The secret must be out that Chandler is the place to be.  According to the ASU-Repeat Sales Index which compares sales over the last 3 month, Chandler was one of two cities in the Valley that saw the lowest depreciation.  (Is that like saying my dog is not as ugly as the rest?) 

This is truly good news for Chandler who, along with Sun City West, were the only 2 communities that did not experience 2 consecutive declines in home prices Jan-Feb and Feb-Mar.

Chandler’s home prices fell 9.2% from February to March of 2008, after dipping 9.4% from January to February. 

The Valley saw double digit month to month declines in March for the first time ever.   This is likely a reflection of not only excess of inventory, but also that sellers arre finally coming to terms with the fact that they have to price their homes competitively to sell. 

Tempe dropped 8.6% in February and followed that with a 12.1% drop in prices in March.  This is surprising as Tempe has historically held value better than other areas of the valley due to the market being driven by the presence of ASU’s main campus.

Mesa’s home prices dropped 13.3% in March

The ASU-RSI relies on repeat sales data for the same house and is considered a better and more reliable way to measure sales vs using the median home prices.  It breaks the sales data into 5 Phoenix geographic area: Southeast, Southwest, Northeast, Northwest  & Central.

Visit www.AmySellsAZ.com to search the Arizona MLS and for complete weekly market updates on Phoenix East Valley Real Estate.

Amy Jones 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. 

This is one of the most common questions I get from buyers.  Most of my buyers are coming from out of state or another country and they’ve heard stories of the unbelievable deals you can get on homes for sale in the Phoenix area.  

Are there deals out there?  Of course there are but many of those “deals” are not the type of home my buyers have been looking for.  Most want a home in close to model condition with as many upgrades as possible.  They’re not looking for a home with missing ceiling fans and wires hanging out of the ceiling, stained carpet, vinyl flooring and a dirt backyard.

So what ARE homes selling for?  Well…they’re not selling for full price, that’s a given.  Most offers on my listings are coming in at 10% under list price but most of those buyers are just testing.  They know they are going to get a counter offer and if they’re lucky the seller will split the difference with them. 

Some buyers are being coached by alien forces that if you aren’t getting the home for at least 8% under list, you’re not getting a good deal.  Ok…STOP THE MADNESS!

There’s a lot that will go in to determining what a home is worth and that’s where I come in.  You’ve found the home of your dreams.  It’s upgraded nicely and is better than any other home you’ve seen.  First things first. I’ll run comparative sales & listings in the neighborhood.  How does this one compare? 

Next we’re going to look into how long it has been on the market.  Have there been any price reductions?  Is the seller displaying classic signs of desperation, like multiple price reductions especially a nice big one recently?

Or, has the home been overpriced on the market for 200 days without a price reduction?  That’s telling me the seller may have unrealistic expectations and may not budge, or if seller does budge…you may be in for a rocky escrow fighting for every morsel from fixing a leaky roof to installing a simple high loop in the dishwasher line.

Then there’s all the classics to consider…location (does it back to a busy road or train track?), and upgrades (gramas avocado green linoleum and harvest gold appliances are just not going to cut it anymore). And let’s not forget…is this the PERFECT home for you.  Don’t forget to give that some value.  Don’t cut off your nose to spite your face and walk away from the perfect home because you’re not getting it for 8% under list.  Remember, not every home is priced 8% over value…some homes are actually already priced at a “great deal”.  Don’t get wrapped up in negotiating so you can boast to your friends about how much under list you paid for your home.

However, when It’s all said and done, a good agent can guide you to strategically get you the home you love for the very best price, by not insulting the seller if a lowball offer is not in line with what all other factors are saying. 

So, you still want to know ”how much under list price are  homes selling for in the Phoenix area? Here’s a list of last week’s list price/sales price ratios in the East Valley as well as current number of homes for sale in each area.  Information that may help you in your quest for the ultimate great real estate deal!

Visit www.AmySellsAZ.com for complete weekly market updates on Phoenix East Valley Real Estate.

Amy Jones 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. 

The temperature’s rising in the Valley of the Sun…but it’s not just the sun that’s hot.  What began as a “feeling” I had 3 months ago is now a reality that the “experts” are reporting on.  Yes, the Phoenix metro real estate market is showing signs of life again! 

For the first time since July of 2005, the local resale housing market sales have jumped by 15% over this time last year.  April 2008 posted 5,585 recorded sales compared to 4,855 sales in April 2007 (and increased significantly in just one month…4,335 in March 2008).

Prices have made owning a home affordable for many today who were squeezed out of the market during the peak of our sales boom in 2005.

Foreclosures have played a large part in the price reductions and now make up 44% of all houses selling under $200,000.  Last year, foreclosures made up only 16% of the market.

Bottom line….the “Bottom” just may be here.  So if you’ve been fence sitting…don’t wait too long. That great deal you’ve been watching may be gone tomorrow and you’ll be singing the “ShouldaWouldaCoulda” song again.

Check www.AmySellsAZ.com for complete weekly market updates on Phoenix East Valley Real Estate.

Amy Jones 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. 

Our market has seen a recent increase in buyer activity and as I’ve mentioned in previous posts, we are seeing a declining inventory in the Phoenix Metro Area.  Great news for home sellers and still enough value pricing to keep buyers happy. 

Why this surge in buyer activity all of a sudden?  Probably a combination of factors including buyers are just plain tired of waiting.  Interest rates have remained low and home prices in every market have fallen.  This has greatly impacted affordability in the Phoenix area.

During the height of our Seller’s market in 2005, home prices escalated much faster than salaries and most found the dream of home ownership simply that…a dream.  Now dreams are coming true!

Just how much have prices fallen?  Final numbers were just released for March 2008.

Chandler saw median prices decline from $293,850 in March of 2007 to $234,000.  That’s almost $60,000 in savings for the home buyer which calculates to between $400-$500 less in monthly payment depending on mortgage program.  March saw a significant decline from the month before when the February 2008 median price in Chandler was $245,000.

Other East Valley stats for home values in March 2007 to March 2008 are as follows:

Gilbert values went from $295,500 to $245,000

Mesa values went from $242,700 to $200,000

Scottsdale values went from $635,000 to $525,000

Tempe values went from $278,750 to $237,000

Phoenix values went from $228,000 to $185,455.

If the current buyer activity continues with decreasing inventory, we should see prices stabalize in the very near future!

Amy Jones 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   Search the White Mountain MLS

The Real Estate Market in the Phoenix metro area continues to show improvement.  Almost all cities show a reduction in active listings and steady buyer activity.  Interesting to note that homes that are selling are typically NOT short sale listings.  We continue to see a high percentage of sales of homes that are well cared for with a seller who has realistic price expectations.  This is the type of home that IS selling. 

The Southeast Valley in now carrying less than 10 months of inventory.  In a normal, balanced market we carry an average of 6 months worth of inventory. 

There was 15.7 months worth of inventory in the Southeast Valley during the last week of October, 2007. We have experienced a gradual reduction in that inventory most noticeably over the last 6 weeks and this could be confirming that we have finally hit bottom.  If so, we should notice a plateau over the upcoming months with a gradual return to normal appreciation.  Good news for homeowners in the East Valley. 

Buyers who have been sitting on the fence waiting for prices to stabilize are encouraged to jump off that fence while interest rates are still favorable and inventory plentiful.

HIGHLIGHTS OF THIS WEEK’S REAL ESTATE ACTIVITY IN THE EAST VALLEY

This week, inventories have continued to drop across the board except for Ahwatukee which remained at last week’s inventory of 687 single family homes for sale in MLS and Maricopa which showed a slight increase in inventory.

Chandler, Gilbert, Fountain Hills, Paradise Valley & Scottsdale saw an increase in buyer activity this week.

For a complete inventory report for the Phoenix East Valley visit my Market Conditions Report  page.

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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   Search the White Mountain MLS

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

The Real Estate Market in the Phoenix East Valley continues to show improvement.  Almost all cities show a reduction in active listings and steady buyer activity.  Interesting to note that homes that are selling are typically NOT short sale listings.  In Maricopa where there is a very high ratio of short sale listings for example, of the 48 homes that went under contract last week, only 5 were short sale listings.  We continue to see a high value in homes that are well cared for with a seller who has realistic expectations.  This is the type of home that IS selling. 

The East Valley just last week dipped below 12 months of inventory.  In a normal, balanced market we carry an average of 6 months worth of inventory. 

There was 15.7 months worth of inventory in the East Valley during the last week of October, 2007. We have experienced a gradual reduction in that inventory most noticeably over the last 4 weeks and this could be confirming that we have finally hit bottom.  If so, we should notice a plateau over the upcoming months with a gradual return to normal appreciation.  Good news for homeowners in the East Valley!

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 Mountain communities of Pinetop/Lakeside & Show Low.  Search the Arizona MLS.

The media is quick to jump on the gloom and doom bandwagon regarding the current real estate market around the country.  Why aren’t they reporting on what’s been happening in the Phoenix Metro area over the last few weeks?

The market reports are reflecting a recent steady improvement to our market (see chart below). 

Yes, Buyers are buying and sellers are smiling.  Let’s shout it from the rooftops…or at least from our nightly news?

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 Mountain communities of Pinetop/Lakeside & Show Low.  Search the Arizona MLS.