Short Sales in Phoenix now represent 38% of all active listings.
As more troubled homeowners in Phoenix become aware of what a short sale is and how it works we are starting to see an explosion of short sale listings.
It does not surprise me because having just completed a short sale of my upside down home in Scottsdale, it was a no brain decision for me. As more lenders become receptive to doing short sales versus foreclosure it is only going to get bigger.
Unless you have been living under a rock you know that Arizona is one of the hardest hit states in the housing crisis. If you bought your house during the peak of the market you are probably upside down in your home. You cannot sell you home for what you owe and foreclosure seems like the only option.
Below are the current market conditions for the Phoenix Real Estate Market as of 4/5/2010
Active listings: 42,081
Pendings : 13,384
Active short sales : 15,832
Active lender owned: 5,367
As you can see, 38% of the current active listings in Phoenix are short sales. Another 13% are lender owned properties. The scary part is that there are more active short sales on the market than pending listings. This is probably not going to change for several years to come.
If you are currently considering your options about how to handle your home you should find out as much as you can about doing a short sale on your home. Do not make the mistake of listing your home with the wrong real estate agent.
You can explore your options and learn more by going to Arizona Short Sale Help and watching a free video written by an Arizona homeowner that has gone through the short sale process and wants to help you avoid the most common mistakes.
Get the facts and avoid foreclosure by doing a short sale in Arizona!
My Recommendation – Get a Free Short Sale consultation from an Arizona Certified Short Sale Agent.
