Ask Debi, Why aren't there very many homes on the market?

Dear Debi,
I have been looking for a new house for a few months now but it seems like there aren't very many homes to choose from and the stuff that comes on the market gets snapped up really fast. Why do you think there aren't very many properties for sale in the Phoenix area?
Sincerely,
Flummoxed Franky

Dear Flum,
I feel your pain, I really do. The real estate market in Phoenix is challenging for a buyer right now. There are several factors that are creating the lack of inventory. The top three reasons I am noticing are:

1. Homeowners are not putting their homes on the market because they are still under water but with the new HAFA and HARP programs homeowners are able to refinance and stay in their homes with a more affordable payment. 
2. Investors are buying up the homes at trustee sale and instead of "fixing and flipping" they are keeping the homes and leasing them out to maximize their investment while our home prices in Arizona continue to rise. 
3. Banks have been slower at foreclosing and have become better at approving modifications. 

There is a great article in the Wall Street Journal that has a few more reasons for the lack of inventory.

The real estate market is always changing so keep your eyes open, hire a great Realtor to help you keep on top of the new houses that hit the market and your perfect home will find you!

Phoenix Posted Largest Home Price Gains in the Nation

Hey all you sellers out there, check out the latest data from Arizona Business Journal!

"The latest figures released Tuesday by Zillow Inc. show Phoenix home values soared by 22.5 percent year-over-year during the last three months of 2012."

If you have been thinking of selling your home and want to know your options, please give me a call. Now could be the time!

Ask Debi, Closing Costs and Seller Contributions

Hey Debi!
My friend just bought a house and she did not have to pay any closing costs. How did that happen? How can I get in on this deal?
-Doug Dealmaker

Hello Deal,
This is a great question. It sounds to me like your friend was able to have the seller pay her closing costs. This is typically done by including the closing costs in the sales price. For instance, if a home is listed for $150,000, she may have offered $155,000 and requested that the seller pay $5,000 in closing costs.

While this is a great option, please be aware, not all sellers will agree to this in a market as competitive as the Arizona market is right now.  As a buyer in a seller's market you will want your offer to be as appealing as possible. You will want to beat out all of the other buyers that will be vying for every house out there and asking the seller to pay buyer closing costs could weaken your offer.

Remember, every situation is different so there may be some houses where it is a possibility to request seller contributions. If this is important to you then keep on trying and recognize that it may take a little longer to find that perfect home.

I wish you the best of luck in your search and thank you for your question!

Ask Debi, Home Availability

Hi Debi,
I am thinking of moving to Phoenix from my chilly home in Manitoba and I want to buy a home in the Peoria area. I notice that when I search online at one of the real estate websites they show a lot of properties for sale but when I inquire about a specific property it is not available anymore. Either it is already sold or I am told that it is under contract. What does this mean? Do the homes go that fast or is this false advertising? 
-Sincerely,
Sally Snowbird

Hi Sally!
Thank you for writing to me. I do get this question often. Yes, the homes do sell very quickly here in the Valley but that is not the only reason you are running in to this issue.

Here is the inside scoop; real estate sites like zillow and trulia do not receive their information from our MLS system. In order to get the IDX feed from the MLS system you must be a licensed Realtor, therefore the information non-members get is not always up to date. No false advertising here, they just don't have the ability to give you the most recent data.

Don't let this discourage you though, these websites are great tools to get your search started and when you are ready, they have many Realtors to choose from.  They all come with a rating and recommendations.

You can check out my profile on zillow here and you can check out my trulia profile here.

I wish you the best of luck in your home search and when you are ready to find a place I would love to help!