Keith Jackson Realty

Click on the link below to read an interest statistical analysis from Grand Canyon Title’s Fletcher Wilcox showing a trend among banks to do a short sale or auction off the property rather than go through the foreclosure process.

Lenders prefer alternatives to foreclosure

There are many legal and tax implications associate with a selling your home through a shortsale. Contact the Keith Jackson Realty Team at 480-788-7608 to discuss your options.

Click here for Quarterly Stats for 2011 Arizona real estate sales figures.

Fletcher Wilcox of Grand Canyon Title emailed me some interesting information about the Arizona Real Estate market stats derived from the Arizona MLS comparison 2011 to 2010. See points below:

There were 10,000 more sales in 2011 than 2010.   Total ARMLS residential sales in 2011 were over 100,000.  This is only the second time sales hit over 100,000 for a year.  The first time and all time record for the number of residential sales was 104,133 in 2005.   Short sales increased seventeen percent in 2011 over 2010.   There was less than a one percent difference in lender-owned sales in 2011 compared to 2010.    How were properties purchased?  The king was cash.  Forty-seven percent of properties purchased in 2011 were cash.  Twenty-seven percent were  conventional loans, twenty-one percent were FHA guaranteed loans and three percent were VA guaranteed loans. The majority of ARMLS sales in this report were in Maricopa and Pinal counties.                                                      

 *Many properties included in the Other category were investor fix and flips.

** These totals include all eight residential property types.

***This number will be adjusted slightly.

Is the Arizona real estate market on road to recovery?
With lower inventory and more and more buyers coming back into the market after waiting the 3 to 5 year waiting period after going through foreclosure or short sale, the AZ real estate market is prime to rebound and we are seeing a flurry of activity and these stats back it up as well. Visit http://www.bizjournals.com/phoenix/blog/business/2012/01/2011-real-estate-data-show-potential.html for an interesting article with additional insights and market stats.