Have We Hit Bottom Yet?
Posted by Judy Orr on
Have we hit the bottom of low Scottsdale home price values? The optimists keep saying we should see an improvement at the end of 2011 and into 2012. They might be somewhat correct, let's face it, they're talking a year down the road.
Today's low interest rates are tempting
Others are saying that the current low interest rates are another government ploy to keep buyers in the market. And they might be correct, depending on how low prices drop in the future. At today's current rates, you'd be better off with 4.5% interest rates vs. a 10% reduction at 6% based on an average Scottsdale home price of around $300,000.
How low will prices go?
No one can say for sure, but some are predicting closer to 20% vs. 10%. There are several reasons…
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I still meet buyers that don't really know what a short sale is. A short sale listing is a property the seller is trying to sell for less than what is owed on the mortgage. A short sale can actually take a very long time, the "short" is referring to the fact that there will be less money to the mortgage provider than what is owed, not the length of time from contract acceptance to closing. Short sales are available in every town and every price range, including real estate in Scottsdsale.
Although I consider myself a listing agent, I also enjoy working with buyers. Whenever I show a Scottsdale home for sale, if I am sent a feedback request via e-mail, I fill it out as helpfully as I can. I don't like discussing price unless it is really priced too high. And I have to be careful, especially if I think my buyers might be interested in the property.
It's that time of year again - the Spring season is upon us and buyers are out looking. This means I am seeing more and more mistakes sellers are making in the presentation of their homes. Every year around this time I write a post about how to best show your home in order to get a quick sale at top dollar.
Most of us will agree that "shadow inventory" comprises of properties that are bank owned that are not on the market for sale yet and can also include homes that will fall into foreclosure when loan modifications or short sales are not transacted.
Things have definitely slowed down since the tax credit expired. However, we're hoping sales will pick up again with the lowering interest rates that caught everyone by surprise.
Friday is the last day a buyer can qualify for the Home Buyer Tax Credit. You must have a fully signed and accepted contract by Friday, April 30th, in order to qualify. You have up to June 30th, 2010, to close.
When my parents moved to Mesa, Arizona, I could only try to imagine what kind of house they owned and what kind of subdivision it was in. Was it surrounded by desert? Did they see any scorpions or rattlesnakes? Why the heck did they decide to move to Arizona?!!!
took it away, brought it back and took it away again.
