market conditions

As of this morning, there are approximately  34,266 properties for sale with a pool in the backyard.  Out of those 34,266 properties, almost 5,000 of them are Lender Owned properties (which means nobody is living in them).

If that’s the case, then there’s a good chance that the pool has been neglected. If the Lender who owns the property is really efficient, the pool has either been drained or someone else is already maintaining the property.

However, you happen to look over the fence and see this:

Then, you need to know that the State of Arizona has a few precautions in place to protect our citizens and our environment.  Maricopa County Departments of Public Health and Environmental Services work on behalf of the residents of Maricopa County to make our cities safer and a better place to raise our families. According to this video from ABC15, green pool calls up 200% in Maricopa County and chances are, there’s one in your neighborhood.

Click Here To Report a Green Pool

Additional Resources Available:

Mosquito Eating Fish Available

For West Nile Virus information, call 602-506-0700

Center for Disease Control – West Nile Virus Homepage

For additional information,  contact:

Dept of Environmental Services (Vector  Control) -  602-506-6616

Dept of Public Health -  602-506-6900

Tagged as: bank owned, Buying Foreclosure, foreclosure, foreclosures, market conditions

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We hear the question often, “should I put in an offer on the new foreclosure property on the market or should I wait?” The answer, like a lot of things in real estate is “depends.”

There are two main factors you need to take into consideration, is this home for me to live in or an investment property and how is the market right now?

If you plan on living in the home you need to ask yourself if this is a home you are willing to lose to get a better deal or do you have a burning desire to own the home. If the answer is you really have a burning desire to own the home you need to let your agent know that and move. If you wait and lose the home to save a few dollars a month on your mortgage then you will be comparing every home you see in the future to this one and may never find one that will make you as happy. If it is not one you “need to have” or if it is for investment purposes then it may be beneficial to wait and let the home sit on the market for a little while and see what action it has.

The second thing you need to take into consideration is the current market conditions and how this home compares to other homes in the area. Your Realtor should be able to tell you fairly quickly if the home is under-priced, competitively-priced or over-priced. If the home is priced below market value for that area you are going to need to act a lot quicker. There are situations right now in Queen Creek where bank owned foreclosures are selling in less than a week. The reason is those homes are coming in at $45-$48/sqft and are under market value. Not only are the houses selling in less than a week or two, they often will have multiple offers on the property in days that leads to a bidding war.

So should you wait and try to get a foreclosure at a lower price than it comes on the market? If you are in an investor, don’t “need this home” and the home is not under market price then yes it may be beneficial to wait a month and see if the home has any action on it. A bank is much more willing to negotiate price after the home has been on the market for 30 days or more.

Tagged as: Buying Foreclosure, market conditions

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