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Jonathan Dalton
REALTOR
ePro, SFR
602-502-9693

Short Sales in the Phoenix MLS

Short Sales in the Phoenix MLS

Jonathan Dalton, Phoenix Real Estate AgentThis ended up being a comment to this morning’s post but I felt it warranted being pulled out onto its own article.

To some degree, I see the increase of foreclosed homes – actual bank-owned homes – as a shift in inventory from virtually can’t be sold (short sales) to motivated sellers (banks once the home’s on their books.)

At this moment there are more than 3,300 homes requiring lender or corporate approval in the Arizona Regional MLS serving the Phoenix real estate market. Not all of these are short sales; some are corporate relocations.

Still, they account for just over 8 percent of the inventory of single-family homes in Maricopa County.

Short sales are notoriously difficult to close because the bank has little incentive to forgive the sellers’ debt. That leaves these homes almost unsellable. Demand can’t catch up with supply when supply’s kept bloated with homes that can’t be sold.
Remove those 3,300 homes from the inventory and suddenly the absorption rate is reduced by about two full months.

Give me inventory with competitive (and realistic) list prices any day of the week rather than the short-sale bait-and-switch currently in the MLS. That’s one positive aspect of these homes going back to the bank.

Or maybe I’m still woozy from yesterday’s tree.

[tags]foreclosures, Phoenix real estate, short sales[/tags]

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  • Francy says:

    “Or maybe I’m still woozy from yesterday’s tree.”

    I saw something about a tree yesterday. Did I miss that story?

  • Went to Jamba Juice. Was careful enough to park far enough ahead of the tree limb almost protruding into the parking space so I wouldn’t hit the car door on it.

    Opened the door and walked right into its cousin one foot to the right. Went down to a knee in about 5 seconds.

    My wonderful 8-year-old told me, “Dad, you’ll live. Now get up.” Because that’s what I say to her when she’s waiting for a man with a bone saw for a scrape on her knee.

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