• Greater Phoenix Area ~ Labor Day Weekend Freeway Closures & Restrictions ~ September 4–7

    September 3, 2009 // Comments Off

    Greater Phoenix Area - Highway Construction and Closures over Labor Day Weekend September 4 - 7, 2009

    Have a safe and fun holiday weekend, hopefully with very little labor!   ;-)

    Gilbert Homes ~ Chandler Homes

    Mesa Homes ~ Queen Creek Homes ~ Phoenix Homes

    Posted in phoenix freeway conditions

    I’m done… I can’t buy a home in this market…

    July 16, 2009 // 2 Comments »

    Okay…  I’ll confess…  I’m bummed…  a home buyer I’ve been working with for over 6 months decided to call it quits.  No, he didn’t commit suicide – at least not in the physical sense – but in the metaphysical real estate sense.

    His one question?  “Why in hell should I continue to view properties that I have no chance of buying?”

    This home buyer has excellent credit and has worked his tail off to save up the 3.5% down payment required for an FHA loan.  His price range is $80K-$100K, and we’ve been looking for a home in the East Valley, primarily Mesa and Phoenix.  He’s been open to a single family detached house, townhome or condo.

    I’ve lost count of the total number of properties we’ve viewed, and the  number of aggressive offers (even above comps) that we’ve submitted on nice, decent homes ~ but to no avail…

    We’ve gotten our asses kicked on every last one of them – by two types of buyers:

    1. Cash
    2. Conventional Financing

    With a cash buyer, there is typically no appraisal done on the property, and there’s no financing contingency – both of which are HUGE incentives to the seller.

    With conventional financing, the buyer is paying 20% down and at least on the surface appears to be a better credit risk than an FHA buyer who is only putting down 3.5%.

    My client simply got tired of the fray, and gave up.  And while I very much appreciate and respect this client, I am very disappointed with his decision.  Patience and perseverance will always prevail.  My only regret is that this particular client gave up his dream and allowed defeat to dominate his lifestyle.

    Am I deluded?

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    Posted in arizona market conditions

    Mesa Real Estate – June 2009 vs. June 2008

    July 10, 2009 // Comments Off

    MESA, ARIZONA


    …continues with its reputation of being one of the most desirable communities in The Valley of the Sun!

    Sunset in Arizona

    June 2009 vs. June 2008


    666 single family detached houses were purchased last month vs. 399 last year (June 2008).

    The average price paid was $153,395 vs. $233,511 last year.

    The median price came in at $129,000 vs. $190,000 last year.

    The ratio of purchase price to list price was 98% vs. 97% last year.

    The average time on the market was 84 days vs. 91 days last year.

    There were 3,128 Active single family listings vs. 4,517 last year.

    Click Here for full current Mesa Market Report

    Search Mesa Homes

    All data is derived from the Arizona Regional MLS and is deemed reliable but not guaranteed.
    photo by Miguel Folch
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    Posted in mesa market conditions

    Greater Phoenix Area ~ Weekend Freeway Closures & Restrictions ~ July 10 – 13, 2009

    // Comments Off

    ADOT

    1
    Westbound I-10 closed between Seventh Street and Seventh Avenue for tunnel maintenance. Westbound Loop 202 and southbound State Route 51 ramps to westbound I-10 closed. Westbound I-10 on-ramps at 16th and Seventh streets closed. Use northbound I-17 starting near Sky Harbor Airort as alternate route to avoid I-10 closure.
    2
    Eastbound Loop 101 (Pima Freeway) closed nightly between State Route 51 (Piestewa Freeway) and Princess Drive for freeway widening. Between closures, Loop 101 will be narrowed to two lanes.
    3
    Eastbound Loop 202 (Red Mountain Freeway) narrowed to two lanes at 32nd Street for widening work. 32nd Street closed at Loop 202. On- and off-ramps will remain open, but limited to right turns only. Use 24th and 40th streets as alternate routes.
    4
    State Route 143 (Hohokam Expressway) closed in both directions between Washington Street and McDowell Road for overhead work on Loop 202 bridge. Use 44th and 52nd streets as alternatives. Right lane closed on Loop 202 at State Route 143.
    5
    		 Westbound US 60 (Superstition Freeway) narrowed to two lanes between McClintock and Priest drives for freeway widening.
    6

    Eastbound Loop 202 narrowed to three lanes nightly between McClintock Drive and Loop 101 for widening work.

    Have a safe, fun weekend!

    Gilbert Homes ~ Chandler Homes ~ Mesa Homes ~ Queen Creek Homes ~ Phoenix Homes

    Posted in phoenix freeway conditions

    $8,000 Home Buyer Tax Credit

    July 7, 2009 // Comments Off

    The “American Recovery and Reinvestment Act of 2009” passed the House and Senate on February 13, 2009, and was signed by President Obama on February 17, 2009.

    The bill is a $780 billion package, roughly one-third of which is dedicated to a home buyer credit.

    Here are the highlights:

    1. Randy Hooker - Chandler, Gilbert, Mesa, Queen Creek, Arizona Real Estate

      The tax credit is for first time home buyers, with a “first-time home buyer” defined as a person who has not owned a principal residence during the three-year period prior to the purchase.

    2. The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000, and does not have to be repaid as long as the home is not sold within 3 years.

    3. The tax credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009.

    4. Single persons with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.

    5. The credit must be claimed on a federal tax return to reduce the buyer’s income tax liability. Any remaining unused credit will be refunded to the buyer.

    Below is a summary chart of the tax credit, along with a side-by-side comparison to the 2008 tax credit.

    Inasmuch as this is a tax related issue, and I am neither a tax accountant or a tax attorney, you should consult with a tax professional regarding your specific situation and benefits.

    Randy Hooker - Chandler, Gilbert, Mesa, Queen Creek, Arizona Real Estate

    Gilbert Homes ~ Chandler Homes ~ Mesa Homes ~ Queen Creek Homes ~ Phoenix Homes

    First TimeHome Buyer Tax Credit

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    Posted in tax credit