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REO's vs. miles around Phoenix Arizona... Which is greater?

I went from Phoenix Arizona all the way to...

You know the rest of the words!

Which grew by more today: The amount of miles on my vehicle or the number of foreclosures in the City of Phoenix?

Today, I went from Tempe to Mesa to Gilbert back through Mesa to Scottsdale to Tempe to Mesa to Gilbert to Chandler to Phoenix to my home in Tempe!!! A pretty long day viewing homes, picking up a listing, getting a key, hustling to the office, meeting at 6:00pm and then picking up my son in Phoenix. So, what's the big deal?

More foreclosures hit the market in Phoenix alone (not the metro area, just the City of Phoenix) today than the amount of miles I racked up in my trusty Honda Odyssey!!!!

What does that mean?? OPPORTUNITY!

Well, foreclosures are hitting the market and buyers still aren't aware of the value they can get by purchasing such affordable housing.

wrist watch As of 12:59am Arizona Time, there are 204 homes under $30,000!! Renters and investors can pick up some pretty great opportunities for housing and reap long term rewards. Many of these homes are in neighborhoods renting for over $700/month!

Want to have some fun? Visit www.monopolyman.com when you have some time to kill, look up Phoenix foreclosures, check how many are on the market and then, count to 100. If you refresh your browser, chances are that number on the market will have risen.

Sure more properties may hit the market but when you can buy a home for $30.00/sqft., in the long run, how well will you do?

Maybe it's time for the market to get an oil change?

Posted by Mark Organek - Tempe Gilbert Mesa Chandler REALTOR on 01/09/2009 02:59 AM

Comments (8)

Phoenix REOs in the ActiveRain Channel

foreclosures, reo, bank owned, phoenix, tempe, gilbert, chandler, mesa, scottsdale

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8 Comments on REO's vs. miles around Phoenix Arizona... Which is greater?

JAN

It looks like there are some great deals in the Phoenix area. Now the hard part - getting those potential buyers to buy now! I hear buyers saying, "I'll wait for the market to improve." But, the market has improved greatly for buyers. I hope some buyers will take advantage of these deals!

Steve, these homes are below "cost to construct" so eventually, when the market turns, they will be great values. Renters have to live somewhere and investors can get great returns. Waiting until the market improves may be like closing the barn door after the animals leave. Not all REO's are values but there are many values within these REO listings.

That is a great return.... I will ad your site to my favorites...

Thanks,

Thank you Michael. Isn't it amazing how quickly new properties are coming on to the market and at what a rapid pace?

Hey Mark, pretty interesting website. I know many of the homes priced low end up bringing some stimulation to the market in that they have multiple bids and sometimes end up higher than expected. I love information like this....thanks for the head's up on the site. ;-)

Love the snap of the odometer. Mine just turned 80. Killin me!

JAN

Wow, some site you have on foreclosures! A lot of work went into it. How do you know which listings are foreclosures and how is it kept current?

Sarah in Nashville

JAN

Renee - At least gas prices were down for awhile. Now that we have a light rail, I'll just start selling property within walking distance.

Sarah - Our MLS has a special conditions section and from that you can choose to only allow or omit certain properties. The updating is somewhat tedious and I'm getting much faster. Takes me about an hour to update them but I'm now getting hits on the site pretty regularly from people I don't know. I orginally built it to direct people to that I meet out and about in public that discuss foreclosures.

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