Numbers are great, but it is what’s happening in the trenches right now that spells success or failure in the near future. I am personally experiencing a great deal of buyer traffic. I have 3 buyers closing on their homes this month alone. I am getting a lot more traffic on my listings, which, by the way, are all short sales at this point. I am getting contracts on two of my listings this week.

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One thing that people often forget or don’t know to ask about is a Realtor’s education. While all agents must take the same classes to become licensed, they are also required to take ongoing education. In Arizona, an agent must take 24 hours of Continuing Education Credit every 24 months to remain licensed. Some agents take courses on an ongoing basis while others cram it all in at the end right before they renew their licenses.

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In particular I was concerned over a couple of propositions that were worded to deceive the public into thinking they were getting something they were not. In this year of skepticism, however, voters managed to cut right through the smoke and mirrors and gave resounding decisions on these propositions.

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So Jake the Snake (Joe the Plumber’s brother-in-law) goes from builder to builder and creates lawsuits with his favorite attorney friend against the builders. He’ll win some and lose some, but he has no penalty for losing, and his gains pay both him and his attorney. In fact, he doesn’t even have to purchase the home in order to file a lawsuit.

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Furthermore, Arizona is strapped for cash and is likely to look for sources of increased revenue in the very near future. But is double taxation on our homes really the answer? The Arizona Association of Realtors says “NO” which is why they are sponsoring the Protect Our Homes Amendment, Proposition 100.

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If I calculate only using Sold listings versus Active Listings, we have an 8.6 month supply still active. I believe that number is more accurate and really reflects what sellers are experiencing out there right now.

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I mentioned last month that we are seeing increased difficulties and decreased cooperation from banks. This month I am working with a bank that seems to be motivated to get my short sale closed. If more banks become like-minded, short sales will remain attractive and things will keep moving. It’s a patchwork out there, though. Some banks are great, while others seem to be trying to lose money!

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At this point in the market, banks seem to have become increasingly skittish and this could be adding to a lower pending rate. If they continue to balk and back out at the last minute on the short sales, we will have a glut of foreclosures in 60-90 days which will bring down our values, but also provide great investment opportunities for buyers.

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Buying a home that has been foreclosed can be a very good deal, particularly if you have money to invest in fixing it up. You generally end up with more in equity than the amount you spend fixing the property, particularly when you do some of the work yourself…. Even if you’re a first time homebuyer with no money for cosmetic or other repairs, a foreclosure may be within your reach with creative financing that allows you to finance the repairs based on the repaired value of the home.

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Short sales typically are accepted at 85% to 90% of market value and when you’re buying a big ticket item like a house, that’s a lot of savings.

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