Well, I got up this morning all ready to go to the office and guess what, it is snowing. Snowing hard too, so not going anywhere for a while. Have to dig out first and of course because it is Saturday so nary a plow to be seen. Nobody at the County works on weekends so must be no one else does either. Hopefully it won't last to long.
The good thing about it if we must have white stuff is it will knock the pollen count down a little bit. The Juniper trees are coming out and they are heavy with pollen this year. The sad side is that one more year we won't have any lilac blooms or fruit on the trees because they too are in full blossom and they will freeze.
So what else is happening in Arizona? Real estate inventory is way down. Buyers looking and finding nothing to buy. Same holds true in the Phoenix market from what I understand. The REO's in our area have all but dried up at the moment. Not sure how much is sitting in the bank inventories but at least in our area, we are not seeing them. They flooded our market with them last winter and they have been slowly drying up ever since.
It is a good opportunity for regular sellers to sell if they aren't so far upside down that they can't without doing a short sale. We are seeing more short sales but they aren't as successful here as they are in other areas. Buyers are wary of them because the banks take so long to make a decision about them that the buyers may miss out on something else in the interim. Also, because this is a resort market and many of the homes are second or third homes, the banks aren't terribly sympathetic to the seller's situation. It is really hard to prove a hardship when you own more than one home. The banks want their pound of flesh and because of anti-deficiency statues in Arizona, they hold out until the borrower agrees voluntarily to sign a promisory note before they will approve the sale.
Upon taking another look outside, I may get to the office eventually. The snow is letting up so maybe it will stop soon. I can deal with the driving if I can see where I'm going. Hope you all have a wonderful and prosperous weekend, I'm hoping for some new business myself.
Sandra Paulow, Associate Broker