Real estate news, market statistics and more.

Marta Walsh
480 274 5710

Scottsdale and Paradise Valley Real Estate News

Dear <<First Name>>,

It's October already. Finally the weather is gorgeous :-)

Real estate is getting busier by the day. Out of state buyers are starting to drop into open houses. Inventory is showing some gains and generally there's a bit of a buzz on the streets :-)

Because people's interest in real estate is raised at this time of year my monthly newsletter is dedicated purely to market statistics. If you are thinking of making a decision regarding the real estate market it surely helps to have as much information as possible.

Scottsdale Real Estate Statistics


Distressed Homes


  Active Listings Distressed Active Listings % Distressed Under Contract Listings Under Contract Distressed Listings % Distressed
85253 (PV) 259 14 5.4% 77 27 35%
85258 255 14 5.4% 100 40 40%
85255 423 22 5.2% 184 85 46%
Scottsdale All Zip Codes 2,019 144 7.1% 1,109 564 51%
* A distressed listing is either a short sale or lender owned home.


My Analysis

In luxury zip codes the percentage of distressed homes is now around only 5% of listings. However, as a percentage of homes actually under contract it's much higher. That means buyers are choosing to purchase distressed homes when they can. There is significant competition on almost all distressed listings.

If you want to buy a distressed home you must be ready to make an offer as soon as possible. Cash ready to go is the best option. Second option is you have already started the loan process. That means not just a simple pre-qualification but actually started along the underwriting process. Agents are advising their clients to wait for financially strong offers because underwriting is tougher.

Lastly, not all distressed sales are good deals. Some of the very best buying opportunities are with traditional sales where the home owner needs to sell for non financial reasons such as relocation, downsizing etc.

Time It Takes To Sell


  Homes Closed in 2012 Average Number of Days on the Market % of Asking Price Achieved Homes Changed Price % Price Changed Prior Sale % Price Change
85253 (Paradise Valley) 374 174 94% 183 49% -11%
85258 767 116 96% 357 47% -7.33%
85255 998 128 96% 435 44% -7.44%
Scottsdale All Zip Codes 6,328 109 97% 2,675 42% -7.39%

My Analysis

In general now is a good time to be selling a home. Obviously prices are still well discounted compared to 2007. You cannot expect to sell at those peak prices.

But in all the markets I analyzed above homes are selling in less than 180 days. If the home does need a price adjustment to get the sale it only takes on average about a 7% drop. Owners are acheiving amounts close to asking price.

The Best Time To List Your Home



Now is the time to be preparing your home for sale if it is your intention to sell before the end of 2013.

The majority of deals happen in spring. Applying average days on the market of about 120-160 days depending on price bracket listing. October or November is the best time to list. This gives local buyers agents time to visit your home for previews prior to out of state buyers arriving and allows me time to execute a full marketing plan that gets your home the most attention at the best time.

If you are thinking of selling your home and would like to discuss what it may be worth just give me a call: 480 275 5710.

Referrals

My business is built upon referrals. If you know anyone who is thinking of buying or selling a home please let me know. As you know I will take amazing care of them :-)

Any questions or just to stay in touch just give me a call.

Have A Great Week

Marta :-)
480 274 5710
marta.walsh@russlyon.com

Copyright © 2012 Russ Lyon Sotheby's International Realty, All rights reserved.
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