Metro Phoenix & Scottsdale Real Estate/Home Sales Report for December 2011

http://www.thecameronteam.com/
Jeff Cameron MRW Homes
480-502-7699
Metro Phoenix & Scottsdale Real Estate/Home Sales Report for December 2011
Happy New Year!

It was a crazy start to the new year. After taking some quality time with family and friends, I found myself in the office on Tuesday the 2nd back to work. Usually the first week of the year is quite, actually I call the beginning of the year "The Gathering." Our season starts just after Valentine's Day. I speak to many people between now and then about buying and selling homes, but very little activity until after Valentine's Day!

Not this year. That first day back, 6 different home buyers contacted me. By Saturday, I had sold 3 homes and was at my 2nd home inspection for the week. Wow, what a start. Buyers actually looking, are seeing homes disappear and prices increasing. They understand, the time to act is now.

That was my first week. How was your first week of 2012?

We just closed a home here in McDowell Mountain Ranch $8500-12,000 higher than the last 2 recent comps of this floor plan. The market is moving higher.

I was looking for a buyer and noticed a Desert Ridge condo I sold as a 2nd home to friends from Seattle for under $130,000 and now you can't buy for under $157,000. Either there has been a bounce of 21% over the last 9 months or we bought way below market value!

Did you know, a state Senator from Surprise is trying to repeal the Anti-Deficiency laws here in AZ. I believe this would force more people to Bankruptcy. In lieu of this, Banks should state publicly that they will no longer to a Short Sale for people with assets.

Did you know, the Mortgage Forgiveness Debt Relief Act of 2007 expires at the end of 2012. Is a short sale evident for you? If so, don't wait for this tax protection to expire. By the way, this Act only puts home owners on equal ground with investors. Investors don't pay tax for Debt forgiveness when in the same situation as home owners this Act protects.

My Short Sale negotiator, Georgi Straton, recently met with Bank of America executives and Michael Orr economist with ASU. They are forecasting this to be the last year of significant Short Sales as the number of struggling home owners is dropping dramatically. We will still have shorts for years to come, but there will be less and less as housing recovers.

A quick review of the Foreclosure Scene:

Back to the bank in December was 1,345 homes.
Bank owned homes is 10,221

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