Andy Zeal, - Scottsdale, AZ - (480)540-2291

For the month of June, in Carefree/Cave Creek, AZ the number of sold listings and the average sales prices increased significantly. And even though the number of new listings increased, the months supply of inventory declined.

Carefree/Cave Creek: 584 Active Inventory

Maricopa County Statistics: 30,712 Active Inventory (-883 from June)

Ave. Price of Active Listings: $262,143
Ave. Price of Pending Listings: $172,357 (-$12,047 from June)
Ave. Price of Sold Properties: $180,808 (+$3,549 from June)



Based on information from Arizona MLS. Information deemed reliable but not guaranteed

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Andy Zeal is a Realtor® at Coldwell Banker Residential Brokerage in Scottsdale, Arizona and author of the real estate blog AZintheValley.
For specific neighborhood statistics call 480-540-2291 or visit www.AndyZeal.com

Paradise Valley, AZ had an increase in the average sold price in the month of July along with a drop in active inventory, which created a slight decrease in the months supply of inventory because the number of sold listings remained the same.

Paradise Valley: 526 Active Inventory

Maricopa County Statistics: 30,712 Active Inventory (-883 from June)

Ave. Price of Active Listings: $262,143
Ave. Price of Pending Listings: $172,357 (-$12,047 from June)
Ave. Price of Sold Properties: $180,808 (+$3,549 from June)



Based on information from Arizona MLS. Information deemed reliable but not guaranteed

_________________________________________________________________________________________________________________________
Andy Zeal is a Realtor® at Coldwell Banker Residential Brokerage in Scottsdale, Arizona and author of the real estate blog AZintheValley.
For specific neighborhood statistics call 480-540-2291 or visit www.AndyZeal.com

Scottsdale, AZ saw an increase in the average sales price in July, but the number of sales declined. With a decrease in new listings, the amount of active inventory also decreased.

Scottsdale: 4,708 Active Inventory

Maricopa County Statistics: 30,712 Active Inventory (-883 from June)

Ave. Price of Active Listings: $262,143
Ave. Price of Pending Listings: $172,357 (-$12,047 from June)
Ave. Price of Sold Properties: $180,808 (+$3,549 from June)



Based on information from Arizona MLS. Information deemed reliable but not guaranteed

_________________________________________________________________________________________________________________________
Andy Zeal is a Realtor® at Coldwell Banker Residential Brokerage in Scottsdale, Arizona and author of the real estate blog AZintheValley.
For specific neighborhood statistics call 480-540-2291 or visit www.AndyZeal.com

Distressed properties are everywhere. It is nearly impossible not to come across either a foreclosure or short sale in any segment of the market. What started in lower priced neighborhoods has now hit the luxury market, which has made distressed properties something you can't avoid. A big key in turning this market around is getting rid of the distressed inventory, and while these lower priced properties are great deal, they can result in big headaches for the first-time homebuyer.

With the tax credit available, lower down payment requirements and a housing market saturated with low priced homes, it should be the perfect opportunity for those looking for their first home. The problem that keeps occurring is that it is the perfect opportunity for investors dealing with CASH! I honestly don't have a problem with investors who can come in, buy bank owned properties with cash and close in 15 days. If a person can do it, I believe they are only taking advantage of the market in buying low with hopes of selling high. Ask any successful person in business and that is the basic principal. This is not to say I don't feel bad for the person trying to buy their first home who keeps losing out to the investors.

In the last two months, 53% of the active listings in Phoenix are either a short sale or foreclosure. Over 80% of the properties sold in the last two months in Phoenix were short sales or foreclosures. Even Scottsdale is seeing its share of distressed properties with around 25% of active listings and 50% of sales in the last two months being short sales or foreclosures. With so much of the market being distressed, those are the majority of the homes I show first-time homebuyers. Even with me educating them on the process of buying a distressed property it is still difficult to see them fall in love with a home only to lose out to a high and better cash offer, as is the case with bank owned properties. The process of buying a short sale property versus a foreclosed one is very different. Short sales have to go through a process that can take months to get an accepted contract and although that can be stressful in itself, buyers seem to be more understanding of this frustration. Often with a foreclosure, a property can be listed and sold in a 20 day period.

On so many occasions the perfect property comes on the market and I get my buyers over to look at it the same day. They love it because by this time they have seen numerous properties so they know this the perfect one for them. They want to put in offer in, only to find out by the next day, there are either multiple offers already or the seller has requested all offers be submitted after a set number of days. This is where the frustration sets in for the first-time homebuyer. The only information being given by the listing agent is to bring your highest and best offer. My buyers love the home and don't want to lose it but they don't want to over pay. An all cash offer is out of the question, but how high can they go? What if the other offers are cash but are low-ball? You combine all these thoughts to the existing anxiety of purchasing your first home and add a short time frame to make the decision, and all of a sudden the joy of buying a home has disappeared.

The upside is, if as a buyer, you have to go through this multiple times it gets a little easier each time and it make it that much better when you finally get your first home. So far, all my clients have been extremely happy and loved the home they eventually ended up getting. Remember, everything happens for a reason.

_________________________________________________________________________________________________________________________
Andy Zeal is a Realtor© at Coldwell Banker Residential Brokerage in Scottsdale, Arizona and author of the real estate blog AZintheValley.
For more information about buying distressed properties call 480-540-2291 or visit www.AndyZeal.com

For the month of June, in Carefree/Cave Creek, the average sold price declined but active inventory also declined.

Carefree/Cave Creek: 615 Active Inventory

Maricopa County Statistics: 31,595 Active Inventory (-73 from May)

Ave. Price of Active Listings: $262,143
Ave. Price of Pending Listings: $184,404 (-$1,773 from May)
Ave. Price of Sold Properties: $177,259 (+$7,500 from May)



Based on information from Arizona MLS. Information deemed reliable but not guaranteed

_________________________________________________________________________________________________________________________
Andy Zeal is a Realtor© at Coldwell Banker Residential Brokerage in Scottsdale, Arizona and author of the real estate blog AZintheValley.
For specific neighbor statistics call 480-540-2291 or visit www.AndyZeal.com