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!
Kim Jong Il Announces Plan To Bring Moon To North Korea If you've already seen my Three Stooges post, you know that I have a sick sense of humor. And altho I'm still new to ActiveRain, I'm feeling comfortable enough to introduce you to one of my favorite news services: The Onion. Well... in all h...
Eeyore would probably be perfectly content with the information I'm about to share with you.  However, some of my friends and associates will most likely think this post is leaning to the "doom and gloom" side of things. The intent, however, is not for this to be perceived as negative information...
As if we didn't already love Google enough for their incredible search engine, products and services, wait till you try out their FREE telephone information service! Google now offers FREE 411 calls from any cell or land line in the United States and Canada!  It's fast, simple and easy: Dial 1-8...
3 Bedroooms ~ 2.5 Bathrooms ~ 1986 ~ 2,367 SqFt ~ List Price $249,900 You're gonna LOVE the ambiance of this Ahwatukee Foothills home! We recommend starting your tour in the privacy of the back yard that boasts of a sparkling, heated Pebble-tek pool and spa, extended covered patio, wood deck and...
This truly is the best and most incredibly romantic first wedding dance I've ever seen. What a great way to start off what has to be a beautiful marriage! Makes me wish I didn't have two left feet, and that I'd been able to think outside of the box at my wedding.
The title of this post alone will keep most folks from looking at this old pic.  But if anybody wants to know more about the "inner child" that contributes so much to the "outer child" known as Randy Hooker, then here ya go!  I totally, unconditionally LOVED Curly, Moe and Larry.  And I still do...
This post by Liz Moras is just too good not to re-post here (with her permission of course).  What a terrific idea to set up a forum (group for folks to share their "A-Ha!" moments.  I can hardly wait to read the stories of instantaneous moments that changed peoples' lives in a magnificant way.  ...
  I received an email from a client who posed the following question: "There's talk around here about the HOA changing the CCR's to prohibit rentals. Can they do that?" She also asked, "We have so many properties in foreclosure, where they're not paying HOA fees, that they want to charge all the ...
Oh my God! One of my teenage daughters recently said to me, "I'm bored!" My response? "Just shoot me now and put me out of my misery. If I hear either one of them say that again, I'm gonna scream!" Can you relate? So how often in your life have you felt 'bored'? Or for us parental units, how many...
  I recently sat in on (more like a refereed) a rather heated conversation between a real estate Agent and his first-time home Buyer client. They had just closed on the purchase of a home in Arizona, and both of them were quite upset.  Seems that the original Arizona MLS listing on the property h...

Randy Hooker

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