Randy Hooker Blogging Arizona Real Estate ~ Greater Phoenix Area

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!
Awareness is wisdom. Read and become more aware.  ;-)What are the symptoms of H1N1... and how are they different from the common cold? How can you help stop the spread? I don't know if this is accurate or not but several different sources seem to be giving us this information so I thought I would...
This week a client was referred to me that wants to buy a house.  During our initial phone conversation, one of the first things I always ask is whether they have a lender and are pre approved for a loan.  He indicated that he did have a lender, that he found online. (Uh-oh).  And, that he was pr...
  Here's another great and timely post by Lenn Harley.  How does YOUR state rank?     Nannette Saunders offers an interesting post today comparing real estate tax rates for counties in her market area of Lynchburg, Virginia.    TAXES ARE ON THE WAY UP.  If we can believe the prognostigators in th...
    A Day at the Phoenix Zoo   photo by my daughter:  Jenifer Hooker   Jenifer's "Butterflies or Grapefruit?" Jenifer's "Rain in a New Light" Jenifer's "Reflections of a Rainbow" Jenifer's "Alone on the Beaches of Kauai" Jenifer's "Two Special Flowers" Jenifer's "Follow Your Dreams" Jenifer's "Bu...
    There will be NO SCHEDULED CLOSURES on Arizona highways, including Phoenix-area freeways for the holiday weekend.  ADOT asks drivers to be prepared in case of any unscheduled restrictions that may occur.   Have a Memorable Memorial Day Weekend!   Gilbert Homes ~ Chandler Homes ~ Mesa Homes ~ ...
    photo by my daughter: Jenifer Hooker   Jenifer's "Rain in a New Light" Jenifer's "Reflections of a Rainbow" Jenifer's "Alone on the Beaches of Kauai" Jenifer's "Two Special Flowers" Jenifer's "Follow Your Dreams" Jenifer's "Bubbling Lemon" Jenifer's "Purple Lightning" Jenifer's "The Eyes Have...
    photo by my daughter: Jenifer Hooker Jenifer's "Reflections of a Rainbow" Jenifer's "Alone on the Beaches of Kauai" Jenifer's "Bubbling Lemon" Jenifer's "Purple Lightning" Jenifer's "The Eyes Have It" Jenifer's "Butterflies"
    1 Westbound Loop 202 (Red Mountain Freeway) closed between Country Club Drive and Loop 101 in north Mesa for carpool lane construction. 11 p.m. Friday to 5 a.m. Monday (April 20) 2 Southbound Loop 101 (Pima Freeway) closed between Frank Lloyd Wright Boulevard and Via de Ventura in the Scottsd...
  The below article was written by a great agent/broker in Alaska.  Like Jesse, I receive such calls about twice a year, and every time I do, it hurts me.  A word to the wise, home buyers.  I invite you to read and take heed.   Principles of negotiation.  Books have been written about it.  Speake...
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!     March 2009 vs. March 2008   1,968 single family detached homes were purchased last month vs. 629 last year. The average price paid was $103,952 vs. $283,47...

Randy Hooker

Gilbert, Chandler, Mesa, Queen Creek
local_phone(480) 926-8777
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