Queen Creek Home for Sale

January 8, 2012 By Leave a Comment

Address:19926 E Thorton Rd, Queen Creek, AZ 85142
MLS:4698072
Price: $199900
Bedrooms: 3
Bath: 2
Year Built: 2008
Pool:No
Spa:No
Fireplace: No
SqFt: 1514
Type: Single Level – Single Family
Lender Owned: Yes
Homepath Eligible: call agent Kay Wood
Subdivision:Emperor Estates
Cross Streets: Sossaman/Queen Creek
Gated Community:No
Schools:Queen Creek Unified District
Garage: 2 Car Garage
Exposure:North/South
Taxes: $1480
New Financing: Cash, VA, FHA, Conventional
Listing Broker: RE/MAX Kay Wood – Amanda Cook

Relocation forces Short Sale…Your GAIN! Awesome N/S exposure with 3 full bedrooms and small custom detached workshop/office in back(with a/c & electric). Spacious open great room, 9′ ceilings throughout, upgraded staggered kitchen cabinets with extra in dining area, granite counters, island, gas stove, split floor plan, 2 sinks in Master, separate laundry with sink(not walk-through style), surround sound, 20×10 covered patio, grassy back yard with concrete dog run on East side of home.
http://tour.previsite.com/A46CF052-9E78-1ACA-E4B9-A8D999C75D1C

Filed Under: East Valley Listings, Existing Home Sales, Mesa News Tagged With: , , , , , , , , , ,

Pending Home Sales Index Rises, Finding Great Home Deals May Get Harder

June 8, 2010 By Leave a Comment

Pending Home Sales Oct 2008 to April 2010The Pending Home Sales Index shot higher in April as low mortgage rates and a soon-to-expire federal tax credit spurred home buying in Mesa and across the county.

A “pending home sale” is a home that’s under contract to sell but not yet closed.

Region-by-region, April’s pending home sales varied versus March’s data:

  • Northeast Region: +29.5%
  • Midwest Region : +4.1%
  • South Region : -0.6% (after a +15.9% posting in March)
  • West Region : +7.5%

On an annual basis, the Pending Home Sales Index is higher by 22 percent.

April marks the third straight month that pending home sales are up and today’s buyers should take note. This is because, according to the National Association of Realtors®, 80% of homes under contract close within 60 days.

In other words, May and June’s existing home sales data should be similarly strong, causing the Las Sendas real estate market to gently shift in favor of sellers.  In fact, already, we’re seeing home resales touch multi-year highs while new home supplies fall to multi-year lows.

All of it tends to push home prices higher while simultaneously reducing buyer negotiation leverage. That, coupled with the high probability of higher mortgage rates ahead, means that finding “deals” will get tougher for the average home buyer.

In looking at the housing market data, it appears that the best month in which to have bought a home this year was February.  The next best time may be right now.

Talk to your real estate agent if you’re planning to buy a home this year.  It may be sensible to move up your time frame a few months.

Filed Under: Pending Home Sales Tagged With: ,

New Home Supply Falls Sharply In April

June 2, 2010 By Leave a Comment

New Home Supply April 2009 - April 2010The supply of newly-built homes for sales plummeted in April, a positive indicator for the Gilbert housing market as we head into the summer months.

It’s no wonder that homebuilders are breaking new ground at the fastest clip in 2 years.

At the current sales pace, the nation’s complete supply of new homes would be sold in just 5 month’s time.  That’s more than double the pace of a year ago.

Also, as more good news, in terms of total housing units, the government reports that New Home Sales topped one half-million homes sold for the first time since May 2008.

It’s a similar spike as within the Existing Home Sales data released earlier this week.

But before we declare the housing market “repaired in full”, we have to consider a few of the reasons why home sales are charting so strongly.

The first reason is the federal homebuyer tax credit’s April 30 expiration. In order to claim up to $8,000 in tax credits, home buyers must have been in mutual contract for a property before May 1. There is no doubt this contributed to a run-up in sales, especially among first-time home buyers.

The second reason is that mortgage rates have remained exceptionally low, defying expert predictions.  Low rates don’t sell homes, but they do make monthly payments easier to manage for households torn between renting or buying.

And, lastly, March and April’s new home sales may have been buoyed by aggressive discounting on behalf of homebuilders.  As compared to February 2010, April’s average new home sale price was lower by 13 percent.  That’s a sharp drop in a short period of time.

For now, though, homes are selling, supplies are dropping, and buyer interest is high. It’s no wonder builder confidence is soaring.

Filed Under: New Home Sales Tagged With: , ,

Existing Home Sales Strengthen, Home Buying Opportunities Expand

May 28, 2010 By Leave a Comment

Existing Home Sales Apr 2009-Apr 2010Sales of existing homes rose in April, buoyed by an expiring home buyer tax credit and exceptionally low mortgage rates.

As compared to March, April’s Existing Home Sales rose by 410,000 units nationwide — the second straight month of large gains. An “existing home” is a home resold by a prior owner (i.e. not new construction).

It’s a solid report for housing overall, with rising sales suggesting that the real estate market’s recovery is ongoing. However, the data presented a mixed message.

According to the National Association of Realtors®, although the number of homes sold ticked higher in April,  so did the supply of existing homes for sale, too.

Sellers are now listing homes faster than buyers can buy them.

After adding another 0.3 months of supply in April, resale home supply is nearly two full months larger than at November 2009′s low-point. This put downward pressure on home prices.

Furthermore, because 49% of April’s buyers were first-time buyers and the tax credit has since ended, we can expect that sellers will continue to outweigh buyers in the months ahead.

It presents an interesting opportunity for June’s home buyers. Mortgage rates are still at their lowest levels of the year — despite expert predictions to the contrary — and homes remain affordable. Plus, in a lot of markets, home values have started to creep higher.

There’s good values and good rates but neither should last long. For the next few weeks, real estate may be in its 2010 sweet spot.

If you were thinking of moving in September of this year or later, consider moving up your timeframe.

Filed Under: Existing Home Sales Tagged With: , ,

Existing Home Sales On Upswing While Home Values Rise

April 23, 2010 By Leave a Comment

Existing Home Sales Mar 2008-Mar 2010Existing Home Sales rose in March, as expected. U.S. home buyers closed on 7 percent more homes as compared to February.

Furthermore, versus March 2009 — a month many people equate to the low point of the U.S. economy — sales volume was up 16 percent.

“Existing home sale” is the technical term for a home resale; a home previously inhabited by a person.  It’s the opposite of a “new home sale” which is a sale of a newly-constructed home.

Existing Homes Data is tracked by the National Association of Realtors® and a closer look at the March data reveals some other interesting notes:

  1. Year-over-year sales are higher for the 9th straight month
  2. Real estate investors represented 19 percent of all homes purchased
  3. First-time home buyers account for 44 percent of all buyers

Also worth noting is that the supply of available homes is down on a broader basis.  At the current rate of sales, the existing home inventory will be exhausted in 8 months.

Despite banks releasing foreclosures and REO into the Mesa market, that’s still one half-month less from February.

When supplies drops, home prices tend to rise. It suggests an underlying strength in housing that should support home prices through the next few months — especially as the home buyer tax credit finishes working its way through the system.

That said, real estate markets are local. You shouldn’t assume that what’s happening on the national level is also happening here at home.  Be sure to check with your real estate agent about Arizona conditions before making a decision to buy or sell.

Filed Under: Existing Home Sales Tagged With: , ,

Sales Of Existing Homes Stabilize, Gains Expected In Spring

March 24, 2010 By Leave a Comment

Existing Home Sales Feb 2008-Feb 2010As expected, Existing Home Sales fell in February, slipping 30,000 units versus January’s numbers. It’s the 4th straight month in which Existing Home Sales were lower, month-over-month.

An “existing” home is one that is previously owned and lived-in (i.e. not new construction).

Existing Home Sales peaked in November 2009, just as the First-Time Home Buyer Tax Credit was set to expire. Immediately thereafter, according to the National Association of Realtors®, monthly sales plunged 17 percent in December, then another 7 percent in January.

Comparatively, February’s dip is a modest 0.6 percent and is more in line with the pre-tax-credit Existing Home Sales trend.  The real estate market is rediscovering its normal.

But “normal” may not last for long.

When the federal home buyer’s tax program was extended last year, the new rules stated that home buyers must be under contract for their new, respective homes on, or before, April 30, 2010 in order to claim up to $8,000 in federal money.  That deadline is approaching and many markets — Mesa included — are experiencing a surge in buyer traffic as April 30 nears.

The Existing Home Sales data doesn’t reflect this new demand, nor the number of new contracts written. It only accounts for home closings and, in February, closings were down.

For today’s buyers, the market looks favorable. The federal tax credit is in place, mortgage rates stubbornly stick near all-time lows, and home prices are staying in check.

Existing Home Sales should gain through March and April, pressuring home prices higher. And, by the time the press reports the gains, the best deals in the city may already be gone.  Consider acting sooner rather than later.

Filed Under: Existing Home Sales Tagged With: ,

Pending Home Sales Index Shows Decline, But Should Recover For Spring

March 5, 2010 By Leave a Comment

Pending Home Sales (July 2008-Jan 2010)

Fewer homes went under contract in January as the housing market continues to limp through the winter months.

According to the National Association of Realtors®, the Pending Home Sales Index fell to its lowest level in 3 quarters this January. By contrast, in October 2009, the index had touched a 3-year high.

The Pending Home Sales Index measures the number of homes that have gone under contract to sell, but have yet to close nationwide. It’s compiled using data from more than 100 regional listing services and 60-plus brokerages  — the sample set encompasses 20 percent of all home resales in a given month.

Economists have come to rely on the Pending Home Sales Index because of its high correlation to actual home sales. 80% of all home marked “pending” close within 60 days. Many of the rest close within 120.

Therefore, when we see Pending Home Sales show weakness like it did in January, we can infer that home resales will remain weak through the spring.

But will they really?

  1. Fewer sales should drag down home prices, bringing more buyers into the market
  2. Mortgage rates are still very low, but are poised to rise in just a few weeks
  3. The home buyer tax credit requires buyers to be in contract by April 30, 2010

In other words, there’s a confluence of factors that could lead to a rush of sales in Gilbert and around the country over the next two months, reversing the housing market’s recent momentum.

Filed Under: Existing Home Sales Tagged With: , , ,

Sales Of Existing Homes Drop Due To Cyclical Trends

March 2, 2010 By Leave a Comment

Existing Home Sales Jan 2009-Jan 2010The winter months have not been kind to home sales. Weather may not have the effect on sales in the Metro Phoenix area that it does in other parts of the country, but other trends may still drive down home sales.

In recent months, Existing Home Sales plunged, according to the National Association of Realtors®. An “existing home” is a home resold by a previous owner (i.e. not new construction).

In looking at the annualized, adjusted Existing Home Sales data, we find:

  1. Sales volume is at its lowest levels since June 2009
  2. Sales volume fell below its 12-month rolling average
  3. Home supplies are at a 5-month high

These are similar findings to the New Home Sales data issued by the government.  That report put new home sales at a 40-year low and showed new homes supplies higher by an entire month.

But don’t think housing rebound has halted! Home sales are cyclical and there are outside forces on today’s market.

For one, the market is still feeling the after-effects of the original First-Time Home Buyer Tax Credit. Sales spiked in the months leading up to the original November 2009 expiration date. A pull-back is natural and expected.

Looking at the long-term trend, Existing Home Sales volume appears right in line.

Furthermore, weather across much of the U.S. was awful in January. That, too, can impede home sales as homes are neither shown nor negotiated when weather is extremely inclement.

Anecdotal evidence is showing sales activity higher through February and into March. And, although it’s unlikely we’ll see a spike through April like we did last November, buy-side demand for homes should remain strong. The good news of the sagging sales reports is that today’s buyers may find home prices are lower and sellers are more willing to negotiate.

Filed Under: Existing Home Sales Tagged With: , , ,

Pending Home Sales Suggest Stronger Spring Market – Don’t Be Fooled

February 3, 2010 By Leave a Comment

Pending Home Sales (June 2008-Dec 2009)The Pending Home Sales Index rose slightly in December, climbing 1 percent from November. While this may seem like good news for all concerned, what’s waiting behind the spring market is surely some type of decline if things do not change.

Expected to change are the conditions with which are helping home buyers buy home now.

  • FHA home loans are still allowing 6% seller concessions – as it currently stands, this will cease after April 2010 where only 3% seller concessions will be allowed.
  • The $8000 home buyer tax credit for first time home buyers or the $6500 repeat buyer tax credit will be ending as of April 30, 2010. You can guarantee yourself this tax credit if you qualify if you have a home under contract by the end of April as long as you close by the end of June 30, 2010.
  • The Fed’s are threatening to cease buying mortgage backed securities which will likely drive home mortgage interest rates up. Some predictions are that rates will be above 6% by the end of the year.

What are all of these items pointing to: if you are sitting on the fence about whether to buy or not, and you are qualified to buy – you may want to contact me to get your home search underway. You don’t want to get caught with deteriorating buying conditions when you want to start your home buying process if you don’t have to.

Filed Under: Mesa News Tagged With: , , , ,

Existing Home Sales Plummet In December, But It Was Expected

January 26, 2010 By Leave a Comment

Existing Home Sales Dec 2008-Dec 2009 Existing Home Sales in December 2009 hit the skids, shedding nearly 17 percent and falling to a 4-month low.

Alarmed – the economy slipping – don’t be. The plunge was expected.

Why? Well…

November’s Existing Home Sales surged as a result of the pending expiration of the $8,000 federal tax credit that was due to expire on November 30, 2009. With the deadline approaching, many would-be buyers pushed their buying efforts from the December time frame into November to ensure that they could take advantage of the first time buyer tax credit.

A lot of analysts argue that the expiration date had a cannibalizing effect on December’s sales figures and it is hard to argue against that point. It was only later that Congress extended the tax credit to June 30, 2010.

So, with home sales plunging in December, it’s no surprise that home supplies rose for the first time in 9 months.  Home Supply is calculating by dividing the number of homes for sale by the current sales pace.

According to the National Association of Realtors, the national housing supply now rests at 7.2 months.

Despite December’s Existing Home Sales report appearing shaky, it’s actually terrific new for home buyers in neighborhoods like Las Sendas, Mountain Bridge and other Mesa subdivisions.

See, for the past few months, as housing has been improving, sellers nationwide have been bombarded by messages of “hot markets” and rising home prices by the media.  Psychologically, a seller is more likely to hold firm on price if he believes the housing market is improving and now December’s data is deflating that argument.

This is why we say there’s always two sides to a housing story — the buyers’ side and the sellers’ side. And, usually, what’s good for one party is bad for the other. It’s what we’re seeing now.

Because of soft data like December’s Existing Home Sales, buyers may retake some negotiation leverage that’s been lost since Spring 2009, helping to improve home affordability and, perhaps, spur more sales.

Filed Under: Mesa News Tagged With: , ,
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