Short Sales in 2013

Short Sales in 2013

Short sales in Arizona have been the main listing focus for the last 3-4 years.  2006 saw the market peak, 2007 left everyone wondering what was going to happen, 2008 started the short sale trend, and now here we are in the beginning of 2013 and what seems to be a stable Arizona real estate market turnaround.  So will short sales still be around in 2013?

The answer is a resounding YES!  Although the market in Phoenix is in a definite state of recovery there are unfortunately many people who purchased homes during 2004-2006 and also those that refinanced in an attempt to cash out on the equity of their home for whatever reason.  Most of these individuals will still find themselves upside in 2013 and probably through a lot of 2014 and possibly beyond as well.

It's a matter of numbers -- if you bought a house in 2005 for $300,000 and it dropped 50% in value (which many did, some areas of Phoenix saw declines of over 80%!) it dropped at one point to $150,000.  Even if the market recovers at an insanely high 10% a year (national average is usually about 6%) that's only about 15k-20k per year so you'd have to wait it out another 5-7 years for the value to come back.

Now, not everyone is upside down, highly leveraged, or refinanced to the hilt, nor does everyone need to sell.  As I tell a lot of my potential clients, you aren't ever really upside-down in value until you actually sell the house.  If you don't need to sell then it isn't so big of an issue.

However with most people moving within 5-7 years for job reasons, family changes, relocation choices, downsizing/upsizing, etc. you may not have a choice but to sell and if that's the case then if you don't have that equity a short sale can be the best option to help you move on with your life.

For more information on short sales in Arizona please visit our Az Short sale site at www.AzHomeHelp.com  or call us today at 480-241-4406.

Real Estate Wishful Thinking

Wishful thinking and real estate are phrases that probably shouldn't go together...http://bit.ly/hsIMYo

Phoenix Short Sale Home

Phoenix Short Sale Home - New To Market...http://bit.ly/ffWcqb

Short sale tradition -- a working holiday?

Short sale tradition -- a working holiday?

It seems that short sales don't sleep or take holidays off and we don't either!  We took a Scottsdale short sale listing smack in the middle of a Thanksgiving dinner today!  Cranberry sauce?  Check.  Listing agreement?  Check.  Stuffing?  Check.  Short Sale Seller's Advisory?  Check...http://bit.ly/dQoKSY

Can I buy a home after a short sale?

Can I Buy a Home after I do a short sale?

The short answer is "YES!!"   We have a client that we short sold her home back in the fall of 2009.  Her credit score dropped about 80 points but since then she has paid all of her credit cards, kept at least 3 tradelines on her credit report, and has just qualified (less than a year later!) for new $300,000+ home!!

Now every individual is different and many factors are involved but it can be done!!! Most people who do a short sale will qualify for a Fannie Mae backed loan just 24 months after their short sale has been completed!!

We have no idea what the future will bring as well -- there is a good chance that lenders will be more lenient on those that short sale as oppose to foreclose at it tends to show a bit more financial responsibility.  Plus the credit scoring industry is constantly changing and hopefully it will be better for home buyers as more and more of America ends up with a short sale on their credit.

Short sale your home today with the local Phoenix - Scottsdale short sale experts at www.AzHomeHelp.com!!!