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ARIZONA: Here we are in year two of a sluggish real estate market and the question has to be asked ?
PARDON ME ! " You sold your property in ONE DAY for FULL PRICE ?"
This is what the MLS shows for some Arizona properties sold in the past year. The listing agent selling the property is also the buying agent and the property sold for full price in one day. This remarkable achievement happens despite the fact other similar properties near by, have sat on the market for over 365 DAYS for less money !
One property listed the Thursday before Memorial day, sold that day for full price and closed the following Thursday. Keep in mind that Monday was a Holiday and an appraisal and all the title and paper work were also done instantly. Sure helped the comp pricing for that area.
Is this COMP COOKING ? Maybe.
The State of Arizona Department of Real Estate states that" all transactions should be honest and have full disclosure". They have an investigative division that will investigate any property transactions that are reported. A real estate agent or broker can have penalties from suspension of a license, to criminal charges if the law has been broken.
On an interesting real estate development, the Arizona Regional Multiple Listing Service, who over sees the MLS system has announced changes to the MLS System :
"On May 8th you (realtors) will see a change to adding and revising listings. The ARMLS Board of Directors have voted to implement a change that will not allow users to edit any of the data that is used to calculate days on market. Some Agents intentionally enter incorrect data to fool the days on market calculations so their listing will zero out the cumulative days on market. Some of these errors are unintentional, due to a typo, however whether intentional or unintentional, a days on market violation can cost you a $200 fine per listing. "
What's cooking ? Hopefully not your Real Estate Values.
The Arizona Department of Real Estate can be contacted at (602)468-1414 or on line at http://www.re.state.az.us/
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