Chances of Selling Your Phoenix Real Estate Priced Below $1M, 60% – 75%
Posted by Dorette Oppong-Takyi on Feb 19, 2013
The chances of successfully selling any single family home, townhouse or condo in Phoenix, Arizona is much better than it was 21 months ago.
If you have a real estate property in Phoenix, Arizona priced less than a million dollars today to sell, you have a much better chance of successfully selling it and closing the real estate transaction than you may have had around this same time about 2 years ago.
This is good news for home owners and private investors who own a real estate in City of Phoenix in Arizona, if the property is currently worth less than $1,000,000. Most property owners could not sell in the past not only because they were underwater but they were competing with distressed properties like foreclosed and bank owned homes.
Bank owned Homes, Foreclosures and HUD homes have always had a very good chance or closing during the past 21 months. They have had between 90% to 100% rate of successfully closing, whereas it has not been the same for home owners.
Question is, what is changing now and why the positive increase in chances for home owners?
Chances for selling your home through a Short Sale in Phoenix
Your chance of successfully selling your home listed as a short sale seems to be increasing positively since April of 2011, when there was only a 46% chance.
There has been a 40% increase in the possibility of ever closing your short sale.
Even though we are only 18 days into the month of February 2013, you have a 63% chance of successfully closing your short sale, which is great news for under water home owners.
The increase in successfully selling your home as a short sale could be due to so many factors.
One factor could be the streamlining of the short sale process by the banks and homeowners understanding the short sale process better.
Also the decline in distressed inventory as competition could be a factor.
Chances of Selling your Home through a Normal Sale in Phoenix.
If you have some equity in your home and are looking to sell, your chances of successfully selling your home is much better than a short sale.
In April of 2011, you had a pretty good chance at 64% which has increased to 75% as of yesterday Feb 18, 2013.
During the past 21 months we have seen a steady increase in the chances of a home owner selling their home through a normal real estate transaction.
You have a much higher chance of selling your home as a normal sale ( about 12% more) compared to another home owner selling it as a short-sale.
This could be due to the fact that a home owner makes the decisions during the negotiations instead of a third-party and also due to the decline in distressed properties in Phoenix meaning less competition from foreclosures and bank owned homes.
To find out more about how homes are selling in your zip code, the chances of you selling and how much equity you can cash when you sell, contact Dorette Oppong-Takyi here or call her on 480-442-0779