and purchase the home.  This happens from time to time when the home is a great buy as listed and has only been on the market for a short time.  As a buyer you may see multiple offer, a sales price that is over the asking price and a home that may not appraise.  Make sure you are working with a full time Realtor who knows the market you are in and can determine values of homes in the area.

If you are in the foreclosure market and not working with an agent who understands that market you will quickly realize you are wasting your time.  Work with an agent who understands the Scottsdale Foreclosure Market and who is continually providing their clients with the best opportunities on the market.  An experienced agent will make this process as smooth as possible and eliminate a large portion of the unknowns from the Process.  Call us today to get started on your search for the perfect Scottsdale Foreclosure.

Short sales themselves are often a widely misunderstood process.  We are currently involved in several short sales.  These short sales very in scope and execution depending on the number of loans and the lenders.  Most Lenders have a completely different process by which they handle their short sale.  Bank of America handles theirs differently than Wells Fargo and Citi Handles their different than ING.  Not only are all these lenders visible in the Scottsdale Short Sale Market they are often involved with each other on the same properties.  Citi may have the first mortgage on a home and ING the second.  These types of transactions can get very involved.  It is always best to hire a full time experienced agent to take care of your short sale.  I have received the CDPE designation and I have negotiated several short sales to the benefit of my clients.

The Scottsdale Short Sale is the same as any short sale.  It first begins with the agent getting your details and getting your home listed.  Make sure to interview your agent and ask about their short sale experience.  This is critical in getting the job completed and getting the short sale negotiated successfully.  Unfortunately a property may go into and fall out of escrow numerous times during this period.  When this occurs it is always important to remain calm and remember that while this is a stressful time the benefit to you is beneficial enough to go through this process and refrain from having a foreclosure on your record.  One there is an accepted offer you will open escrow and start the process.  Numerous amounts of information will need to be sent to your lender to assure them that you are truly in need of doing a short sale.  This information will come from the agent and they will enter it into the system of choice for the lender.  This part of the process is where all the time is used up.  The lender reviews the information and determines the value through appraisals and BPO’s. Once this is complete they determine where the funds are going via the HUD-1. Then they make a decision on value, how to distribute the funds of the sale and whether or not their investor will accept the transaction as it currently exist.

If all the stars are perfectly in line and the lender determines there is a cause for a short sale and that the sales values are o.k. then they will allow the short sale.  Often they will allow less than 30 days for the transaction to be approved.  Makes sure you are working with an agent who has a great team at their fingertips to make sure you meet these timelines… The inability to complete one of these task will cause the whole process to fold like a house of cards.

When searching for Scottsdale Arizona homes for Sale on the internet keep in mind that there is a huge amount of information out there and the majority of it is not up to date.  In the ever changing and fluid home market that we are seeing in Scottsdale you need to make sure you are getting the most up to date information concerning Scottsdale home prices, foreclosures and short sale statistics.  This is important as a buyer and even more important as a seller.  If you are selling your Scottsdale Home in this market you need to know that the sale of a foreclosure down the street may effect the ability of your home to appraise for a higher price.  An appraisal that returns a below average sells price will stop the sell of your home (in Most Cases).  This is true as well for a buyer.  If a buyer has an offer on a home and the home does not appraise then the buyer may want to lower the offered price or walk away from the transaction all together.  In this market someone walking away from a transaction is never a good thing… So when you are doing research on your home sale or buying a new home make certain you have the latest statistics and the proper information to make a quick and logical decision… the purchase or sale of your home could depend on it… Don’t get the wrong information from the internet and base your decisions off this information.  Call us today to make sure you have the correct information as related to listing prices and sold prices in your desired Scottdsale Real Estate area.