The Scoop on Real Estate in the Phoenix East Valley

Chandler has arrived..or at least the first bus route south of Pecos Road has.  Beginning this summer the first bus route will start on Dobson Road & Ocotillo with more routes to follow. 

The first route will begin in July and will run north to Riverview at the Red Mountain Freeway in Mesa.

Chandler’s Transportation Services Manager, Mike Normand announced to the Neighborhood Advisory Committee this week that Chandler can expect big increases in transit options and funding over the next few years.  This is great news for a wonderful community that was lacking mass transit.

 The next new route is planned for 2010 and will run on Gilbert Rd.  This route currently ends at Chandler-Gilbert Community College and passes through Gilbert and Mesa.  The new extended routh will continue south to Riggs Rd then east to Basha High School on Val Vista Drive.

In 2011 bus service will begin on Arizona Avenue in South Chandler and on Alma School in 2013.  Both lines will run to Ocotillo Rd and more lines will be added as the need arises.

By the end of this year, a park and ride lot will be completed at Tumbleweek park and the city has plans for another park and ride lot close to Snedigar Sportsplex next to the new Fulton Ranch Shopping Center on Alma School between Ocotillo and Chandler Heights.

 For more information about bus transportation in the city of Chandler visit the transportation website at http://www.chandleraz.gov/default.aspx?pageid=457

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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

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 Federal Housing Administration (FHA) has TEMPORARILY raised the borrowing limits for government-insured home loans, the U.S. Department of Housing and Urban Development announced Thursday, March 6th 2008.
 
Updates highlighted HUD’s overall effort to make the processing of FHA loans easier and more cost-efficient so that lenders will be better able to offer FHA-insured loans and expand the availability of affordable financing for potential homebuyers. Down payment assistance from Nehemiah is available on all FHA purchase money loan programs.
 
What does this mean for the Phoenix area? The FHA maximum mortgage limits for Maricopa & Pima counties have been increased. The new mortgage limit for a single family home in Maricopa county is now $346,250 and Pima county is now $316,250.

An FHA loan allows potential home owners to purchase a home with only 3% down. The seller can contribute up to 6% of the buyers closing costs. Plus the buyer can get 100% of the down payment as a gift from a family member. So it is possible for someone to buy a home with an FHA loan with NO money out of pocket.

It’s springtime in the Valley of the Sun. So before that infamous Sun starts puting out the heat, get outta the house and enjoy events in the Phoenix East Valley!  Here are just a few that deserve attention. 

Scottsdale Festival Artwalk, Every Thursday from 7-9pm
http://www.scottsdalegalleries.com/

Picacho Peak: Civil War Reenactment, March 8-9
http://www.desertusa.com/azpicacho/azpicacho.html

Fountain Hills Fine Art & Wine Affaire March 21-23
http://www.thunderbirdartists.com/festivals/FountHills_March07.htm

The Chandler Ostrich Festival March 7-9
http://www.ostrichfestival.com/

Tempe Festival of the Arts & Crafts (This ain’t your granny’s craft show!)March 28-30
http://www.tempefestivalofthearts.com/HomePage.aspx

Chandler Jazz Festival April 25-26
http://www.chandleraz.gov/default.aspx?pageid=160

Visit the Renaissance Festival through March 30th
http://www.royalfaires.com/ARIZONA

Spend the day at the Desert Botanical Gardens
www.dbg.org

Check out the Riparian Preserve in Gilbert
www.RiparianInstitute.org

Go to the Maricopa county Fair 4/9-4/13
www.MaricopaCountyFair.org

Spring Training Games at Tempe Diablo Stadium
www.LosAngeles.Angels.mlb.com

Check out all the events at Schnepf Farms
www.SchnepfFarms.com

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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

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