Pinetop White Mountain Blog

Good Afternoon Everyone,

I hope this fine Wednesday afternoon is finding you all happy & healthy.  It is a gorgeous day in the White Mountains of Arizona.  The sun is out and it is probably about 72 degrees with a little breeze.  All in all, it is almost perfect.

My topic today is the Real Estate Market. Depending on what article you are reading the Market is really picking up or it's not.  Buyers are buying or they are not.  Sellers are selling or they are not.  All in all it is a very confusing time for those who are trying to figure out whether to Buy or Sell.

I hate to sound cliche, but I really think "it depends" on where you are in the Country.  In some areas the REO's are still dominating the market and that translates in to it being a very hard time for a normal person who wants to sell their home.  On the other hand, in Arizona right now, one of the hardest hit State for REO's in the past, they have all but dried up.  Therefore if you are a Seller who really needs to sell and can afford to meet the market pricing, it could be a Great Time to Sell.  If you have some equity in your home and realistic expectations on what you expect to net from the sale, it could be the perfect time to get your home on the market. 

For Buyers, this means that the days of gonga deals on houses are over.  At this time in the larger metro areas they are seeing bidding wars for homes.  The inventory of Homes for Sale is very low right now.  Even here in the Show Low, Arizona area there are not nearly as many choices as there were a year ago.  A great value on a home is likely going to be in a multiple offer situation and probably will sell for higher than the listed price.

The Short Sale has taken the place of the foreclosure and a Short Sale situation is not ideal for everyone, no matter whether you are a Buyer or Seller.  They take a lot of time and a lot of waiting and in the end you could end up not getting the property because someone else outbid you on it.  The Bank is going to accept the best terms for them. Harsh as it sounds, they really don't care about anyone in the transaction but themselves and the investor who backed the loan initially. 

So what do you do?  If you are a Buyer you need to find a REALTOR® to work with you on finding a property.  A good Real Estate Professional can help you locate the right home, at the right price, and at the best terms and conditions for you. 

For Sellers, a good Real Estate Professional  will help you determine if now is the time for you to sell and how much you can honestly expect to net from the sale.  If the numbers don't work, this may not be the time to sell.  If you Must Sell, than the realities of today's market will help you determine if you need to consider doing a Short Sale in order to get your home sold. There are consequences to doing a Short Sale so you should consult with your Lender, an Attorney, and your Tax Preparer before you sell your property "short".  

What I want to convey in today's post is that the media has no idea what is really going on in the Real Estate Market today.  All reporting is local as is every market, so what is true in New York City probably isn't true in Phoenix, Arizona.  What is true in Phoenix, Arizona may not be true for Pinetop, Arizona.  All writers write from what they know.  They may generalize about the market conditions but you need to talk to a local professional to know what is really happening in any given market.  While it is good to stay abreast by reading articles about Real Estate in different publications.  When it comes time to Buy or Sell you should contact someone local for assistance. 

Since my market is the White Mountains of Arizona serving Show Low, Lakeside, & Pinetop, Arizona that is where my expertise lies.  Keeping your business local whether it is in Real Estate or some other industry, you will know you are working with someone who is familiar with your area and can provide the best service to you for that area. 

Thanks for reading, until next time......

Sandra Paulow, Associate Broker, GRI, SFR, REALTOR® 928-242-0300

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