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Desert Ridge Homes For Sale

Phoenix, AZ 85050

By DONALD KEYS | Agent in Phoenix, AZ
  • TODAY (June 3, 2010) is a GOOD TIME to SELL YOUR HOME in Peoria & Glendale AZ!

    Posted Under: Home Selling in Peoria  |  June 3, 2010 4:19 PM  |  593 views  |  No comments
    June 3, 2010

    Peoria & Glendale AZ - If you are thinking about selling your home in Peoria AZ or selling your home in Glendale AZ believe it or not, right now might be a good time.  Let me explain...

    There are three types of markets based on SUPPLY (number of homes for sale) vs. DEMAND (number of buyers wanting to buy).

    Seller's Market (seller's in control) - 4 or less months supply of homes for sale
    Balanced Market (equal number of buyers vs. sellers) 5 to 6 months supply of homes for sale
    Buyer's Market (buyer's in control) 7 or more months supply of homes for sale.

    I just ran the number and according to ARMLS as of today there are only 998 homes for sale in Peoria, AZ and 1098 homes for sale in Glendale AZ. (Single Family Detached).  In the month of May 303 homes sold in Peoria AZ and 453 homes sold in Glendale AZ.  If you take the number of homes available divided by the number of homes sold in the previous months you get the absorption rate or how many months supply of homes are available.

    In Peoria AZ there is only a 3.3 months supply and in Glendale AZ there is only a 2.4 months supply.  This means IF every home was desirable then it would only take around 3 months to wipe out all homes for sale in the two cities.  

    This is an EXCELLENT OPPORTUNITY for a Seller to put there home on the market and get it sold quickly and for top dollar with an experienced agent who understands these precise market conditions!  Here are the visual charts:




    If you are considering making a move and would like a free quick home evaluation to find out what your home is worth or an exclusive list of the best deals including distress sales, bank foreclosures, pre-foreclosure and other under valued properties, feel free to visit my website:

    http://www.TheKeysTeam.com

    623-337-8965 West Valley
    602-750-1744 Central / North Phoenix
    480-824-1699 Scottsdale / East Valley


  • Peoria & Glendale AZ Home prices and sales go up in May 2010

    Posted Under: Home Buying in Peoria  |  June 2, 2010 7:01 AM  |  539 views  |  No comments
    Peoria & Glendale AZ Home prices and sales go up in May 2010
    Peoria AZ & Glendale AZ - According to the Arizona Regional MLS, home prices and the number of homes sold in the cities of Peoria Glendale for the month of May 2010 both went up.

    There were 764 single family detached homes sold in Peoria AZ and Glendale AZ for the month of May compared to 713 for the month of April 2010.  This represents a 6.74% increase in the number of sales.  I guess the $8,000 tax credit has had very little impact on home sales in this area as buyers continue to buy homes in my opinion that are undervalued.  The average sale price went up slightly to $153,113 from last months $152,271.  If the market continues at this pace, the average home price will go up somewhere between 3% and 9% for the year.


    Donald Keys is a Professional REALTOR with REALTY EXECUTIVES.  If you are thinking about buying a home or selling a home give him a call at 623-337-8965.  You can also find more valuable information here: http://www.TheKeysTeam.com

    Next Report: Inventory Levels....
  • Peoria, AZ - Engle Homes No Longer Selling in Vistancia

    Posted Under: Home Buying in Peoria  |  May 28, 2009 7:09 AM  |  688 views  |  No comments

    During a recent visit to Vistancia a master planned community in Peoria Arizona, Donald Keys REALTOR was told the Engle Homes will no longer be selling in the Vistancia community.  Donald Keys recently noticed that Engle was advertising a new home under construction on the MLS for just under $200,000 it was a 2162 sqft ranch home.  Engle was one of that nation’s largest builders who’s parent company TOUSA filed bankruptcy.

      

    The Vistancia community representative could not tell me what was going to happen to the unsold home sites in Vistancia that Engle owned.  Often other builders will purchase the lots and build homes on the land, but this is yet to be seen.  The Vistancia community representative did say that sales were picking up in Vistancia over the previous few months.

    Here is a FREE LIST of current homes for sale in Vistancia.  This link was created May 28, 2009 and will only be available for 30 days.  If you would like a DAILY LIST of HOMES FOR SALE in Vistancia to make sure you don’t miss out on a great deal call Donald Keys at 623-337-8965 for your FREE LIST.  You are never obligated to purchase a home.

  • Is a Short Sale really a bargain?

    Posted Under: Home Buying in Peoria  |  April 30, 2009 5:48 PM  |  454 views  |  No comments
    DISCLOSURE: Consult legal advise and your tax professional when considering buying or selling a home including doing a short sale.

    September 4, 2009 MARKET CHANGE - Just an FYI, more and more short sales are being approved by the banks and the prices in the Phoenix market have increased for 6 months in a row.  Short Sales could be the "New Bargain".  Don't be afraid to look at short sale properties.
     
    A Short Sale means the seller owes more money than the home is worth and must obtain approval from the lender, because the lender is going to come up "short" on the amount owed.  The listing agent (represents the seller) does not have an "approved price" on the Short Sale and has prices the home at a "made up price" that will almost never be approved by the lender (also known as the investor behind the loan).  For example a Short Sale is currently priced at $125,000.  It was purchased for $274,000 and the current estimated value of the home is between $196,000 and $210,000.  The lender (investor) that holds the note on the mortgage is NOT going to approve a $125,000 price, instead they would rather foreclose and sell it as a BANK OWNED home for $175,000 to $195,000 (about 10% under market value).  Also Short Sales take between 60 to 90 days for approval and another 30 to 45 days to close and most buyers find another BANK OWNED bargain home or a normal seller while they are waiting and cancel their offer on the Short Sale. Keep in mind that you can only see the PUBLIC remarks and not the REALTOR remarks where sometimes short sale information is stored.  To complicate the process, the seller must have a "true hardship" and if they have a 2nd lien holder or 3rd lien holder they must go through the entire process and get approval from them too. (Think of it as a reverse approval to prove that you can't afford the home)

    As an example, I was a listing agent on a Short Sale that was listed in July 2008 and we just closed April 24, 2009.  We received our contract on December 21, 2008.  The reason it was approved is because I spent many, many, many hours working on the file and by the time it closed the buyer could have bought the same model as a bank owned for $15,000 less.

    Here are some statistics: Since February 1, 2009 in the city of Peoria, AZ there have been

    642 Homes SOLD and closed.
    65 of them were Short Sales (10%)
    437 of them were Bank Owned (68%)
    140 were "normal sellers" or "relocation". (22%)

    As you can see Short Sales only make up 10% of the market because 90% of the time after waiting 60,70 or 80 days the answer is "No, we will not sell you the home at this price instead we will foreclose."  Now with loan modifications and help for homeowners, short sales may start disappearing but no one can predict the future.

    Short sales look very attractive to buyers because of the features and price their are listed at, but it is not the approved price.

    Hey "normal sellers" if you are thinking of upsizing or downsizing now maybe a good time to put your home on the market.  Buyers are getting tired of competing for bank owned homes and waiting for short sales.

    For a FREE OVER-THE-NET Home Evaluation to find out what your home is worth visit: www.PeoriaHomeValues.com

    BEHIND ON PAYMENTS?
    FACING FORECLOSURES?
    LOAN MODIFICATION NOT WORKING?
    HAVE A HARDSHIP?
    Consider the SHORT SALE OPTION:
    www.ShortSaleHelpAZ.com

  • Peoria AZ showing signs of a Market Shift - Pending Sales UP!

    Posted Under: Home Buying in Peoria  |  March 27, 2009 5:49 AM  |  382 views  |  No comments
    If you have been "sitting on the fence" waiting for the "bottom of the market" then you may have missed the boat if you are considering purchasing a home in Peoria Arizona (suburb of Phoenix).  According to the latest MLS statistics the pending homes sales (homes already under contract) in Peoria Arizona are DOUBLE if not TRIPLE of what we normally see.

    In Surprise Arizona as of March 27, 2009 5:50am here are the numbers:

    1,428 Active homes for sale
    405   Pending (homes under contract)
    174    Closed homes since March 1, 2009

    There is the law of SUPPLY vs. DEMAND.  Because there are a lot of foreclosed homes in Peoria AZ, homes in my opinion are priced BELOW market value and are selling quickly. If you look at the absorption rate in Surprise AZ you will see that ACTIVE vs. PENDING only leaves a 3.5 months supply of homes on the market.  If you look at the absoption rate in Peoria AZ you will see ACTIVE vs. CLOSED leaves a 8.2 months supply of homes on the market.  What does this mean?  There are three types of markets:

    0-3 Months Supply of homes is a SELLER'S MARKET
    4-6 Months Supply of homes is a BALANCED MARKET
    7+  Months Supply of homes is a BUYER'S MARKET

    As you can see the "Buyer's Market" in Peoria AZ could be gone very soon!  Unfortunately some buyers have a "I'm waiting for the bottomw of the market" mentality.  The problem is that you will not know when the bottom of the market is until 90 days after it has happened.  Back in 2005 we didn't know where the top of the market was until nearly 6 months after it had passed.

     I recently talked to a small home builder and he said "We can't build homes for the prices that they are selling."  In other words it would cost more to buy the land and materials to build a home (this doesn't even include labor costs) than you can buy a home for today.

    So if you have been "sitting on the fence" or "waiting for the bottom of the market" you may want to talk to a professional REALTOR who is helping people take advantage of the buyer's market before it is gone.  Remember most buyer's agents represent your best interest and work for no additional fee - all they ask for in return is your loyalty.  Happy home hunting!

    FREE PEORIA, AZ FORECLOSURE HOME LIST UPDATED DAILY
    http://www.PeoriaAZRepos.com
  • Foreclosures & Pre-Foreclosures - Arizona

    Posted Under: Foreclosure in Peoria  |  February 18, 2009 2:34 AM  |  573 views  |  No comments
    Disclaimer: Consult your legal counsel and tax professional before making any real estate decision.  Investigate anything that is important to you BEFORE making a purchase or selling your home.

    If you are considering buying a home then you should know the difference between a FORECLOSURE and a PRE-FORECLOSURE.

    A FORECLOSED home also known as an REO, Bank Owned, Lender Owned, Repo is a home that is now owned by the lien holder of the property, often a bank or lender.  These homes can represent excellent bargains in the real estate market, but buyer beware.  A FORECLOSED home is often sold "AS IS" and "WHERE IS".  This means the owner (lender or bank) has never occupied the property and has no idea of the condition or history of the home.  They can not provide the buyer with the required Seller Property Disclosure Statement or any insurance claims history.  Because of this buyers should often pre-inspect and throughly inspect anything that is important to them BEFORE making an offer and DURING the given inspection period.  Sometimes requested repairs are made to the home, but often you are buying "AS IS".

    A PRE-FORECLOSURE home also known as a SHORT SALE is where the seller owes more money than the home is worth and is attempting to sell it.  This requires approval from ALL lien holders (1st, 2nd, 3rd) because they are going to come up "SHORT" on what is owed them.  The mistake that listing agents and buyers often make is they see an incredible home at an incredible price (often lower than a foreclosed home) and think they can get the home at that price or even less than what is listed - WRONG!  If the home is priced TOO low then the bank or lien holder(s) would rather FORECLOSE and make more money selling it on their own.  Be warned that it can often take 60, 90 or more days to get approval on a SHORT SALE purchase and more often than not, they ARE NOT approved.  An knowledgeable agent can advise you if a home is undervalued.  This can help you determine if you want to put in an offer or not.  Plus a knowledgeable buyer's agent can ask the listing agent a list of question to determine his or her knowledge of SHORT SALES and where they are in the process.

    If you would like a FREE LIST of FORECLOSED homes visit - http://www.PhxAZRepos.com
 
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