Phoenix Market Trend - Listing Success Report as of 10/16/2012
There have been significant changes in the past two years - as this chart will show. There have not only been the changes from month-to-month, but there are significant differences between each type of transaction. For the most part, the real estate market has had a steady climb as the economy and has begun to stabilize. For example, HUD homes listed at a consistant rate in the Metro Phoenix area - this may be because buyers who purchase through HUD financing have stricter guidelines to adhere to, so these transactions were steady with the exception of a rather large dip in mid-February 2011. Regardless, HUD sales seem to have the highest Listing Success Rate. If you are in the market for first DREAM home, give us a call at the Phoenix Property Shoppe. We can give you the information and set the expectations of how to get to that goal!
Next, REO (Real Estate Owned) properties listed at a steady rate, as well. They were clearly the most consistant over the past two years. These are properties that the banks own after a home is relinquished from a borrower. These homes tend to list consistantly at a steady price simply because the banks can price them for what they are upside-down and the rest is profit.
Normal transactions were the next on the list in terms of listing successfully. Most of 2011 was a climb when it came to homes having listing success. When a home has a successful listing, the home is shown interest from potential buyers, which in turn means that there is a higher chance that you will sell your home. The more people that want your home, the more the price is driven upward - giving the seller the opportunity to get more of their asking price in the sale. Normal transactions throughout 2011 started at 52% and crept up (and slid down and crept up again) to 74% in the beginning of October 2012. The best listing that the normal transaction homes showed up in mid-March 2012 and Mid-April 2012 when listing success was at 80% for this type of transaction. If you have been considering selling your home - maybe it is time to upgrade to a house that is a better fit for your growing family; or maybe you would like to move closer to work and cut back on expenses. The normal transaction process is ideal and the Phoenix Property Shoppe can show you how to get that ball rolling!
Finally, short-sale listing success rate mirrored the normal transactional sales listing success over the two-year period reported. This is different than the expectation, as you would think that there is little listing success in this type of transaction simply because the process depreciates a situation - going through the short-sale process, there is the impression that the listing success rate would not be as significant as it is. However, because the short-sale process is so tedious and takes a lot of time to complete, people who enter this process typically see it throughma and have a high listing success rate because of that. Short-sales are a great option - as, they are beccoming a more and more acceptable solution to a home that might be upside-down. If you or any of your family are experiencing difficulty paying your mortgage, the Phoenix Property Shoppe can help!
Call the Phoenix Property Shoppe for your FREE PROPERTY ANALYSIS REPORT. We can show you the different options that might help you achieve your respective goal!
Phoenix Market Trend - Listing Success Report as of 10/16/2012
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