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By Michael Fahey | June 9, 2009
As a result of this real estate and economic downturn I decided to attend a two day course in Phoenix last week. Along with 250 REALTORS, we earned the CDPE designation. The Certified Distressed Property Expert members are actively working to assist homeowners avoid foreclosure. As the days unfolded we were taught techniques to successfully negotiate a short sale for our clients. The class was a very eye opening event. I now understand the urgency and will do my part in keeping foreclosures from occurring. Although a short sale negatively affects values in a neighborhood, it is not as detrimental to the values as a foreclosure. The sale price of the short sale is generally higher than a foreclosure due to the fact that the home is conveyed to the buyer in good condition. The neighbors benefit as they do not endure the unsightly neglect a property endures during the foreclosure period. As we all know condition is one of the largest factors buyer’s places on the property when setting the offer price.
May 2009 numbers are in and fortunately the inventory seems to be holding at slightly over 700 active homes on the market. Sales are up 22% over last month and of those sales, the foreclosures market share dropped accounting for 59% of the market. As we have seen in past months, with the drop in foreclosure sales, the average ($162,176) and median ($142,000) sales price is up slightly. Full report click here.
In the event you know someone who is experiencing a financial hardship please have them contact us.
All our best,
Michael and Petra Fahey
Country Ranch GMAC Real Estate
1858 Hwy 95, Bullhead City, AZ 86442
Topics: Bullhead City Arizona Real Estate | No Comments »
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