Wednesday, September 26, 2012

Fountain Hills Home Sales Show Fewer Distressed Properties

The weather may be cooling off, but home sales in Fountain Hills are heating up! Best of all, we are seeing fewer short sales and foreclosures in the market. Also, the ratio of short sales to foreclosures shows a sharp decline in foreclosures.

Here's how the Fountain Hills and Scottsdale, AZ distressed property ratios looked as of July 31, 2012:

  • Zip code 85268 - short sales 14% of home sales; foreclosures 5%
  • Zip code 85259 - short sales 16% of home sales; foreclosures 3%   
  • Zip code 85255 - short sales 18% of home sales; foreclosures 2%
  • Zip code 85268 - short sales 31% of home sales; foreclosures 5%

    When considering the impact of distressed home sales, short sales are the lesser of two evils, because these sales are conducted using current fair market value.This preserves the market value of nearby homes. Foreclosures are often sold at a discount from fair market value, which can pull down values of surrounding homes.

    Nationally, we are seeing a brighter picture across the board. HousingWire reports that nearly 2.5 million distressed homes will be removed from the "shadow inventory" during 2012.  There is also good news from Lender Processing Services, which reports that mortgage delinquencies are down by 30% since the peak of the housing crisis in 2010. 

    If you're still uncertain about buying or selling a home in today's market, keep this in mind: short and foreclosures are a part of any housing market, even in the most robust economies. Waiting for these categories to "disappear" before you buy or sell a home isn't a realistic strategy.

    For the latest Fountain Hills home sales data and market activity, contact me! I have over 30 years of experience in Fountain Hills real estate which will be your advantage when buying or selling a home!

    Whether you are relocating to Arizona or you are already a resident of our sunny state, I can help you make the most of today's opportunities!


    1 comment:

    1. This being said, we can still expect seasonal norms to affect Fountain Hills real estate in upcoming months, though any pullback in sales should be modest. nabers