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Single family home sales in Queen Creek, Arizona are continuing to hold at a steady pace.  The number of single family home sales for the month of February 2009 was 309.  The average sales price for Queen Creek was $132,050, just about matching January’s numbers.  The median sales price was $112,000.  The average days on market was 84.  There are currently 1,448 homes for sale in Queen Creek.  At the current pace of buying, there are approximately 4.7 months worth of inventory on the market. 

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The number of single family homes sold in Queen Creek Arizona for the month of January, 2009 was 284.  The average sales price in Queen Creek was $132,161.  The median sales price was $112,000. The average days on market was 88.  Currently, there are 1,645 homes for sale in Queen Creek, AZ.  At this pace of buying there are 5.8 months of inventory available.

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To find out more information on market trends in your area, contact Nathan at 480-529-6329, or email me at Nathan@ezlistaz.com. 

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 East Valley, Arizona (Chandler, Gilbert, Mesa and Tempe) single family home sales for the month of January, 2009 came in at 752 units.  The average sales price was $219,892, with an average market time of 116 days.  The median sales price was $184,520.  The number of single family homes currently listed in the East Valley is 7,388.  There are about 9.8 months worth of inventory at the current buying pace.

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At current home prices and interest rates, now is a great opportunity to buy!  If you are considering buying or selling a home please contact me at 480-529-6329 or email me at Nathan@ezlistaz.com.

We’ve seen some growth over the past few weeks in the garden, and I finally pulled the first radishes from the garden!

A couple of radishes from our Arizona winter garden.

 It’s the little victories that make this rookie happy!  

The spinach, brocolli, and cauliflower are looking great!  More photos in the future as we progress.  For now I’m going to go cook up some radish greens.

Have a great weekend, and enjoy the Superbowl!

Now that’s a great question…

The Federal Reserve Bank unveiled it’s new plan to modify the mortgages it currently owns.  These mortgages were given as collateral from banks so they (the banks) could have access to Fed money. For example, when a bailout of a bank such as JP Morgan Chase occurs, they offer up their troubled assets (mortgages) as collateral for the money they receive.

 The Fed will instruct the servicers of the mortgages to identify borrowers who are starting to fall behind, who might be eligible for mortgage modification.  The possible modification could be to interest rates, length of the loan and principal reduction.

So if you are a troubled borrower, and have fallen behind on your payments, will your mortgage receive modification from the Fed? 

Maybe.  It’s impossible for a borrower to even know if their mortgage is owned by the Fed.  And if it is, you’ll need to be eligible for modification.

So, what should a troubled homeowner do?

Wait (actually, don’t wait - exhaust every other option).  If you receive a letter in the mail, or a call from your lender that your mortgage is owned by the Fed, and it is eligible for modification then you may have a  chance.

Don’t hold your breath on being notified about a possible mortgage modification from the Federal Reserve.  Be proactive, and do everything you can to make it happen on your own.  First and foremost, contact your lender, and let them know you need help.

Led by sales in the Western part of the United States, existing home sales rose unexpectedly, while inventory declined.  This is according to the National Association of Realtors.

Existing home sales(single family, condo, co-op and townhomes) rose  in December 6.5 percent to an adjusted 4.74 million units annually .  Still below the 4.91 million homes (pace) sold in December of 2007.

There were approximately 4.9 million existing home sales for 2008.  13.1 percent below the 5.65 million sales for 2007. 

Sales are up and inventory falls, but sales prices are continuing to decline across the Nation.

Total housing inventory at the end of 2008 fell just over 11 percent to 3.68 million units available for sale which is a 9.3 month supply at the current sales levels.  Inventory supply is down from an 11.2 month supply in November.

The median home price for the Nation in December 2008 was $175,400, 15.3 percent below last years numbers.  45 percent of all transactions were distressed properties.  The National median price for the year was $198,600, down 9.3 percent from 2007.

Single family home sales rose 7 percent in December as compared to November, but still 1.4 percent below December 2007.

The median single family home price was $174,700 in December.  Down 14.8 percent from a year ago. 

The median existing condo price was $181,400 in December,  down 18.3 percent from a year ago.

Want the statistics for your area?  Contact Nathan Mitchell at 480-529-6329 or Nathan@ezlistaz.com.

As we all have surely heard by now, foreclosed and bank owned properties are currently a major force in the market.  With the rise in foreclosures here in Chandler, Gilbert, Mesa, Phoenix, Tempe and the surrounding Maricopa and Pinal counties, there are certainly plenty of homes to choose from.  If you are in the market to find a bank owned or REO property, Arizona is a great place to find great opportunities. 

Queen Creek, Arizona for example has been devastated by home foreclosures, and has some of the best bargains in the state.  Bank owned properties have been a driving force in this outlying part of the state, and current prices reflect that.  Since the 2005-2006 top the average sales price in Queen Creek has tumbled nearly 50%, leaving many homes ripe for the picking for long term investors and home buyers.  In the chart below, notice the increase of monthly sales starting approximately March of ‘08.  The rising interest in homes coincides with the massive drop in home values you’ll see on the next chart (average sales price chart).

Monthly Home Sales In Queen Creek, Arizona

 Average Sales Price in Queen Creek, Arizona

Other Arizona cities have had similar price corrections.  Buyers have taken notice and are cashing in on some of the best real estate bargains in America.

 At current prices, now is a great time to buy in Arizona.  It’s easy to get started.  If you are considering buying and would like more information on where to begin, would like to view a bank owned property, or would like to gain access to REO lists, please feel free to contact Nathan Mitchell at 480-529-6329, or Nathan@ezlistaz.com.

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Single family homes sold for the month of December, 2008 in the Phoenix area was 4,982.  That’s an increase from last year’s number at 3,161.  The number of total listings tallied at 44,404, about a 12% decrease from December, 2007.  Average days on market was 107.  The median sales price was $145,000 with an average sales price of $195,843.

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As foreclosures continue to mount across the Nation, many renters have found themselves being evicted from their homes without much notice, through no fault of their own.  In most situations renters sign their lease agreements (after a typical credit check, which they pay for), make their payments each month, and go on about their lives with a roof over their heads.

It’s been almost a year ago now, a knock came on my door, and an acquaintance of mine asked me if I would please take her dog, as the home she was renting was foreclosed on, and she had no place for her pet!  Even though she was making her monthly rental payments, her landlord had stopped making the mortgage payments, and cut off all communication with the tenant.  It was a very sad moment.  I humbly took the dog.

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The foreclosed rental property has been a growing trend, another by-product of the declining housing market and economy.  Most renters are left with little time to react, typically lose their deposits, and are left scrambling to find a new place to call home (and those deposits they lost). 

Unfortunately there is very little recourse for a renter in this situation, especially here in Arizona.  Renters do have a right to sue, but more than likely, in the long run would lose more in the effort.  So what is a renter to do?  Especially right now, it does seem like a game of chance when it comes to renting.  You’re probably not going to get your new prospective landlord to agree to you checking his or her credit, so a little extra work up front may save some headache in the (possibly near) future.

1. Find out when the home was last sold.  If you’re using a Realtor to find your next rental home, that should be easy enough.  If you look for homes that have been recently sold, at or near current prices, then your new landlord could be positioned to make those mortgage payments.
2. Ask to see the last 3 months mortgage statements.  If your prospective landlord agrees, you should be able to see what state that particular mortgage is in.
3. Ask that all deposits be held with a 3rd party (such as a title company), until the lease agreement is over. That way, your deposits will have a greater chance of not disappearing if things go wrong.

Executing step 1 could save you a lot of effort, and grief, and is a fairly simple task.  Steps 2 and 3 might be difficult to accomplish, but if you can get the landlord to agree to one of the two, it could go a long way toward your peace of mind when it’s time to sign the lease agreement.

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The number of single family homes sold in the month of December, 2008 was 341, a bit higher than lasts month’s numbers, and getting back into the normal trend for the past 8 months or so.  The average sales price for December in Queen Creek was $154,204, with an average days on market of 84 days.  The median sale price came in at $125,000.  The number of single family homes currently for sale in Queen Creek, AZ is 1,789, giving about 5.3 months of inventory available. 

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When you are ready to purchase or sell a home in Queen Creek, Arizona.  Trust an experienced, knowledgeable and reliable Realtor to help you achieve your goals.  For more information please contact Nathan at 480-529-6329, or email at Nathan@ezlistaz.com.