Sellers:
Pay attention!!! For the 7^th month in a row, the average days on market has decreased. October saw this drop an average of 3 days! Considering the length of time that short sales can take, this is definitely a statistic to watch. Some banks do appear to be responding more quickly to short sale requests, resulting in those buyers staying in the transaction. We know, however, that there are still thousands of foreclosure properties that have been “on hold” with the banks (not released to the market), and we are still waiting to see when and how those properties will be introduced to the market and what impact those properties will have. For sellers who need to sell in this market, it is important to remain competitively priced and take advantage of the current buyer activity in the marketplace.

Buyers:
This number is important to buyers because it means homes are selling much more quickly – that happens when there is more buyer interest and competition for properties. As a result, the impact for buyers may mean paying a higher sales price and receiving fewer concessions from the seller for inspection items and closing costs. Before the extension of the Buyer Tax credit, buyers were very busy making sure they were taking advantage of the $8,000 credit before the deadline of October 31^st.



The market we are in today is in a constant state of shift, and month to month, I will keep you updated on the numbers that are having the most significant impact on the market. The information I provide here is for the entire Phoenix area, but it can be narrowed down to your neighborhood if you would like me to get that for you.  I keep up with the numbers, so if I can provide you with any other information, please do not hesitate to call.