Gilbert, AZ Real Estate is shifting again! The asking prices on our short sale listings (those homes that have more owed on their mortgage than the home is worth) are being reduced every Thursday in an attempt to stay ahead of the market. The closed sale prices around each of our listings are higher than our asking prices in almost every neighborhood and yet still only a few buyer offers are coming in.
The short sale mastermind group I have been involved in for the past several years discussed this issue at our recent meeting. This is a gathering of top agents who are specialized in and focused on short sales and I consider them among the industry leaders in short sales. It is the consensus among this group that Gilbert Real Estate is shifting again. Agents are not showing short sales unless it’s a last resort because their buyers do not want to wait months and months to close and today’s buyers really do want to take advantage of today’s amazingly low interest rates. Of course, the other risk to a buyer of a short sale listing is that the short sale lender will not approve the sale and all their waiting would be for nothing.
The dilemma for all of us is that the short sale lenders really do want and deserve market value for these homes. However market value for short sales continues to fall short of market value for a regular listing or for a bank-owned home. Both of those categories are homes that can be purchased and closed on within 30-45 days. If the short sale lenders could make decisions on short sale approvals in a more timely manner, we could sell our short sales for closer to market value. The newest challenge with our short sale business is that we are hearing that the short sale lenders will not be postponing trustee’s sales in the future. If that is true, it could represent yet another shift in our strategy of assisting homeowners in selling their homes if they are upside down on their mortgage. View Gilbert, AZ Real Estate.