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!
    What if our economy was built around the swimming pool industry? Building swimming pools requires designers, laborers, pumps and filters, and a whole chain of maintenance people.  It creates a lot of jobs. Politicians might campaign on the slogan,   "What this country needs is a swimming pool...
OMG! I've been active (okay, obsessive) with ActiveRain only since January 11th, and I've already been "tagged!?!?" Chris Ann, that's almost cruel!   LOL   But oh well, here goes... 1.  My favorite movie, starring Steve McQueen & Dustin Hoffman, is Papillon. 2.  I have two tattoos, one butterfly ...
Full Circle Autowash graciously presented me with 100 of their Corporate Cards. As you can see, they are effective through December 31, 2009, and are good for discounts on most of their services. For those of you in the greater Phoenix area that would like to have one of the Full Circle cards ~ F...
No major closures are scheduled this weekend due mainly to the NBA All-Star game.   Drivers should be aware of overnight restrictions on US 60 Sunday night: Westbound US 60 (Superstition Freeway) narrowed to two lanes between McClintock Drive and Mill Avenue ~ 9 p.m. Sunday to 5 a.m. Monday Nort...
  Following is a post by Lenn Harley, an outstanding blogger and real estate broker in Rockville, Maryland. I consider Lenn a friend, even though I've never met her. And I have the highest regard for her grasp of real estate, the internet and the national political and financial scene. This post ...
I received an email today from the President of one of the finest Mortgage Lenders in the greater Phoenix area. Following are a couple of his comments to me. I need to make sure you and your clients are aware of a couple of things: Loan level adjustments are stricter and will impact the rate and ...
See below News Flash by Inman News from this afternoon... "A proposal to provide a $15,000 tax credit to homebuyers was stripped from a $789 billion economic stimulus package that appears headed for a vote Friday, but a restoration of higher loan limits for Fannie Mae, Freddie Mac and FHA loan gu...
PHOENIX continues to be one of the most popular cities in the United States!   January 2009 1,290 single family homes were purchased in Phoenix - compared to 461 in January 2008. The average price paid was $131,690 - compared to $294,347 in January 2008. The median price came in at $90,675 - com...
QUEEN CREEK is indeed a community with great demand and incredible values in greater Phoeniz, Arizona!     January 2009   285 single family homes were purchased in Queen Creek - compared to 131 in January 2008. The average price paid was $132,925 - compared to $179,625 in January 2008. The media...

Randy Hooker

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