There is a new emerging trend in the mix of distressed home sales versus non-distressed sales in the recent months. Distressed home sales have created an impact on the Arizona housing market.
A distressed property, or what is being marketed as “short sales”, is a home that has a mortgage which a homeowner can’t afford to maintain. Instead of foreclosing, the lender agrees to the sale of the property for less than the loan balance. Because of the lesser value selling price of distressed properties, it creates a downward pressure on properties values on surrounding areas. Purchasing a distressed home is more appealing for a home buyer’s standpoint due to the lower pricing, however the process can be more complex and longer.
Here are trends for distressed vs non-distressed residentail property sales for Tucson:
What Does It Mean?
According to the article of longrealty.com, “the data above seems to indicate that we are seeing a shift in the Arizona marketplace with a greater percentage of residential transactions being non-distressed sales, with conditions in place for this trend to continue. If so, it would be good news for the continued improvement of local housing including price stabilization and appreciation.”
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