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!
  Enjoy Art, Culture, Science and Fun at Spring Family Celebration   Spring into the season at the annual Queen Creek Spring Family Celebration! Bring the family and enjoy a colorful combination of art, culture, science and fun in this all-in-one community festival. This free event will be held f...
  Following is what I consider to be an outstanding post by a fellow ActiveRain blogger and friend of mine in San Antonio, Texas, Matt Stigliano.  I know many Realtors and real estate Brokers who think issues such as this should be kept quiet and hidden from the public, but I respectfully disagre...
  There continues to be a TON of misinformation and false expectations out there about "short sales."  Following is a very thorough and accurate breakdown and description of the short sale process.  It is not for the faint of heart, is not easy, is not quick, and is not successful in the greater ...
  The details of the Treasuries much anticipated toxic asset plan to "cleanse" the banking system and restore financial stability are now public.  My reaction posted on Twitter as I was reading it. @timu_matt: Reading the Treasuries new toxic asset plan. Everytime I think they can't get more hell...
    photo by my daughter:  Jenifer Hooker   Jenifer's "Alone on the Beaches of Kauai" Jenifer's "Two Special Flowers" Jenifer's "Bubbling Lemon" Jenifer's "Purple Lightning" Jenifer's "The Eyes Have It" Jenifer's "Butterflies"
Standard and Poor's (S&P), a globally recognized credit rating agency, has increased the Town of Queen Creek's bond rating from "A-" to "A." In addition, S&P raised the Town's financial assessment from "standard" to "good." "Having S&P increase the Town's bond rating from an 'A-' to and 'A' is v...
This is definitely not news to most people, but considering the number of questions I'm still receiving, it seems like a review and recap might be a good idea. The “American Recovery and Reinvestment Act of 2009” passed the House and Senate on February 13, 2009, and was signed by President Obama ...
VALLEY OF THE SUN     Many members of homeowner associations (HOA's) across the greater Phoenix metro area are being impacted by the economic downturn. Some HOA's are facing collection issues and possible bankruptcy, as well as being heavily impacted by a reduction in the collection of HOA fees,...
  1 Southbound Loop 101 (Price Freeway) closed between Warner Road and Loop 202 (Santan Freeway) for carpool lane construction. Traffic will use frontage road. 11 p.m. Friday to 5 a.m. Monday (March 23) 2 Northbound Loop 101 (Price Freeway) narrowed to two lanes between US 60 (Superstition Freew...
    Why do Realtors think preapproval letters are about as worthless as a wet cocktail napkin? Has it become so bad that Realtors believe a do-it-yourself prequalification is better than one from the mortgage office? I believe the time has come for preapproval letters to gain some respect. We can...

Randy Hooker

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