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