Two-plus years ago I was the listing agent for a home in Youngtown’s Agua Fria Ranch. This was November 2005, two weeks after the market had started to cool perceptibly. My sellers were anxious because it took three full weeks before we had an offer on the table.
We negotiated for a couple of days and they ended up selling their home for $290,500.
I was running the data for my bank-owned homes map and came across the same house – now available through the bank at $169,000.
That’s a difference of 42% in the span of 27 months. And, if sold at list price, the home will have appreciate a grand total of $6,000 from the time my original sellers bought it nearly five years ago.
Oy.[tags]Phoenix real estate, foreclosures, bank-owned homes[/tags]