Randy Hooker Blogging Arizona Real Estate ~ Greater Phoenix Area

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Real Estate Broker/Owner - Dreamcatcher Realty / Greater Phoenix Area
The East Valley of the greater Phoenix, Arizona metropolitan area, including Chandler, Gilbert, Mesa, Gold Canyon, Queen Creek and Tempe, is still in a price-driven Buyer’s market. In mid-2005, there were less than 6,000 available MLS listings of homes for sale in the entire Valley of the Sun. Today, there are well over 40,000! A number of factors are contributing to the current market conditions, but one extreme factor stands out heads-and-shoulders above the rest ~ foreclosures in record numbers! Queen Creek is being impacted the most by bank owned (foreclosed/REO) properties continuing to hit the market, followed by Mesa, Chandler and Gilbert. As a result, several unique conditions currently exist: * The selection of available homes for sale in the East Valley is tremendous. Never before have there been so many choices in all types of residences: waterfront, gated, active adult, nearly new, mountain views, horse property, private pool, luxury, affordable ~ you name it! Regardless of the price point, many of the bank owned (foreclosed/REO) properties are in deplorable condition (trashed/stripped by former owners and/or vandalized after being vacated/abandoned), but perhaps 10-20% of them are in terrific locations, have quality upgrades and a private pool, and are in move-in condition. There are also thousands of single family homes, townhouses and condos in Gold Canyon, Tempe, Gilbert, Chandler, Queen Creek and Mesa that are on the market by homeowners who want or need to sell their homes, many of which are in outstanding condition and priced quite aggressively. * In light of the over-supply of available homes, coupled with the overall slowdown in both the real estate market and the national economy, prices in the East Valley have fallen to the point where many nearly new homes are actually priced below current comps/appraisals. Some areas of Tempe, Chandler, Gilbert, Gold Canyon and Mesa have seen prices correct downward by as much as 50%, and some parts of Queen Creek have corrected by as much as 70%. Home prices are extremely attractive and affordable in virtually every area of the East Valley, including gated communities and waterfront properties with private pools are arguably at or near rock-bottom levels. * In spite of the sub-prime lending crash that started in 2006, and national banking/liquidity crisis that surfaced in 2008, mortgage loans in the East Valley are still readily available. Credit requirements are more stringent than they were in recent years, but solid loan products and pre-approvals are indeed accessible to home buyers in Mesa, Tempe, Gilbert, Chandler, Gold Canyon, Queen Creek. Several loan products have made a roaring come-back, including FHA loans requiring only a 3.5% down payment, VA loans requiring no down payment, and USDA rural loans (available on many horse properties and other areas of Queen Creek) that also require no down payment. * Interest rates continue to hover in an historically low range. Like most everything on this planet, the reasons for such super-low mortgage interest rates are numerous and complex. The obvious benefit is that many buyers are indeed able to finance their home purchases. And given the tremendous choice of homes and almost unbelievable pricing, bargains, deals and steals in the East Valley are happening daily. * The result of the conditions described above ~ over-supply of homes, extraordinarily low prices, availability of mortgage financing and low interest rates ~ is a noticeable, steady increase in buying activity in Gilbert, Gold Canyon, Tempe, Chandler, Queen Creek and Mesa. Properties that are priced aggressively and in above-average condition (bank owned or not) are often drawing multiple offers and selling in just a few days. Whether your interest is in single family homes, townhomes or condos... and whether you're focused on bank owned (foreclosed/REO) properties, pre-foreclosures, short sales or homes being offered by traditional homeowner-sellers... and whether you're looking for smaller, larger, older, nearly new, brand new, active adult, waterfront, gated, private pool, no pool, mountain views or any other type of home in the East Valley, we're here to serve you. And whether you're moving in or out of Mesa, Gilbert, Chandler, Gold Canyon, Queen Creek or Tempe, Arizona, we're here to help you find and purchase just the right home at just the right price!
RECENT BLOG POSTS
  The Obama Administration has announced new U.S. Department of the Treasury guidelines to enable servicers to begin modifications of eligible mortgages under the Administration's Homeowner Affordability and Stability Plan. The release of detailed requirements for the "Making Home Affordable" pro...
03/16/2009
Following is a graphic illustration of the current real estate market conditions in the greater Phoenix area. Data was compiled and provided by the Arizona Regional MLS (ARMLS), which encompasses the entire Valley of the Sun, including Gilbert, Chandler, Mesa, Queen Creek and Phoenix, Arizona.   ...
03/15/2009
This is a question that was posted by a prospective home buyer on Trulia this evening.  On the surface, it seems like a harmless enough question.  And apparently a few others had that same thought, as within minutes a couple of real estate agents weighed in and posted answers to the buyer. I was ...
03/14/2009
    1 Northbound Loop 101 (Price Freeway) closed between Guadalupe Road and US 60 for overhead sign work. Northbound Loop 101 ramps to US 60 closed. 11:30 p.m. Friday to 9 a.m. Saturday (March 14) 2 Eastbound I-10 narrowed to one lane between Litchfield and Dysart roads for widening project. East...
03/13/2009
I frequently hear derogatory remarks made about car sales people - particularly "used car salesmen." I also hear many derogatory remarks made about real estate agents, and how they sometimes use the same high pressure tactics as car salesmen. Car sales people help folks make buying decisions and ...
03/11/2009
According to a news release today, Congress has just introduced legislation that if passed would establish a panel to provide independent mortgage advice. The new "panel" would be called the "Financial Products Safety Commission," and would "provide independent advice to consumers on mortgage pr...
03/10/2009
photo by my daughter:  Jenifer Hooker   The left flower is one of Jenifer's best friends for about 10 years now. She can occasionally display a bit of a split personality, so when Jeni put these two photos together in such a striking manner, I felt it was actually very appropriate, perhaps even ...
03/08/2009
  In today's real estate market, I meet a lot of home owners that are facing a short sale situation.  A short sale occurs when the home seller's mortgage company accepts less than what is owed in the sale of the home. The beginning of the short sale process is communicating with your mortgage com...
03/07/2009
    1. Southbound Loop 101 (Price Freeway) closed between Rio Salado Parkway and Guadalupe Road for carpool lane project. Loop 202 (Red Mountain Freeway) and US 60 ramps to southbound Loop 101 also closed. 11 p.m. Friday to 5 a.m. Monday (March 9) 2. Northbound Loop 101 (Price Freeway) closed bet...
03/06/2009
  I'm a very outspoken critic of the deplorable manner in which many bank owned properties are being listed and marketed these days. The banks/sellers want to sell the homes and get 'em off their books,  the seller's agents want to close deals, and the buyers just want a fairly accurate descripti...
03/05/2009
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Randy Hooker

Gilbert, Chandler, Mesa, Queen Creek
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