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!
  I've always been a big believer in the saying, "Why reinvent the wheel?"  I sat down to start working on a comprehensive list of all the items lender(s) require when attempting a short sale when I ran across the below post by another excellent AR blogger in Charlotte.  His compilation is so com...
I just this morning had this conversation with a client.  And the statement that came out of his mouth is the title of this post.  30 minutes later, after a lot of explaining, cussing and discussing I think he finally understands it.  So for those that aren't quite sure what title insurance is al...
After over 12 years in this business, I still occasionally receive this question: “Do you have the time to work with another client?”   My answer has always been and continues to be a resounding “Yes!” I consider referrals to be the highest compliment and honor that clients can convey on me, and ...
The Gadberry Group, a location intelligence firm, recently announced that Queen Creek, Arizona was the most notable high-growth area in the U.S. in 2008. Given the large amount of news about negative growth and market conditions, Gadberry's boom town list clearly illustrates that there are many p...
All of these photos were taken by one of my daughters, at the Botanical Gardens in Phoenix, Arizona.  Jeni has a true passion for photography, and as you can see, a definite gift for it as well.  She is still in high school, but has already turned semi-pro.  Considering I didn't have a clue what...
For those of you that know me, you'll recognize this as yet another of my 'wonderings'. For those of you that just stumbled across my blog, you will most likely enjoy this next article or you'll quickly judge me as being just another wacko on the internet.  Either way, all is well!   ;-) The huma...
  Wait!  DON'T hit your browser's Back button!  If you're looking for information and resources about the greater Phoenix, Arizona area, you're at the right place! This post is just my twisted way of making a point >>> How would you like to NEVER see a headline like this again? Arguably the #1 re...
  I don't know about you, but I find it mighty frustrating when I head out across the Valley of the Sun on a nice sunny weekend and end up encountering a major traffic detour or slowdown. I recently discovered that the Arizona Department of Transportation issues a weekly notification that identif...
Great news for the Town of Queen Creek! It was awarded a grant from the Arizona Horse Lovers Foundation to create an equestrian trail along the bottom of the Queen Creek Wash from Hawes Road to Desert Mountain Park. The project includes a safe equestrian ramp from the trail node at Desert Mounta...
    Another builder files for Chapter 11, and this time it's one of the largest builders in Arizona - Fulton Homes.  They are reportedly building and selling homes in 21 subdivisions in and around the greater Phoenix area, including the following in the East Valley: In Chandler: Aegean Cove at Fu...

Randy Hooker

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