Home Buying in Queen Creek>Question Details

Bob Lee, Home Buyer in Queen Creek, AZ

why are homes and so many of them for sale for so little? We are intrested in a home to retie in, but why are they so cheap????

Asked by Bob Lee, Queen Creek, AZ Sun Nov 8, 2009

Help the community by answering this question:


Dear Bob:
Right now, with the excess of a foreclosure homes on the market prices are being driven down. Until that supply of home diminishes there will be bargains out there, especially in the outlying areas where computing makes those homes less desirable for the people that are still working.

This makes tremendous home bargains available for the newer homes in areas such as Queen Creek, San Tan Valley, Florence, Buckeye etc.

The neighborhoods are new, shopping is newer, they have good access to freeways, golf and doctors. Prices are aready at their bottom with small increase in recent months.

This is a great time to buy. The $8,000 tax credit has been re-instated for first timers or those that have not owned in three years. There is now a $6,500 Tax credit for existing homeowners. Additionally if you do purchase a foreclosure property, free grant money (up to 22% of the purchase price) is available if you live in the home for periods of 5, 10, or 15 years. This makes inexpensive homes already, even more affordable. Cheaper than renting.

If I can answer any more questions or show you some homes, feel free to give me a call. I would be pleased to help you.

Jeff Masich, Realtor®
Arizona Homes and Land

HomeSmart Real Estate
Web Reference: http://ArizonaHomesLand.com
1 vote Thank Flag Link Sun Nov 8, 2009

I can't really add much more to what the other agents have presented, and I feel that Jeff has done a great job explaining the reasons for current prices on homes in Queen Creek.

The one thing I would add to this is to find yourself a good agent to work with, who can help you through the entire home buying process. I would interview a couple of agents to find one who is knowledgeable, and you feel you can trust will work best with you.
0 votes Thank Flag Link Mon Nov 9, 2009
Bob, welcome to Arizona where a home can be purchased at a reasonable price. Depending on where you want to retire, a 55+ or family neighborhood, and area, purchasing a home can be attainable. I echo the comments made from the other Realtors - homes frequently are not actually sold at the lower price. AND the prices were not sustainable in 2005-2006 because our market shot to the top (for Arizona, that is.) The market definitely had to adjust! It has!
0 votes Thank Flag Link Sun Nov 8, 2009
Bob, the homes in San Tan Valley the new name for the area next to Queen Creek are starting to rise. If you see a low list price it does not mean that the home will sell at that price. I am seeing multiple offers on the well priced homes and lots of short sale homes that remain on the market for months. The active adult communities that have amenities are still priced much higher then the rest of the areas. The lowest priced move in ready home in one of our private country club communities is $300,000 for 1583 sq ft. great community but I would not classify it as cheap
0 votes Thank Flag Link Sun Nov 8, 2009
To put it very simple, its supply and demand. In areas of the country there are too many homes for sale and not enough buyers.
0 votes Thank Flag Link Sun Nov 8, 2009
I don't understand your concern. If you're interested in a home to retire in, search around, find one that meets your needs, and buy it. It doesn't matter if it's for sale for $200,000 and you think it really ought to cost $500,000. What you think--with all due respect--really doesn't matter. What does matter is what the home is actually worth. That's determined by market forces: what other people are paying for similar homes in similar neighborhoods.

It's a nice reversal from a few years ago where homes were considered by many to be too expensive. Turns out they were right. Right now, in some areas, there are far more homes than there are buyers. It's the law of supply and demand. So, find some homes you like. Have a Realtor determine the comps and a real range of value. If the price and value are below your preconceptions, great. Make an offer.

Hope that helps.
0 votes Thank Flag Link Sun Nov 8, 2009
Don Tepper, Real Estate Pro in Burke, VA
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