Entries from February 2008 ↓

The real estate market in the Phoenix metro area has been on a crazy ride for about the last 5 years.  We saw a sharp increase in our home values in 2003/2005. All it took was a whisper to a neighbor that you were selling your home, and your Realtor showed up with 35 offers for you to choose from.  All of them thousands of dollars over your home’s value. 

Then, like a curve on the Space Mountain roller coaster, with little warning we began what still feels like a plummet with no bottom as our values dropped. 

Many homeowners today are afraid of listing their homes because they’ve heard and read the horror stories (can you turn on the news or read a paper without hearing how horrible our housing market is?) and all they can see is how much money they are going to loose.  Let me say that unless you’ve purchased your home in the last 3 years, you are still likely to come out ahead thanks to the seller’s market of 2003-2005.  And honestly, your home is probably worth more today than it would have been without that seller’s market.So take heart!

There’s another reason it may be the perfect time to sell & “move up” to that dream home with all the upgrades.  Have you heard about those lotteries where you stand in line for hours hoping to get one of 5 lots a builder is releasing this week? You haven’t lately?  Of course you haven’t!  Builders are now begging you to come and buy their homes.  They’ll give you anything you want, almost.  How ’bout a flat screen plasma TV, or some free upgrades and a pool, No?  How bout a nice new Lexus to drive around for free for 2 years?  “Surely there’s something we can give you to make you buy our homes?” (That was the cry of a builder…if you listen carefully, it sounds a little like a lonely coyote’s howl.)

Yes, new home prices have fallen right along with resales, but builders are in a better position to offer you a GREAT deal on a brand new home. 

Right now, the difference in cost between your current home, and the “move up” home you’ve always wanted is far less than it was a couple years ago.  

New homes in Chandler that were priced at over $575,000 2 years ago are now under $500,000.  There hasn’t been a better opportunity to “move up” in a long time.  Let’s take a quick look at the cost of moving up in 2006 vs. today.

Home #1.  A 2 story home built in 1997. 3 Bedrooms, 2.5 baths, 2 car garage. Basic home with minimal upgrades in Chandler.

In 2006 – Sales Price of this home was $365,000. 

Home #2.  A new construction 2 story home. 2102sf, 3 bedroom, 2.5 bath, upgraded with granite counter-tops, etc, & a 3 car garge in Chandler2006 - Sales Price of theis home was $430,00Home #1 Today - This 12 year old home sold for $300,000.Home #2 Today - This same new construction upgraded home sold for $322,000.Now let’s do the math.

2006 - Cost to move from Home #1 to Home #2, about $65,000 (selling at $365,000, buying at $430,000)

Today - Cost to move from Home #1 to Home #2, about $22,000 (selling at $300,000, buying at $322,000) That’s a savings of $43,000 in the difference is cost of moviing up today! So rather than listening to the bleak picture the media is painting, let’s look at the possibilities.  If you’re thinking of moving locally, this is the market you’ve been waiting for!________________________________________

For more Information visit Chandler Arizona Real Estate.  This information was provided by Amy Jones, a multi-million dollar top producing Realtor with RE/MAX Elite. Amy specializes in residential, vacation homes & cabins, as well as retirement communities in the communities of Ahwatukee, Chandler, Fountain Hills, Gilbert, Maricopa, Mesa, Paradise Valley, Queen Creek, Scottsdale, Sun Lakes, Tempe and the White Mountains communities of Pinetop/Lakes & Show Low.  Search the Arizona MLS

Imagine my surprise when I found a quote by your’s truly in an article today on www.azcentral.com.  I had been called by a couple reporters in the last few months about the Canadian buyers that I work with.  Here’s an excerpt from the article:

Propelled by falling home prices and a glut of unsold homes, Canadians surging into the Southeast Valley residential real estate market also are benefiting from the buying power of the Canadian dollar, which is at parity with the American dollar for the first time in almost 31 years, say Realtors.

“Almost every day, I’m contacted by Canadians who are looking for second homes in the Phoenix metro area,” said Amy Jones, of RE/MAX Elite in Chandler. “The Canadian housing market has experienced double-digit appreciation recently giving them access to equity lines of credit. Combined with our high inventory of great homes at affordable prices and great airfare rates from Canada to Phoenix, the word is spreading throughout Canada that Arizona is the place to buy.”

Yet while our neighbors from the north are making business a little brighter for many Realtors, they’re not going save the depressed market here, Jones and other real estate professionals caution.

“They’re very discerning buyers and busy shoppers,” she said. “They’re getting a lot of information up there that we’re headed for a recession.”

Read the entire article here:

http://www.azcentral.com/community/mesa/articles/0222ev-canadians0223.html

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For more Information visit Chandler Arizona Real Estate.  This information was provided by Amy Jones, a multi-million dollar top producing Realtor with RE/MAX Elite. Amy specializes in residential, vacation homes & cabins, as well as retirement communities in the communities of Ahwatukee, Chandler, Fountain Hills, Gilbert, Maricopa, Mesa, Paradise Valley, Queen Creek, Scottsdale, Sun Lakes, Tempe and the White Mountains communities of Pinetop/Lakes & Show Low.  Search the Arizona MLS

I received my home valuation statement from Maricopa County Assessor’s office yesterday.  The bad news is my home’s assessed value is thousands of dollars lower than it was last year and yours probably is too.  The good news is our taxes should reflect that decrease and be lower.  But don’t look for that savings this year. The taxes we pay this year reflect our homes’ assessed value 2 years ago.  So, we’ll see our lower taxes based on this years assessed value in 2010 as long as the county, city and school districts control their debt and don’t raise rates.

Assessor Keith Russell reported the median Chandler home value dropped 12 percent - from $248,000 to $218,200 - since the 2008 (assessed value is usually lower than the actual value of a home).

In comparison Mesa’s assessed home values dropped 11 percent, Scottsdale’s and Tempe’s assessed home values both dropped 8%, Gilbert’s & Queen Creek’s assessed home values dropped 13% and Sun Lakes dropped 14%. The biggest assessed valuation drop in the county was recorded in Buckeye at 25%.

Note of caution…don’t start planning where you’re going to spend that tax savings in a couple years.  A 12% reduction in assessed value will result in a tax savings of about $100.  Might not pay for a vacation…but it will definitely get you a nice new swim suit!

My list of Canadian buyers coming to Chandler to buy a home continues to grow as our inventory of homes in Chandler continues to grow as well. 

Why Chandler you might ask?  Chandler is close enough to the airport but far enough to be out of the congestion of Phoenix.  Chandler is new enough and the Canadians I am working with definitely want newer.  Homes and townhomes preferably built after 2000.  An abundance of golf courses and lakes also make the area inviting.

Close to amenities including brand new shopping centers, movie theaters and an abundance of new restaurants, from fast food to gourmet.  Chandler is fitting the bill for our Canadian buyers.

Canadians are doing their homework before they arrive.  I’m researching and narrowing their choices months before their plane lands.  They arrive, usually with cash in hand and sellers including builders and condo conversion developers are happy to further discount their already heavily discounted properties.

My Edmonton buyers last weekend opted for a condo conversion in Chandler which came with a hefty discount on top of a discount.  Their purchase came after looking at properties in Mesa, Gilbert, Ahwatukke and as far east as Queen Creek.  A home in Queen Creek on the golf course and priced at $200,000 for 2000 square feet was a close second.  I was told a similar home in Edmonton would sell for close to 1 million dollars.  It’s easy to see why our homes are so attractive.   Imagine travelling just a few hours in a plane to a place where you could buy a million dollar home for $200,000…sign me up!

It’s not just our attractively priced homes that are enticing to our Canadian neighbors.  Our cost of living is substantially lower.  2 Buck Chuck is known as 12 Buck Chuck in Canada.  From wine to clothing, the strong Canadian Dollar is providing a great opportunity for an affordable Phoenix vacation.  Add to that the affordable airfare…it’s really a no-brainer. 

Canadian’s are catching our housing market at a low and hoping to realize a nice profit when our market turns around…which it historically has always done.

I thought I might be seeing a decline in the number of Canadian buyers who have been contacting me, but quite the opposite.  Word seems to be spreading.  It’s good news for Sellers in the Valley.  Tomorrow a Canadian buyer may be looking at your home too!

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For more Information visit Chandler Arizona Real Estate.  This information was provided by Amy Jones, a multi-million dollar top producing Realtor in Chandler, Arizona. Amy specializes in residential, vacation homes & cabins, as well as retirement communities in the communities of Ahwatukee, Chandler, Fountain Hills, Gilbert, Maricopa, Mesa, Paradise Valley, Queen Creek, Scottsdale, Sun Lakes, Tempe and the White Mountains communities of Pinetop/Lakes & Show Low.  Search the Arizona MLS