The Fountain Hills real estate activity and sales prices since the first quarter of 2009 have shown a large increase (about 40% in closed sales), with sales momentum increasing dramatically in the third quarter (about 8-10%/month) with 46 properties going under contract and 40 closed sales in the past 30 days alone. There are 479 active single family home listings in the 85268 zip code area, which is pretty static from last month and up slightly from the last quarter. Of specific note is the fact that the added number of foreclosures, short sales & bank owned properties coming on the market (almost double the number of the first half of 2009) which are consistently contributing to just under half of the recent sales . Only 23% of the active listings are distressed properties ...up only slightly from the previous quarter, probably because a number of sellers are able to renegotiate their loans rather than go to foreclosure or short sale. The disporportionate percentage of sales vs listings in that category shows the commitment of buyers to purchasing "bargains".
So what do all these statistics mean for you as a buyer or seller? As a buyer, home prices are much more affordable, having dropped to almost 2001 or 2002 levels with interest rates still comparatively low (though with the bond market dropping that could change in the near future). Though distressed properties seem to be the most desirable, based on the percentage of these sold vs. "normal" seller to buyer sales, these types of properties pose other problems such as multiple offer situations, "as is" conditions needing repairs, and inconsistent closing timelines. Finding a traditional seller willing to sell for a competitive price is still the best way to go. As a seller, selling now is a challenge due to this competition with the lower priced distressed sales. If you do not HAVE to sell right now, it is best NOT to sell unless you are willing to price accordingly. If you choose to sell your home right now, you MUST be either the best LOOKING home or the best PRICED home to get a sale.
Check out the new tax incentive for first time buyers and 'move up" buyers just put into effect until Spring of 2010. As one realtor said to me regarding the great opportunities in this market.... "it would be a shame to waste a good recession".
Please visit my website for more information about Fountain Hills and ALL the available homes for sale there and throughout other Valley communities. Browse through community sites, research area schools, read my newsletter with up to date Real Estate articles and information, as well as click on links to area cultural & recreational activities, weather conditions, driving directions, or answers to commonly asked Real Estate questions. To get a truthful, clear look at today's market and advice on how to maximize your success, call or e-mail me to set up a no-obligation counseling session.
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ZIP Code: 85268 Location Characteristics: Traditionally thought of as a small retirement and resort community, Fountain Hills has begun to emerge as a residential hotspot with new communities such as Eagle Ridge, Crestview Estates and Firerock Country Club bringing upscale families and executives. Slightly more economical than it's neighbor, Scottsdale, Fountain Hill's exceptional terrain affords residents with unequalled mountain views. From fountainside condominiums to hilltop estates, Fountain Hills has enough variety and pricepoints to attract buyers of all ages and lifestyles. New restaurants and shopping centers provide the much needed infrastructure to attract these homeowners to the once secluded area. Twice a year, the community holds a huge arts & crafts fair which draws hundreds of thousands of people to the area.
About Lyn Trayte:
I am an Associate Broker, an accredited Buyers' Representative and an experienced listing and relocation agent, specializing in the North Scottsdale/Pinnacle Peak areas as well as surrounding communities of Cave Creek/Carefree, Fountain Hills & North Phoenix.
I combine over 30 years in marketing and suctomer service as well as area knowledge gained by being a long time resident of the Valley with my years of real estate experience to make your home purchase or sale as smooth and enjoyable as possible.
Since becoming a Realtor, I have received many awards for sales excellence, staying in the top 10% of my company in productivity. I credit this to my commitment to working hard for my clients, developing relationships that go well beyond each transaction, which, in turn, has resulted in many personal referrals and continued friendships that have enriched my life and my business.
On a personal level, I have been married for 32 years to my college sweetheart who continues to be the love of my life. We have two wonderful sons who are 23 & 27 and live in Tucson and Orange County, CA respectively. Neither are married yet but have serious commitments and I am looking forward to the time when I can welcome daughter-in-laws and grandchildren into our family. My hobbies include travel, needlework, aerobics (I used to teach Jazzercise).
These reports reflect the views and opinions of their authors and are not necessarily the views and opinions of Realty Times.
