Tucson Short Sale Statistics and 2011 Overviews

Tucson Short Sale Statistics and 2011 Overviews

Tucson short sale listings are increasing in today’s real estate market, accounting for over 10 percent of home sales. For some homeowners short sales may be the best financial solution and for financial institutions they may be the better method of reducing expanding inventories of distressed properties. Critical key for homeowners is to prevent the home from going into foreclosure and the banks need to settle its debt reducing the amount of loss from a short sale property.

Short sales are for homeowners who cannot continue to make future mortgage payments and find themselves in a financial crisis. If you are considering a short sale you need to notify the bank first and explain the situation. Depending on your situation the bank may have an alternative that helps to prevent future mortgage defaults, especially if the financial difficulty is short-lived. Homeowners with first and second mortgages need to notify both institutions of the impending action.

If recovery is not possible the remedy may be a short sale working with an experienced short sale realtor. An experienced realtor can work with the bank, walk the homeowner through the process and in some cases the realtor may have a qualified buyer for the property. Good news for Tucson and a sign of the times, distressed home sales are selling in less time during 2011 compared to 2010 statistics with average prices continuing to decline during the third quarter of 2011. The area is also experiencing fewer homes being seized by the banks in today’s market, which means sales have increased and inventories are decreasing. For the buyers, sale prices are still lower as we move into the third quarter of 2011 compared to 2010 and the banks are discounting less with the increased movement of home sales.

For the desert communities the upcoming seasons of fall and winter may see a surge of home listings with the ongoing economic real estate conditions. As real estate transactions and listings continue to increase, buyers could find some advantageous opportunities for investment properties or the purchase of single family homes. If the past year’s performance is an indication of what the balance of 2011 can be, there could be some positive incentives for Tucson homeowners. Although precautions and safeguards still exist within the banking systems and real estate markets, wrapping up the year in Tucson may see a continuing trend well into the new year of 2012.