Phoenix AZ Unemployment and Foreclosure Statistics

Sellers Nightmare Come True!rnIn this market environment, selling a house is becoming increasingly challenging as unemployment reaches nine percent over the summer, and the number of foreclosures increases 25% over last year’s figures. This perfect storm of bad news is not looking to improve for at least 4 years and possibly longer, according to some sources. The opportunity to turn a quick profit on real estate based on the value of a home rising over the short term has mostly vanished, leaving homeowners holding onto greatly devalued real estate and a mortgage they cannot afford to make. Some real estate brokerages have even began to restrict their listings, and other ones are refusing to take new listings until the backlog clears out. A Ray of HopernIf you are trying to sell a house in this saturated market of sellers, you might find that you are having a hard time recouping any of your equity, much less making a profit on the transaction. In fact, many individuals in the Phoenix area actually owe more than the property is worth. What option is there other than foreclosure if you are in this situation? One option that many people are starting to explore in this down market is a short sale on their property. This is when the homeowner finds an investor to negotiate with the bank on a discount or 'short' of the note value in exchange for a quick cash transaction. Beating a Dead HorsernSome people can afford to hold onto their falling investments and ride out the storm. But the smart majority is getting out while they still have something left. Selling a house fast in this market is nearly impossible through traditional means, so short home sales might be an option you need to look into. By taking the steps necessary to sell house fast, you are taking the initiative out of a struggling real estate brokers hands and putting it in the hand of a seasoned group of investors who will give you the best possible deal for your property several months earlier than you can expect from a real estate agent. Maintain Your Financial DignityrnWhen looking for a Phoenix, AZ based investment firm, make sure you are not falling into the hands of some scam artist. Look for a well-established large firm with plenty of investment capital available, and in addition, a local firm that understands your market and the real estate challenges is far better than working with a fly-by-night outfit out of state. Selling house fast is something you can do in this market, but you have to look for nontraditional ways of dealing with the laws and statutes involved with this particular aspect of real estate. A savvy investment team might be exactly what you are looking for to get out of a bad situation fast.