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
  MESA continues with its long-standing reputation of being one of the most desirable communities in greater Phoenix!   January 2009   326 single family homes were purchased in Mesa - compared to 190 in January 2008. The average price paid was $169,466 - compared to $283,257 in January 2008. The ...
02/11/2009
CHANDLER is truly a sparkling gem in greater Phoenix, Arizona!     January 2009   168 single family homes were purchased in Chandler - compared to 149 in January 2008. The average price paid was $265,567 - compared to $345,675 in January 2008. The median price came in at $249,000 - compared to $...
02/11/2009
GILBERT continues to demonstrate why it is a shining star in greater Phoenix, Arizona!     January 2009   224 single family homes were purchased - compared to 155 in January 2008. The average price paid was $233,607 - compared to $292,480 in January 2008. The median price came in at $208,100 - c...
02/11/2009
More incredible photos by my daughter, Jenifer. She caught these in the middle of an Arizona "monsoon" thunderstorm in Phoenix, Arizona in August 2008. They were beautiful and awesome to behold, and yet crazy scary to experience! Hope you enjoy viewing them as much as she did in taking them!  :)...
02/11/2009
  It truly is the 11th Hour in our country's financial time clock. My good friend Mirela Monte just posted the below notice/appeal, and I am in whole-hearted support of her recommendation that we take action - now! Homes in Arizona       The much awaited $15,000 Home Buyer Tax credit may be in je...
02/09/2009
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. Ho...
02/09/2009
I was thinking about saving this till Friday, but I just can't help myself. I've now watched the this spoof video by The Onion at least 4 times, and I literally laugh out loud every time. My disclaimers include: it was produced by The Onion; there's a bit of raunchy language (no nudity); it's irr...
02/08/2009
photo by Jenifer Hooker A beautiful blue eye, with a bonus! The subject is a neighborhood friend who is just 11 years old. Check out her pupil. Look carefully, and you will see a reflection. That's my daughter, Jenifer, taking the photo. Can you see the trees in the background? Picture within a ...
02/07/2009
A client of mine sent me some information this week on a loan product that his Loan Officer presented to him.  I've never heard of this particular loan before, and I'm wondering if any of you have had anyexperience with it.  Here are the details. Eligible borrowers for a HUD 184 loan:  An individ...
02/07/2009
In a MarketWatch article yesterday by Lew Stichelman, he addressed a Real Estate Question that really surprised me. He described a couple that is falling on hard times, financially, and that are in need of a real estate agent. They said, and I quote, "We are having a problem getting a real estate...
02/07/2009
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Randy Hooker

Gilbert, Chandler, Mesa, Queen Creek
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