… with only one typo and one dead link. So much for proof-reading.
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As March dawns here in the Phoenix real estate market, we’re still sitting on about six months worth of inventory. There 5,105 sales of single-family detached homes in Maricopa County in February – about 400 homes better than where we were a year ago with the $8,000 homebuyers’ tax credit in place. So much for the notion that the end of the credit would kill the market here. About 3,000 of the sales last months were of distressed properties – 2,200 bank owned homes and another 1,000 short sales. One of these days I’m going to look back to see how long it took to receive the approvals on those short sales but, for the time being, I can’t bring myself to tear through that much data to confirm what I already know – it takes a long, long time to get an approval and the odds still are stacked against you.
One type of property I’m seeing more and more often is HUD homes. These are homes that were purchased through an FHA loan and then foreclosed on down the road. HUD homes are a slightly different animal to work with. Like bank owned homes, they are purely as-is sales. HUD will provide a property condition report to give buyers an idea of what to expect but, unlike a bank owned home, the earnest deposit is hard – a buyer can’t cancel during the inspection period and automatically get their earnest deposit back. It’s a slightly greater risk than with a bank owned home, where if something major is uncovered a cancellation and return of the earnest deposit is possible, but the pricing in some cases may be a touch better.
The offer process also is decidedly different on a HUD home – everything is done electronically but, once an acceptance comes, there’s only a 48-hour turnaround to get the offer paperwork overnighted to California for the final approval to take place.
If you’re curious about what’s available in the HUD realm, check out the Phoenix HUD homes search on our website.
Westbrook Village/Retirement Communities
For those more intrested in retirement communities, I bring you this tidbit from Westbrook Village in Peoria. As of the moment, there only are 99 properties for sale out of roughly 5,000 homes. Usually at this time of year the inventory’s closer to the 110 to 120 range, so anything under 100 in what traditionally is the busiest month for prospective buyers (and seasonal renters) is definitely of note.
Prices remain relatively low across the board, at least lower than they have been. Beginning prices are in the $50s to $70s in Sun City, under $100K in Sun City West, $120s in Sun Village for a casita, $110s to $120s in Westbrook Village for casitas, $120s to $130s in Ventana Lakes fo detached homes and $150s for detached homes in Arizona Traditions. Trilogy at Vistancia, Corte Bella and Pebblecreek go up from there.
Have specific searches in mind? Check out our Phoenix Retirement Real Estate site or contact me directly at 602-502-9693.