Randy Hooker Blogging Arizona Real Estate ~ Greater Phoenix Area

By
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
PHOENIX, ARIZONA ...a/k/a "The Valley of the Sun" continues to be one of the most popular cities (and 5th largest) in the United States!     February 2009 vs. February 2008   1429 single family detached homes were purchased last month vs. 447 last year. The average price paid was $115,731 vs. $2...
03/04/2009
QUEEN CREEK, ARIZONA ...is indeed a community with great demand and incredible values!     February 2009 vs. February 2008   309 single family detached homes were purchased last month vs. 147 last year. The average price paid was $131,746 vs. $202,852 last year. The median price came in at $112,...
03/04/2009
  MESA, ARIZONA   ...continues with its long-standing reputation of being one of the most desirable communities in The Valley of the Sun!   February 2009 vs. February 2008   377 single family detached homes were purchased last month vs. 252 last year. The average price paid was $174,218 vs. $235,...
03/04/2009
GILBERT, ARIZONA   ...a shining star in The Valley of the Sun!     February 2009 vs. February 2008   240 single family detached homes were purchased last month vs. 175 last year. The average price paid was $221,280 vs. $298,733 last year. The median price came in at $197,000 vs. $254,990 last ye...
03/04/2009
CHANDLER, ARIZONA   ...is truly a sparkling gem in The Valley of the Sun!     February 2009 vs. February 2008   184 single family detached homes were purchased last month vs. 138 last year. The average price paid was $249,693 vs. $313,741 last year. The median price came in at $210,000 vs. $241,...
03/03/2009
  Here's an outstanding explanation and definition of Loans Locks, by Ken Cook, a gentleman in Atlanta, Georgia for whom I have immense respect.  Enjoy! Yesterday I had a customer who is an engineer at one of the largest cable companies in the world tell me he was feeling pressured from me to get...
03/01/2009
I met some extremely nice clients this morning - a mom and her son. She had been looking at listings I had been sending her for a couple of weeks, gotten her financing arranged, and they were both quite excited to tour some of the homes that looked and sounded so appealing on-line. The first lis...
03/01/2009
photo by my daughter: Jenifer Hooker Jenifer's "Follow Your Dreams" Jenifer's "Bubbling Lemon" Jenifer's "Purple Lightning" Jenifer's "The Eyes Have it" Jenifer's "Butterflies - Spectacular Works of Art"
02/28/2009
Arizona's Maricopa County includes Phoenix, Chandler, Gilbert, Mesa, Queen Creek, et al. Following is a chart, courtesy of the Maricopa County Tax Assessor, that shows a comparison of 2009 vs. 2010 median Full Cash Value (FCV) for each city in the county.  FCV's will not rarely, if ever, line up ...
02/28/2009
  Remember the old TV commercial that went like this: This is your brain. This is your brain on drugs. For those of you too young to remember this anti-drug TV spot, your brain on drugs is supposed to look like a fried egg on the sidewalk (not so subtle message of "you can fry your brains out if ...
02/27/2009
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Randy Hooker

Gilbert, Chandler, Mesa, Queen Creek
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