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Howard Harris Real Estate Expert

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Stop Already With The Foreclosures In The Pipeline Threats. . .Bring em On!

Jun 17

filed under: Buying A Home, Foreclosures & Short Sales, Market Conditions, Real Estate

Geez, all I keep reading about is the millions of foreclosures in the pipeline. Well bring em on. . . we need some inventory! Multiple offers are back, buyers are struggling to get a property, placing bids over asking price. Sound familiar? Well its all true, I can’t speak for other markets but I know its going on all over Arizona.  So for crying out loud lets get some of those foreclosures out of that “shadow inventory” pipeline we keep hearing about FOR SALE.

We don’t need a ton of them, just enough to stop this madness that is going on in the Phoenix area market. I mean I have a colleague in our office that was writing up an over asking price offer at 10:00 at night for fear if she waited till the morning her offer wouldn’t  get in on time and her buyer will lose yet another home like the previous four she has submitted offers on.

Right now there are some 31,000 listings on the market, 3.1 months of inventory and if you pull out what is known as AWC (mostly short sales waiting for bank approvals) the actual months supply of inventory is 2.4.  These are Phoenix market statistics, but trust me Fountain Hills is no different. Our inventory is very low in all price ranges.

We only represent buyers, I’m telling our buyers its a great time to buy and it is. The problem is trying to find them something to buy. It makes no difference if you are an investor, or an owner occupant when trying to buy a property right now in the Phoenix area. The competition for the property you want is fierce.  I know it’s ridiculous, what can you do about it ? Yell at the banks, scream, beg for some of those foreclosures, whatever it takes to get them on the market. We’re strong, we’re all adults, we’re not a bunch of pussy cats, we can take it, bring em on!

Written by Howard Harris