Comments on: Thinking of making an offer on that Phoenix house?

By: Interviewed by Jeff Bureta from CBS 5 KPHO | Phoenix Area Real Estate Blog

Interviewed by Jeff Bureta from CBS 5 KPHO | Phoenix Area Real Estate Blog — Fri, 29 May 2009 03:53:49 +0000

[...] Yesterday afternoon, as I was departing from a rental home that had recently had some serious water damage, due to a faulty washing machine supply valve, at the same time it had a faulty whole house shut off valve, I was contacted by Jeff Bureta from CBS 5 KPHO, here in Phoenix, regarding my recent blog post Thinking of making an offer on that Phoenix house? [...]

By: Susan Milner

Susan Milner — Wed, 27 May 2009 22:00:53 +0000

Excellent article! It sounds very similar to the Cape Coral, Florida market here.

By: Steve Belt

Steve Belt — Fri, 22 May 2009 19:25:09 +0000

Ben, I don’t have that data any longer, as I went back this morning to look it up. My guess is the majority of the over-asking price deals are with REOs, while few of them are with short sales and regular transactions.

And Kyle, thanks a bunch for the kudos. You are quite welcome.

By: Kyle Pearson

Kyle Pearson — Fri, 22 May 2009 05:25:16 +0000

I love your blog. You always run these numbers that take hours and i can peruse the info and acquire the knowledge you slaved over in a matter of minutes. Thanks for your hard work!

By: Phoenix Real Estate Inventory Update - May 20 | Phoenix Real Estate | Phoenix Homes for Sale | All Phoenix Real Estate

Wed, 20 May 2009 22:40:06 +0000

[...] less of a deal once you take into account the mechanincs of supply and demand. Take a look at the figures my friend Steve Belt discovered the other day. Homes under $125,000 by and large are selling well above the asking price. Why? Because there [...]

By: Benjamin Ficker

Benjamin Ficker — Wed, 20 May 2009 19:41:46 +0000

These are great stats to keep things in perspective. Did you run numbers on REO’s or Short Sale’s specifically? I wonder how much those numbers would change.

By: Artur

Artur — Wed, 20 May 2009 15:03:31 +0000

“It wasn’t a high percentage of homes, but it certainly was a good number of them”

That’s a statement to remember to keep prices in line. It’s not like all homes are selling above so the current frenzy is limited, though buyers need to be aware that, often, putting in offers below asking price on an REO in the lower price ranges will leave them disappointed and looking for other homes.

Now if I can just get, “635000%” above asking price on some of my properties then I could finally get that super duper mountain bike I’ve been after.