We've received a few emails asking us to provide an easy way to search and find the bank-owned listings in Arizona. The search tool at the end of this email will provide you with up-to-date information on the available bank-owned homes in the Greater Phoenix market as well as some, but not all listings in other cities around the State of Arizona.
WHAT'S GOING ON IN THE REO/BANK-OWNED HOME MARKET?
Today, the bank owned market in the Greater Phoenix area is a wild animal. In just the past 4-6 weeks the market has taken a huge shift as Investors are buying everything they can. The nicer bank-owned homes are getting multiple offers and many are cash deals.
Buyers are finding they have to be quick and nimble to compete in this market. Hours can mean all the difference and what you think is a done deal may not be due to loop-holes the banks put in their contract addendum's.
The graph shows the trend for Pending listings in the city of Phoenix only.
For those who like definitions, "Pendings" are properties with accepted contracts and have been submitted to title and escrow company for processing.
As you can see the sales trend is way up. Based on current ARMLS stats, the rise is sales is continuing at a fervent pace. Our current pending count is nearly 14,000 with another 4500 contracts waiting for a few T's to crossed and I's to be dotted before they convert to Pending.
Predictably, the active (for sale) home inventory numbers have fallen. Last Fall we saw inventory levels in the low-to-mid 50,000's; Today the number is just a hair over 36,000 and bank owned homes account for only 5300 listings.
Those who think they have missed the boat, we don't think so. Most every analytic tool we use says a truck load of new bank-owned homes are riding into town. Unemployment and other factors are causing even more people to loose their homes. It's not pretty and a lot of people will need our love, support and help this summer so be kind our there.
Below is our bank owned home search tool. The initial view show the 20 MOST EXPENSIVE bank owned homes on the market. We show this view for two reasons... one... Foreclosures can happen to anyone, two... Someone with money can make a lot on some of these high end homes.
A recent sale happened where a home worth 4.5 million in 2006 sold for 1.55 million. After a few, mostly cosmetic, repairs were made, the home could go back on the market at 2.99 million.
Have fun, explore the market and let us know if you have any questions... you know we're here for you. We hope you have a great Memorial Day weekend. Have fun, play hard and love your kids.
Gene Urban
The Urban Team at Realty Executives
602-234-5777
Use the drop down menus to modify the search criteria. You can also save your searches
and even have the system email you when new bank-owned homes come to market.
