As real estate professionals we spend a lot of time looking at property, prices and area developments that effect the local housing market. As such we are now begining to see what can only be described as smoking deals on homes in certain parts of the Phoenix valley. First time home buyers and investors, now is the time to seriously start looking at what there is available for sale.
The deals can be found everywhere if you look and are patient for the right property, but ready to pounce when they appear. For example in Queen Creek in the south east side of the valley there are, as of writing this, 56 homes active for sale priced under $80,000. The average dollar per square foot is $56.92 with a high of $71.43 per foot. Most of these homes are single level with around 1300 square feet. Among-st this crowd of homes is one built in 2004 that is a bank owned two story property with 2,109 square feet. Thats only $37.69 a square foot. The property needs a kitchen and appliances, however if 10 to $15,000 was invested in this place you would have a total investment of $95,000 or $45.04 a sq.ft. I checked the tax records and found that the builder had sold this home new for $156,250 back in June of 2004. Below are the market stats for the sub division this home is in. There is no doubt in my mind that now is the time to invest in this market if your goal is to hold these homes for five years or more. If you are looking to purchase a home like this one as an investment property then the monthly rent would be between $900 and $1000.
There were a total of 127 closed sales from April 1st to September 30th in 2008 compared to 33 from April 1st of 2007 to September 30th of 2007. The average selling price for that period was $150,636 compared to an average selling price of $210,674 for the same period in 2007, a percentage drop of 28.5%. The average sales price per square foot was $74.36 compared to $110.38 for the same period in 2007. The average number of days a house was on the market was 103, compared to 121 days for the same period in 2007. Currently there is a 4 month supply of inventory with 84 houses on the market for sale as of 10/27/2008.
Cortina is a master planned community developed by Fulton Homes located on the east side of Power Road south of Germann road with prices starting at under $200,000 and going up to the $500,000's for over 4000 sq.ft with a basement 3 car garage and pool.
Below are the stats I pulled for Cortina today that compares year on year data.
There were a total of 91 closed sales from April 1st to September 30th in 2008 compared to 36 from April 1st of 2007 to September 30th of 2007. The average selling price for that period was $264,282 compared to an average selling price of $367,468 for the same period in 2007, a percentage drop of 28%. The average sales price per square foot was $94.47 compared to $137.59 for the same period in 2007. The average number of days a house was on the market was 81, compared to 119 days for the same period in 2007. Currently there is a 2.6 month supply of inventory with 39 houses on the market for sale as of 10/17/2008. With prices down so low in Cortina it is a great time to buy!
You can find more statistics on our web site for the east valley cities of Chandler, Gilbert, Mesa and Queen Creek at www.PhoenixHomeKey.com or search the area via map to locate homes currently for sale.
Over the past few weeks with all the turmoil on Wall Street and the eagerly anticipated Government Bail out package, the news media has been constantly broadcasting the message that bank lending has come to a holt, new homes loans are not able to be made, credit card limits being reduced and the sky generally falling down as usual. As long as bad news sells then that will be the beat of their drum. CNN (Continuous Negative News).
After hearing that homes loans would not be able to be made for the fifth time I picked up the phone and called my lender to get the real story.
Home loans are still available! FHA is the widest used product right now with its upper limit in the Phoenix Metro area now at $346,250 for a single family home. Down payment assistance has gone for the forceable future so buyers are required to place 3.5% of the purchase price down. Closing costs are being negotiated and often payed for by the seller and the FHA loan allows for up to 6% to be credited in total.
102% Financing still available! Depending upon where the home is located you may be eligible for the USDA Rural Housing loan. Homes located anywhere in Queen Creek, both Maricopa & Pinal and certain parts of south Gilbert qualify under this program including sub divisions such as Seville. There are upper limits to the income you can earn, and the number of dependents in your household are taken into effect in working out the loan amount available for your circumstances. The nice thing about this loan is that you can obviously finance 100% of the purchase price, the 2% mortgage insurance premium can be financed in thus making a 102% loan. With this program, once you have paid the initial 2% mortgage insurance premium there is no monthly insurance premium collected unlike the FHA program. This is a great loan package for buyers looking for a home in the qualifying areas allowing zero down purchases. The USDA program also allows the seller to pay closing costs.
Conventional Financing: This is what the Media must be talking about as it is a lot more difficult to obtain conventional financing than it used to be. Full documentation is required along with good credit scores and a 10% down payment for primary residency. This being said conventional loans are still being made and have not stopped completely as I was lead to believe.
I would like to thank Tara Bianco with The Underwood Team and Amerifirst Financial for setting me straight on the lending situation. Now is a great time to buy here in Gilbert, Chandler, Queen Creek and Mesa Arizona and loan programs are out there. If you would like to find out if you may be in a position to purchase a home at less than the cost to rebuild it (that a good deal if you hadn't already figured that out) then give Tara a call on 480-344-1951.
Homes are still selling and financing is still available. Prices have fallen as much as 40% to 50% in certain areas such as in Pinal County Queen Creek. Now is the time to buy. First time home buyers... Welcome back to the market. It’s good to see you again.
Get Your FREE List of Foreclose Homes in Chandler, Gilbert Queen Creek & San Tan Valley. Sheryl Robinson, Associate Broker: Helping people buy and sell homes, including Short Sales.
Buying or Selling a Home Requires Many Difficult Decisions.
Make Sure Your real estate agent is a Top Local Expert. Call Sheryl Robinson with Home Key Realty on 602-614-0416 and allow me to help you.
Home Key Realty... The key to your next move.
Your home is probably the largest purchase your family will ever make, and it involves many decisions that go beyond simply choosing one you like.
As a top REALTOR in the cities of Gilbert, Chandler, Mesa, & Queen Creek here is how I will guide you through the entire process, from viewing homes and financing, to making sure the final contract is in your best interest:
- You will have full access to ALL homes available on the Gilbert, Chandler and Mesa market.
- My expert local knowledge of the Gilbert, Chandler and Mesa area should be invaluable to you, not just in terms of real estate, but also schools, neighborhoods, the local economy, and more.
- Every local real estate market absolutely has its own trends and opportunities. This can vary greatly, even one neighborhood to the next. Gilbert, Chandler and Mesa is no different! It's my job to steer you into opportunities and out of traps.
- What is the true market value of the home you are interested in? Is it priced too high? Is it a bargain that you should jump on? I help home buyers make educated decisions like this every day, and I'll make sure that YOU get the best value for your money.
- Negotiating with sellers can be stressful. I will help you negotiate, so that the final contract includes your best possible terms and conditions.
- You should know absolutely everything about the property you are buying! We will view every home that you are interested in, together. And prior to closing I will make you fully aware of any and all inspections available to you.
- Have confidence when signing documents. Contracts are full of complicated terms and clauses that can greatly affect your future life in your new home. I will give you the full benefit of my real estate knowledge and experience.
Let me represent your best interests in your search for a new home in the Gilbert, Chandler and Mesa area. While you can see a million homes on the web, actually buying your home is another matter entirely. Buyers beware!
As an expert in the East Valley cities of the Phoenix Greater Metropolitan area including Gilbert, Mesa, Chandler, and Queen Creek I assist my clients in a variety of different ways. From allowing buyers and sellers free access to homes listed for sale thorugh my web site HomeswithSheryl.com to recomending a variety of quality vendors to assist in their needs as they move in or out of their homes.
The web site is the first port of call for information including market updates, FREE map based home search, demographics and school reports which can help in making decisions to moving to certain areas.
My friendly, low preasure approach allows my clients to self discover what they want with the comfort of my expert opinion just a call or email away.
We would like to say a big "Thank You"on the successful Short-Sale of our home. Your professionalism and services were impeccable.
From paperwork being turned into our Lender on-time (2-3x), to communication with all parties involved, everything was done very quickly and efficiently on your end. We couldn't have asked for a better person to represent us.
Thank you again for all you did for us and the sale of our home. You took into consideration our feelings of going through this process and made it less stressful and easier. We will miss the phone calls, emails, and laughter with you, but look forward to having you represent us again when we are able to buy.
Best Regards,
Mike and Chris Heltzer
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Sheryl Robinson is a terrific person to work with. She assisted me and my 2 little girls sell our starter home and relocate to a larger home in a newer neighborhood. She understood exactly what I was trying to accomplish. She knows the market well and works to get the best price for a buyer or a seller. She went above and beyond the normal Realtor duties and even assisted with home improvement planning, handyman arrangements, home warranties and lots and lots of follow up. Every question or email was answered within 24 hours of presentation. No matter what our circumstances, questions or concerns she always made me feel like I was her only client and all her efforts were focused on me. Being a single parent and constantly working extra shifts is hard enough without the added burden of trying to move. Her skills and knowledge took a lot of the hassles of buying and selling off me. She did all the legwork.
Sheryl, we really appreciated all of your time and attention to our entire family and all your help getting us through these trying months. We'll gladly recommend you to EVERYONE we run across looking for realty services. You are the best.
Souzanne Steelman, Gilbert, AZ
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Sheryl, thank you for your excellent REALTOR services. Your professionalism combined with enthusiasm and motivation helped sell our Queen Creek home quickly. You consistently communicated with us and your follow-up was excellent. I realize it is rare to list a home, find a buyer, and close in 11 days, but you did it!
The photos and virtual tour you created really sold our home. Thank you again, and be assured I will refer people to you without any hesitation.
Susan Shifman, Chandler, AZ
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This letter is to express our gratitude and satisfaction with your success in helping us sell our home in such a tough market, and negotiating exactly what we needed to move. We would also like to thank you for helping us find the perfect home for our growing family. We are very happy in our new home now that everything is finally unpacked. You were always available to address our needs and concerns, and you went out of your way to be helpful and patient. We would be proud to recommend you to others as a hard working, knowledgeable, and trustworthy real estate professional. Thank you so much for everything you have done for us. We will recommend Sheryl to all of our friends, family, and anyone else we come across who may be interested in buying or selling a home. Sincerly,
Brian & Natalie,
Queen Creek, AZ
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