Every Tuesday morning at 9:00 am, a crowd grows outside the Superior Courthouse in Phoenix as Auction.com passes out numbered paddles in an attempt to organize a motley crew of bidders. They represent millions of dollars ready to swoop up new luxury homes in AZ hitting the auction block.
If you rely on national statistics, local realtor Russell Shaw says you’re seriously misguided.
Part of the reason Arizona is moving faster he says is we’re a deed of trust state. Most other states, like Florida and New York, he explains, “Are judicial states where the process to foreclose takes place in a courtroom. When you sign the deed of trust you’re agreeing to the foreclosure process, which is the notice of trustee sale.”
“We just want to take advantage of a deal right now,” says Linda Klinker, a former commercial real estate appraiser.. “Our home is just too small for us.”
In 1990-1991, Klinker saw the housing market make a similar turn around, “I kept telling everyone, ‘This is the next L.A., buy! Buy!'”
Russell Shaw with Realty One says now is the time to both buy and sell new custom homes in Arizona. When home values start rising, says Shaw, interest rates usually follow, placing an added urgency under potential buyers to bid.
“If their idea of a deal is getting it under the asking price, my answer would be currently, don’t waste your time,” warns Shaw. “Almost everything is going above the asking price, because prices are still way below where they ought to be.”
“Particularly, if you’re a seller who is planning on buying something else, like a move up buyer, this is the time you’ve been waiting for,” he concluded.
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