What’s Happening With Scottsdale Foreclosures?

Scottsdale foreclosures are still a hot topic when I work with buyers and sellers. Buyers ask about availability of good deals on property and sellers want to know if/how there are foreclosures in their subdivision that are going to effect their Scottsdale home value. Well I have good news and bad.

Foreclosure Trends

In doing a little research on foreclosures I found two charts from two totally different sources that were very similar. One is from the Cromford Report, who we regularly quote here and the other from Google Trends.

google foreclosure trend

Google Trends is a tool that reports worldwide search term volume in an index format – you can’t see the actual number of times the word has been searched, you can just see if it’s increasing or decreasing. So I typed in Foreclosures. Then I filtered the chart to only show me searches from Arizona. You can see the level of google activity has been on the decline since 2009.

Other information included in Google Trends are the most popular cities for the search term. Scottsdale foreclosures comes in seventh! Surprisingly Sedona is leading the charge. Let’s look at actual real estate data.

We maintain a subscription to the Cromford Report because this directly affects the quality of our secret sauce. It’s important to have quick access to homes sales figures and real estate market reports – back to foreclosures in Scottsdale. foreclosure-trend

This chart shows the Notice of Residential Trustee Sales by Month. Foreclosure activity continues to lessen and based on the existing trend by mid next year we will be back to normal levels.

Scottsdale Foreclosures – Good News Bad News

If you are trying to buy a home in Scottsdale and are thinking there are foreclosures you’ll be able to find and buy for half the market value, think again. The inventory is down. The trend these days is that homes usually have multiple offers and are often times selling for more than their asking price. If you want to stay ahead of the public (and even some REALTORS®) check out our Unlisted Grayhawk homes page. We always blast our real estate listings out to this group of buyers before we put them on the MLS to give you an early advantage if you’re ready to pull the trigger.

The good news is for those selling a home in Scottsdale. Foreclosures are fewer and farther between. Short sales are still around, but at these short sales are typically lived in homes and don’t have the vandalism that the vacant foreclosed homes attracts. Also with the reduction in inventory means that home values are rising. Each neighborhood has it’s own valuation quirks, when you’re ready to sell let us know and we’ll coach you on how to get the most amount of money in the least amount of time.

That’s all for now – if you’d like to add your comments, visit our facebook page.

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