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Market Notes May 2, 2010: The home buying tax credit expired this last week, and not surprisingly, homes pending escrow jumped by more than 15%, and now stand at 383 homes pending close. Active listings subsequently fell to 623, listed at an average of $54.43 per square foot, which is the second week in a row that the average listed price has dropped, and homes that have closed escrow now stand at 795, closing at an average of $51.97 per square foot. The expiration of the tax credit will obviously result in many homes closing escrow in the next 30 days, but may also result in the supply of homes increasing over the summer as often times these programs simply move up buyers timelines, rather than bring new buyers to the market. 1 out of every 38 homes in the Phoenix area were foreclosed on in the first quarter of 2010, and that number in Maricopa is close to 1 in 20 homes. Strategic defaults have increased as well over the first quarter, and with many of the 5 year ARM loans set to adjust this year, defaults are expected to rise, increasing the banks shadow inventory of homes, which should put downward pressure on prices later this year. The State of Arizona has announced their plans on how they will use Federal money designed to being some relief to the market, and hopefully that will help some home owners, but as we have seen in the past, the results of these programs often fall well short of their intent. Also, Arizona representative Raul Grijalva has proposed a unique approach to the housing crisis, a "Right to Rent" program, which will effectively turn banks into landlords, and because of that, will prbably not gain much traction. On a positive note, retail interest rates held steady last week to an average of 5.07%, and consumer spending rose 3.6% in the first quarter, up from a 1.6% growth in Q4 of 2009, and with three consecutive months of GDP growth, the recession can officially be declared over. If you are a seller, and are having trouble making your mortgage, the new HAFA program may be of some help, and our office has helped many home owners over the last couple of years successfully short sale their home, so give us a call to explore your options. There are currently 149 bank owned homes on the market, 194 investor owned & HUD homes available, and 304 short sale homes. The Maricopa Real Estate Co. is the number one listing office in Maricopa, so if you have had difficulty securing that second home or primary residence, give one of us a call, we'd be happy to help. And remember, don't miss your chance to get a piece of the Valley of the Sun.
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Market Notes April 10, 2010: Active listings jumped by more than 30 units this last week to 622, listed at an average of $56.17 per square foot, there are currently 358 homes pending close of escrow, and only 20+ homes closed escrow last week bringing that number now to 603 closings year to date. The snowbird activity is waning as temperatures across the country begin to increase, and this weeks numbers certainly reflect that, however there is still a lot of buyer activity in the market, no doubt driven by the selection of foreclosure inventory and the depressed values. All market indications also suggest that this current foreclosure market will persist for quite some time. 5,500 homes were foreclosed on in Phoenix this March, which is a record for any month in any year, default rates continue at a record pace, with FHA defaults leading the pack at 14%, and if unemployment remains at 9.7%, defaults will likely increase. However, the administration has announced another plan to help people modify thier loans, or stave off the foreclosure, but like so many efforts in the past, this will most likely will not achieve the desired results. Less than 3% of all mortgages nationwide have been successfully modified. On the lending side, interest rates climbed from 5% to 5.3% on the average 30 year note, which may price some borrowers out of the market. The rule of thumb is that for every 1 percentage point increase in mortgage rates, a buyer's purchasing power is reduced by about 10 percent, and it is also anticipated that the FHA will reduce seller contributions from 6% to 3%, but that now appears to be delayed and may not be implemented until June. On the new build side, home builders are feeling more confident as new builds are now once again becoming a factor in many markets. In fact the Queen Creek area will soon be home to one the Valley's largest subdivisions, and overall home sales Valleywide are enjoying a slight increase over last year, however on the aggregate, overall home prices in the Valley have dropped .7% since December. These are definitely interesting times, but the fact remains that there has never been a better time to take advantage of the Arizona housing market. Interest rates continue to remain low, the tax credit is still in effect with only a few weeks left though, and the supply of low valued homes remains 10%-15% stronger than last year, so if you are looking for an investment, or that primary residence, give us a call today to discuss your options. There are currently 125 bank owned homes on the market, 208 investor owned & HUD homes available, and 286 short sale homes. The Maricopa Real Estate Co. is the number one listing office in the area, so if you have had difficulty securing that second home or primary residence, give one of us a call, we'd be happy to help. And remember, don't miss your chance to get a piece of the Valley of the Sun
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Market Notes March 21, 2010: Active listings held steady this week at 624, priced at an average of $56.02 per square foot, there are currently 378 homes pending close of escrow, and 36 homes closed last week, bringing that number now to 461 homes that have closed escrow year to date. The 378 homes pending close of escrow is slightly skewed, in that some short sale listings are now going "pending" upon seller acceptance, rather than "AWC", which had been the norm, and of course, short sale homes are not a guarantee to close, as some of you have found out. If there were any doubts as to the depth of the nations housing problems, the Federal Home Loan Bank in California has filed a formal complaint in Superior Court against nine securities dealers, citing fraud and misrepresentation when selling their mortgage backed securities. And not to be left out of the action, Fannie Mae and Freddie Mac now may force lenders, including Bank of America, JP Morgan Chase, Wells Fargo and Citigroup to buy back $21 billion of home loans this year in an effort to recoup money on misrepresented mortgages. However, on a good note, Fannie and Freddie announced that they will purchase $200 billion in seriously delinquent mortgages, which will free up investor capital, allowing them to buy back the fraudulent MBS's, or reinvest, the question is; will they reinvest in new mortgages? All of these actions certainly indicate a willingness by both the primary and secondary market lenders to begin to get their arms around the depth of this national problem, but these actions will also greatly effect the supply of homes on the market, and buyers ability to secure mortgages. If, as expected, the supply of foreclosed homes increase, it will put downward pressure on prices, and many experts expect to realize that in the 3rd quarter. These are interesting times, but the fact remains that there has never been a better time to take advantage of the Arizona housing market. Interest rates continue to remain low, the tax credit is still in effect, and the supply of low valued homes remains 10%-15% stronger than last year, so if you are looking for an investment, or that primary residence, give us a call today to discuss your options. There are currently 132 bank owned homes on the market, 213 investor owned & HUD homes available, and 280 short sale homes. The Maricopa Real Estate Co. is the number one listing office in the area, so if you have had difficulty securing that second home or primary residence, give one of us a call, we'd be happy to help. And remember, don't miss your chance to get a piece of the Valley of the Sun.
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Market Notes November 29, 2009: Last week was nearly a mirror image of the week before. Active listings inched up to 568, listing at an an average of $60.84 per square foot, homes pending dropped to 381, down from 401 the previous week, and homes that have closed escrow year to date now stand at 2,521, up nearly 50 closings from last week, closing at an average of $50.57 per square foot. The market remains very consistent, with active, pending and closing statistics all within a small percentage of difference from week to week. Mortgage defaults nationwide are approaching 14%, meaning that 2010 could very well be another year of forclosure opportunities for first time home buyers, second home buyers, and investors. There are currently 92 bank owned homes on the market, 176 investor owned & HUD homes available, and 267 short sale homes, all of which changed very little from the previous week. Short sale homes, or pre foreclosure homes still dominate the market, receive multiple offers and still can average 60-120 days to close. Many of the desirable bank owned homes also receive multiple offers and often end up in a "highest and best" situation, so many times an investor owned home can be a smart way to secure that next home. The Maricopa Real Estate Co. carries an exclusive list of investor owned, and short sale properties, so if you have had difficulty securing that second home or primary residence, give one of us a call, we'd be happy to help. And remember, don't miss your chance to get a piece of the Valley of the Sun.
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Market Notes November 22, 2009: Active listings increased slightly this last week to 561, dropping in price per square foot to an average of $60.75, homes pending dropped to 401, and homes that have closed escrow year to date now stand at 2,474, up an amazing 70+ closings from just last week, closing at an average of $50.45 per square foot. The market has remained remarkably consistent over the last 6 months, with active, pending and closing statistics all within a small percentage of difference from week to week. Mortgage defaults are currently approaching 14%, meaning that 2010 could very well be another year of forclosure opportunities for first time home buyers, second home buyers, and investors. There are currently 90 bank owned homes on the market, 171 investor owned & HUD homes available, and 268 short sale homes, all of which are remarkably consistent numbers over the last 6 months. Short sale homes are still the driving force in the market, and average 60-120 days to close. Many of the more desirable bank owned homes receive multiple offers and end up in a "highest and best" situation, so many times an investor owned home can be a smart way to secure that next home. The Maricopa Real Estate Co. carries an exclusive list of investor owned, and short sale properties, so if you have had difficulty securing that second home or primary residence, give one of us a call, we'd be happy to help. And remember, don't miss your chance to get a piece of the Valley of the Sun.
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• 2,733 sq. ft., 3 bath, 4 bdrm 1 1/2 story -  MLS® $171,000 - BANK APPROVED Rancho El Dorado, Maricopa (Pinal County) - Gorgeous home with phenomonal views in Maricopa's Golf Course Subdivision. Enjoy this great 4 bedroom floorplan with custom upgrades including 18" travertine tile throughout bottom floor, distressed travertine bathroom countertops, tiled walk in showers, granite kitchen counter tops with island, custom in lay gas range, mosaic tile master bathroom countertops, garden tub with jets, walk out balcony from master bedroom, water sfotener and more. This home is the definition of comfort and class and you'll be amazed by the views. www.FindMaricopa.com Property information
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• 2,130 sq. ft., 2 bath, 3 bdrm single story -  MLS® $124,900 Rancho El Dorado, Maricopa (Pinal County) - Beautiful 3 bedroom floorplan with a den, and possible 4th bedroom, in Maricopa's only Golf Course Subdivision. Very well taken care of home with upgraded lighting package, ceiling fans and move in ready condition. Beautiful tile throughout hallway, kitchen and bathrooms, and perfectly landscaped front and backyard. Stop and take a look, you'll be happy you did. www.FindMaricopa.com Property information
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Well 2008 should bring some changes to the slumping housing market that will bode well for 2009. First off are the builders and their strategy to keep available spec homes to absolute minimums, meaning most new build customers will have to wait 3-5 months for completion of their home. Secondly will be the onslaught of short sale, or pre-foreclosure homes. These homes will be priced very competitively with new builds and many will be turn key ready. All appliances, window treatments and landscaping already done, which is not the case with new builds. The short sale market should flourish in 2008 which will lessen the available inventory and will help normalize the market and allow values to rise. Many large investors have already begun to make their decisions and purchases which always means: THE BOTTOM IS HERE. Now is the time to buy.
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• 4,354 sq. ft., 2 bath, 6 bdrm 2 story
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MLS®
$499,000
Cortina, Queen Creek
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Beautiful home in desired E Valley complete with basement and swimming pool. Featuring 6 bedrooms and 2.5 baths, the master bath has walk in glass block and granite shower. Kitchen features granite counter tops, 42' honey maple cabinets with chocolate glaze and 3' roped crown molding, stainless steel appliances, gas stove and double convection oven. Home also features 18' tile, soft water loop, RO system, and play pool with 3 distinct water features. **WHEN SHOPPING SHORT SALE HOMES, MAKE SURE THE SALE IS BEING NEGOTIATED BY A SHORT SALE PROCESSING COMPANY. ASK WHAT THE PREVIOUS SUCCESS RATE HAS BEEN. WE CLOSE 94%**
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![lr2724085-1[1]](http://media.point2.com/p2a/listing/a7b8/c032/0b38/98d729ec8529fe8ff8bb/w475h356.jpg)
• 1,819 sq. ft., 3 bath, 5 bdrm single story
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MLS®
$179,000
Maricopa Meadows, Maricopa
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WHAT A HOUSE!!! NEVER A RENTAL OR INVESTMENT. PRIDE OF OWNERSHIP!!!! THIS HOUSE IS MOVE-IN READY. HAS CUSTOM PAINT, BLINDS, BACKYARD LANDSCAPE, SOFT WATER LOOP, RAISED PANEL DOORS AND EPOXIED GARAGE FLOOR. YOUR NEIGHBOR DOES NOT SIT RIGHT ON TOP OF YOU-GREENBELT BEHIND THIS HOUSE!!! PARK AND GRASS FIELD RIGHT DOWN THE STREET. **WHEN SHOPPING SHORT SALE HOMES, MAKE SURE THE SALE IS BEING NEGOTIATED BY A SHORT SALE PROCESSING COMPANY. ASK WHAT THE PREVIOUS SUCCESS RATE HAS BEEN. WE CLOSE 94%**
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• 1,948 sq. ft., 2 bath, 4 bdrm 2 story
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MLS®
$145,000
Senita, Maricopa
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Spacious two story home, perfect for any size family or an investment. **WHEN SHOPPING SHORT SALE HOMES, MAKE SURE THE SALE IS BEING NEGOTIATED BY A SHORT SALE PROCESSING COMPANY. ASK WHAT THE PREVIOUS SUCCESS RATE HAS BEEN. WE CLOSE 94%**
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• 4,800 sq. ft., 4 bath, 4 bdrm 2 story split
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MLS®
$1,250,000
Hidden Valley Estates, Maricopa
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A showcase home amongst the saguaro cacti in Hidden Valley. 4800 square feet of elegance. Beautifully appointed, Tuscan custom built home on 2 acres with gorgeous mountain views and uninterrupted privacy. Enjoy the pool, the game room, the media room or just relax on the upper deck with 360 degree views. This home is a must see and offers all of the elegance, beauty and privacy of Cave Creek at half the price.
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• 1,565 sq. ft., 2 bath, 3 bdrm single story
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MLS®
$269,900
Hidden Valley Estates, Maricopa
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2 Acres of great Horse Property with terrific Mountain views all on paved roads. Bring the quads, the horses and get ready for peaceful Arizona Desert fun. Just minutes away from the city, this very comfortable, spacious 3 bedroom, 2 bathroom home with beautiful views of the mountains and desert landscapes awaits your family. Priced to sell, this property will escalate in value over the next few years and this area continues to develop. Enjoy the serenity now and your equity later. For more information go to: www.FindMaricopa.com
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![lr2556561-7[1]](http://media.point2.com/p2a/listing/ade8/0372/277b/9ecf31c04a789f2557aa/w475h356.jpg)
• 1,300 sq. ft., 2 bath, 2 bdrm single story
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MLS®
$1,500 USD
Monthly
- Fully Furnished
Province, Maricopa
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Gorgeous, fully furnished comfortable home in the Province, offering a first class Recreation Center with workout facility, card rooms, swimming pool, spa and great conversation. The home is fully furnished with select Ethan Allen, Copenhagen and Thomasville furniture and you'll love the view out the front door. Don't lift a finger, because the landscaping is included. Sit back, enjoy the ammenities of Province and this wonderful home. Wont last long, take a look today.
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• 3,400 sq. ft., 2 bath, 5 bdrm 2 story
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MLS®
$299,000
The Villages at Rancho El Dorado, Maricopa
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Beautiful Ryland home in Maricopas best subdivision complete with walking paths, greenbelts, swimming pools, tennis courts, workout facilities and more all within walking distance. Schools and shopping close by. Home shows like a model. Adjacent lot to park and playground. Backyard is lush green with palms and lots of shade trees. Granite, maple cabs,stainless steel appliances, oak and iron staircase railing. This home includes large loft complete with sink and bar for parties and great gatherings. Priced to sell and ready to move in.
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