It is no secret that in the period from 2005 to 2009 we have moved from a seller’s market to a buyer’s market.
Supply and demand market forces have caused home prices in the Rim Country to decline and there are some extraordinary values for buyers.
The challenge that today’s sellers are facing is many buyers want more than a good value and are looking for a steal.
A lot of inquiries coming into real estate offices are for foreclosures, bank-owned properties, and short sales.
Buyers, particularly those from the Valley, fail to realize that Gila and Maricopa counties are separate real estate markets and are not impacted to the same extent.
Real estate is a local business and should not be lumped into one category for analysis.
For example, people understand the foreclosure/trustee sale/short sale impact to the housing market in Scottsdale is dramatically less than in Buckeye or Maricopa.
The same applies to the Rim Country versus Maricopa County as a whole.
My thanks to Larry Huffer, chief appraiser of the Gila County Assessor’s Office who supplied the following Gila County statistics regarding trustee’s sales. The statistics incorporate homes and land records.
In 2008, the Payson-Star Valley area recorded 170 trustee’s sales. Of these, 60 of the sales were canceled, 66 were sold or returned to the trustee and 40 are still pending action or were paid up and a notice of cancellation was not recorded.
In the Pine-Strawberry area, 41 properties were recorded for a trustee’s sale. Of these, 13 of the sales have been canceled, 12 were sold or returned to the trustee and 16 are possibly pending or paid up and a notice of cancellation was not recorded.
To break this down further, in the Payson-Star Valley area we are averaging 5.5 properties a month that are being sold or taken back at a trustee’s sale. In Pine-Strawberry, the average is one per month.
Trustee’s sales are a tragic occurrence, however, the above statistics point out that we are far below the rate of Maricopa County.
Hopefully, these statistics will clear up some misconceptions about our local market. Buyers need to be aware that there are some awesome opportunities in this market that are not associated with foreclosures or bank-owned properties.
Ray Pugel is a designated broker for Coldwell Banker Bishop Realty. Contact him at (928) 474-2216.