I was featured on REALTOR.com® again – they posted a blog I wrote called “Grab Your Inner Tube: Short Sales are the Next Wave in Real Estate.”
Go read the full post, but the gist was this: there is a coming wave in Phoenix short sales (which the numbers back up), and that’s actually a good thing – for the buyers who are getting great deals on homes in Phoenix Arizona and the sellers who are avoiding foreclosure. And it’s a good thing for the Phoenix real estate market – the sooner we get the supply of Phoenix homes back into balance with the demand for them, the sooner prices can start rising – consistently and across the board – again.
It’s actually funny because I just got off the phone with a client who I’m helping short sell her home in the East Valley (we just got an offer above the bank’s asking price, which is excellent news). She called me in sort of a panic this evening about a home that had come on the MLS earlier today in the McDowell Mountain park area here in Scottsdale. It was a short sale listing, worth at least $1 million not too long ago, now listed for $350,000. It does sound too good to be true.
And maybe it is, maybe it’s not. That’s the thing with short sales – they can be kind of a crap shoot. But they can turn out very, very well. That’s actually the topic of my next blog for REALTOR.com® (yes, I’m a planner) – how to make the coming short sale wave cause to get out the inner tube, not the life vest. So stay tuned.
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