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Market Conditions in 85143 : Real Estate Advice

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  • Local Info3
  • Home Buying7
  • Home Selling2
  • Market Conditions1

Activity 8
Wed Jul 11, 2012
Scott Saults answered:
Good morning,

I see the property address but not a question? Let me know if I can help?
0 votes 3 answers Share Flag
Sat May 19, 2012
Ron Thomas answered:
Understand that the Housing Market is not a single house, 3/2, 1546 sqft on a 6500 sqft lot.
The Market is many, many houses, all over the country, some small, some large, some grandious, some ramshackle, many depressed.

Some houses will go down in value because people don't like the house or the location.
Some houses will go up in value, because more than one person will want to buy it.

The only purpose that the AVERAGE serves is to compare with previous periods to see whether we are moving up or down; and we are always moving UP or DOWN, there is no plateau.

Some areas and cities have forces which are lifting it UP in employment, optimism and desirablility.
Some areas have things going on to keep it depressed.
... more
0 votes 2 answers Share Flag
Wed Oct 22, 2014
Bill Eckler answered:
Dc,

Snoozers will be losers.................

This is not the time to be standing on the sideline watching the best game in town. Anyone considering being a buyer should be at least participating in today's market. This does not mean you need to be focused to buy NOW.

What participating will do is keep potential buyers in the loop by providing them with up to date information that will help them to determine when the time is right. Our recommendation is to consider the following:

1. get pre-approved for financing

2. review your personal budget

3. attend open houses

4. track property and locations online

5. identify an agent to support your interests.

We find regularly that the best opportunities go those that are ready and can respond quickly. Our recommendation is to make sure you are ready for that opportunity when it presents itself.

Best wishes,
The Eckler team
... more
0 votes 6 answers Share Flag
Tue Oct 26, 2010
Kent Gagon answered:
I remember the community and sold a number of homes in the area...what is the address would be happy to run a quick comparable search for you?
Thank you you may reply here or submit the form on my website
kent gagon
602-980-5368
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Wed Jan 21, 2009
Phil Robinson answered:
Sal

The market is currently absorbing the foreclosures out in Queen Creek, especially in Pinal County Queen Creek where the foreclosure home prices are less than the cost to re-build in many cases. Once these are absorbed we will see the market turn a corner. There is competition for the lower priced homes with many investor coming back to the market as the magical 1% rent value of purchase price is available in those areas meaning cash flow from investment property.

Below is an extract from my web site that I publish the monthly stats for the Queen Creek are, both Maricopa and Pinal County areas. I hope this helps. Let me know if you need any further information or if you would like a free list of the foreclosure homes in that area.

Maricopa County Queen Creek Market Stats: There were a total of 410 closed sales from July 1st to December 31st in 2008 compared to 178 in July 1st of 2007 to December 31st of 2007. The average selling price for that period was $264,139 compared to an average selling price of $331,532 for the same period in 2007, a percentage drop of 20%. The average sales price per square foot was $95.20 compared to $131.76 for the same period in 2007. The average number of days a house was on the market was 104, compared to 128 days for the same period in 2007. Currently there is a 6.6 month supply of inventory with 450 houses on the market for sale as of 01/05/2009. With prices down so low and interest rates very favorable it is a great time to buy if you know where to look. As real estate experts in Queen Creek, we're here to help you find a great property at a great price, please contact us today for an up to date market report or a list of bank owned foreclosed homes.

Pinal County Queen Creek Market Stats: There were a total of 1659 closed sales from July 1st to December 31st in 2008 compared to 667 in July 1st of 2007 to December 31st of 2007. The average selling price for that period was $134,436 compared to an average selling price of $198,656 for the same period in 2007, a percentage drop of 32%. The average sales price per square foot was $66.57 compared to $99.53 for the same period in 2007. The average number of days a house was on the market was 78, compared to 105 days for the same period in 2007. Currently there is a 5 month supply of inventory with 1659 houses on the market for sale as of 01/05/2009. With prices down so low it is a great time to buy!
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0 votes 5 answers Share Flag
Sun Jan 11, 2009
Paul Welden answered:
Hi Steve,

It will take a long, long, long time to gain $100K in equity. Let's assume that homes may appreciate about 3% each year. It could take you 20+ years to attain $100K equity.

The answers to your other questions are impossible to answer. Nobody can predict the future value of real estate. But after the market returns to any sense of normalcy, I think it will be safe to say that real estate may appreciate about 3% each year, assuming the property is properly maintained & updated.

---
PAUL WELDEN
HomeSmart
Buyer's Agent REALTOR
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0 votes 1 answer Share Flag
Sun Apr 6, 2008
David - Appraiser answered:
Due to the fact that Queen Creek has been hit hard with declining values over the past couple of years, it might be best to hold off on selling at this time. There are many distressed properties on the market to compete with which could prevent your property from selling quickly. If it has a positive cash flow and long term tenants that aren't considered problem tenants I don't see any reason to eliminate the added income and tax benefits. Anyone who purchases the property would also have to honor the lease agreement which would narrow your potential buyers to investors. ... more
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Tue Jan 22, 2008
David Dion answered:
I will be interested to hear what others have to say on this one. I have my own opinion and here it is...

There are two parts of Queen Creek. One part near Gilbert along or close to Power Road. Then there is the other area near Johnson Ranch and Florence.

The Gilbert part will do fine over time. It has seen a larger depreciation than Gilbert has, but not as dramatic as the Johnson Ranch area. Because of its location and good prices, it should follow whatever happens in Gilbert. When showing homes in Gilbert, I typically show in Cortina, Sossoman Estates and Remington Heights as a great option.

The Johnson Ranch area will have problems regarding price for a long time. There are entire communities out there where every single buyer paid more for their home than it is worth today. I was showing homes yesterday to a guy who found one over 2200 square feet with an asking price of $109,900!!!! That same home could have sold at one time for close to or over $300,000!!!! Recovery is a long time off for this part of Queen Creek...

In summary, the area close to Gilbert will see mild declines from this point forward. Homes that are priced correctly will sell. I believe the minor declines and stabilization will happen over the next 2 years, with it taking an additional 3 years to see values near where they are today and a longer time horizon, maybe 10 years to see them where they were. The other part of Johnson Ranchmay never see prices inflated to where they were again. That is tough to say, but buyers will be more cautious, lenders will be more conservative, and even us real estate agents will be more skeptical....

With all of that said, I would still buy the right home at the right price every day of the week. That home for $109,900 for example is a tough one not to buy!!!!
... more
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