20% Of Active Homes In Phoenix Are Not: Improving The Phoenix Home Search
September 25, 2009
The home search at Phoenix Market Trends has once again improved to provide more and better information for users.
In the public searches there is a large discrepancy between what is shown as active and what is really active. Let me demonstrate.
Most
buyers searching online would see 29,818 active single family homes in Greater Phoenix while the reality
was that only 24,019 were truly active without a contract or 19.7% less.
On a daily basis we receive inquiries from people asking about properties that turn out the be AWC/I. Active, but not.
What's the difference?
Active are homes without any contracts on them: truly active and open to offers.
AWC/I
are Active properties with an offer that has a contingency which makes
them more likely to come back on the market: a higher risk of the
contract failing: in theory. There is a place for the AWC designation even if it creates a bit of confusion and even though it's often misused.
This has changed.
It's changed in that you know which is which in our search. When searching through our Phoenix home search you may come across "a contingent offer has already been accepted on this property" highlighted in yellow just like the photo above, this means the property is not really active. These are the properties that are AWC /I.
It's got a contract and if you decide to place a contract
on the property it will be in a back up position if the seller even
accepts back up offers.
On the other hand it's worth keeping an
eye on properties you like, especially if they are short sales because
often they come back on the market for multiple reasons, amongst them
the buyer has found something else.
This should make searching for
homes better with more accurate and current information. We still
encourage you to call with questions about properties.
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