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Chandler Arizona Real Estate Market Showing Substantial Improvement April 7, 2009

Posted by mkuhbock in Arizona Vacation Property.
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A positive review by David Lorti

Chandler Arizona Real Estate Market Showing

Substantial Improvement

Buyer Demand for Chandler Homes Rising Rapidly

Chandler, Arizona 4/06/2009 04:41 PM GMT (TransWorldNews)

http://www.transworldnews.com/NewsStory.aspx?id=82526&cat=1

Chandler, Arizona’s real estate market is experiencing substantial improvement in residential activity with lower available home inventory and higher home sales.

This improvement is primarily due to increased buyer demand for homes as a result of lower home prices, low interest rates, and the $8,000 first-time homebuyer tax credit, all of which are spurring interest by buyers to purchase homes.

To understand the changes currently taking place in the Chandler housing market, there are three areas that require review—the number of available Chandler homes for sale, the number of Chandler homes under contract for purchase, and the number of sold Chandler homes.


Available Inventory of Chandler Homes Showing Modest Decline

Available Chandler home inventory has been experiencing a modest decline and is now at a three year low.  The rate of decline is lower when compared to other real estate markets of the Phoenix Metropolitan area where buyer demand is more robust, but Chandler has generally been less impacted by the market downturn than those same communities.

The decline in inventory is largely due to the overall improvement in buyer demand rather than cancellations and expirations of property listings.


Buyer Demand for Chandler Real Estate is Strengthening Rapidly

Buyer demand, as measured by the number of actively marketed Chandler homes currently under contract for purchase in Chandler, is showing impressive improvement.

25.6% of the properties currently for sale in the Chandler real estate market are under contract, a 9% point increase since November 2008.  More striking is that 5 points of that improvement has taken place within the last 30 days.

Put another way, for every 10 homes on the market, there are now 2 ½ buyers vs. 2 buyers a month ago.

Comparing against prior years, Chandler’s performance is surpassing that seen in the 2006-2008 period though still less than that seen in the 2003-2005 period.


As mentioned earlier, buyers are being spurred on by three major factors.  First, Chandler home prices have declined to such an extent that the prices are attracting attention.  Second, interest rates are at historical lows with borrowers attaining loans with as little as a 4-5% interest rate.  Third, “first-time homebuyers” who are eligible receive a $8,000 tax credit for purchasing a home.  This money does not have to be repaid unlike the previous homebuyer tax credit program.

The improvement in buyer demand is working to reduce existing inventory as more buyers are stepping up to purchase Chandler homes.


Sales of Chandler Homes Increasing

Chandler home sales activity is beginning to show greater strength in sales over 2008 trends as the number of homes under contract for purchase rises.  In the last 30 days, sales activity has begun to separate more clearly away from 2008 levels.  It is important to note that 2008 appears as the low point for closed sales activity in Chandler.

Given the pending home sales performance mentioned above, we should expect to see the number of actual closed sales increase over the coming 1-3 months.  Indicators are that Chandler real estate will post stronger numbers than that seen in 2008.


Chandler Foreclosures & Short Sales

Chandler, like many Valley communities, has been beset by foreclosures and short sales which have forced prices down aggressively from market highs.


Valleywide, the number of foreclosures do represent a trouble spot for the Chandler real estate market.  Indeed, the 90-day rolling average for the number of Trustee’s Sale notices issued daily continues to grow with over 300 notices given per day.  As well, the number of actual Trustee’s Sale or foreclosure auction proceedings per day is growing and represents approximately 140 foreclosures daily.  Together, these figures point to an increased number of foreclosed homes entering the marketplace in the near term, potentially driving down pricing for existing homes.


Chandler Real Estate Outlook

Overall, the Chandler real estate market is clearly experiencing improvement.
In the next 1-3 months, we should hope to see additional erosion of available Chandler homes inventory given buyer demand.  Though we could see a steady sloping of pending sales activity as the year progresses, the trend should maintain a higher level than that seen in the last two to three year period.  Actual 2009 Chandler home sales should post better results going forward for Chandler than that seen in 2008.


In summary, Chandler real estate appears to be shoring up and laying a more solid foundation for further improvement resulting in reduced inventory, higher pending sales activity, and higher home sales.  Though more foreclosures loom in the marketplace, the outlook for the Chandler real estate market is more promising for the moment.  Time will tell.


About David Lorti


David Lorti is a professional Realtor for Thompson’s Realty in the Phoenix Real Estate Market market. He holds a MBA and Certified Negotiation Expert designation and his insights have been quoted in numerous news outlets. His website, LortiHomesArizona.com, and blog, LortiHomesBlog.com, offer additional market insights on Ahwatukee Real Estate, Chandler Real Estate, Gilbert Real Estate, and all parts of the Phoenix area.

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Metro Phoenix and Chandler Arizona Research July 3, 2008

Posted by mkuhbock in Arizona Vacation Property, golf.
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Well I have reviewed some of the do and dont’s of joint ownership and what to look out for in a vacation home so now i can drill down into Metro Phoenix areas of interest and specifically Chandler. From a Calgarians perspective, Arizona is a great location for a vacation home as it not only has great weather and recreational activities, it is a short 3 hour flight away.

We searched and viewed homes all over the nicer areas of Metro Phoenix and decided on the Ocotillo area of Chandler. We found the prices great and much more affordable than Scottsdale, we loved the abundance of water and lushness of growth, unparalleled shopping, a little more quiet than other Phoenix areas and the golf course there is 27 holes of challenge with water on 24 or so holes that quickly swallows up golf balls.

There are thousands of resource site on the web that are a google search away but here are a couple of the information sites I have used to familiarize myself with Chandler, the Metro Phoenix area and real estate in the area:

http://www.visitphoenix.com/visitor/index.cfm

http://www.azcentral.com/

http://phoenix.gov/DISCOVER/index.html

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Chandler AZ
http://www.visitchandler.com/

20 minutes south of the airport

  1. Growing vibrant city with a higher end demographic mix
  2. Wonderful recreational community
  3. Easy access to all parts of Arizona

Ocotillo Golfhttp://www.ocotillogolf.com/

Scottsdale / Paradise Valley http://www.scottsdalecvb.com

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Real Estate Research

The best place to browse listings are:

www.realtor.com best to use the map search tool so that you can drill down to areas or,

www.zillow.com a neat tool but harder to navigate and not as much pertinent data
http://phoenix.craigslist.org/rfs/ Craigslist is a great site to get familiar with property and you can use key words to narrow down locations.

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Golf

Depends on where they are staying and what they want to pay but here is a quick summary of golf… with over 200 courses in the Valley this list below only scratches the surface and I have only played about 25 courses so far…..

Best value and one of the best courses is TPC Champions course $49 for non residents if they walk – 7 days a week, tips are not set up but they will let you play them as long as you are a low handicap golfer, if not it will beat you up from back there, easy walk and always in great TPC shape, call 7 days in advance to make weekend tee times and if you dont walk they charge $85 x 2 for a cart on top of the $49 so walk the course.

Southern Dunes in Maricopa, one of the best courses in the valley, 7600 yards from the tips

Whirlwind, 36 great holes

Ocotillo, 27 holes and ranked in the top 5 in the Valley consistently

Gold Canyon, Dinosaur course, spectacular views and great track on the east side of the valley

All these are winners, http://www.troongolfaz.com/index.php

Top 10 Metro Phoenix courses listed by Arizonagolfer http://www.arizonagolfer.net/

To book times for courses other than TPC use http://www.golfnow.com/phoenix The prices get cheaper closer to the day you want to book as the course pros use this site to blow out unused tee times. Can save over 50% on tee times.

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Finally some general information sites:

Phoenix Arizona relocation guide | Phoenix overview

City of Phoenix, Arizona, Official Municipal Web site

Phoenix Arizona CVB Travel Center : Hotels, Resorts & Golf in

Arizona travel and vacation guide from the Arizona Office of Tourism

Arizona Local News – Phoenix Arizona News – azcentral.com

In the next week we will be meeting with a number of groups from the Phoenix real estate community to put together some exciting aquistion business models together, if you have any interest in participating let me know or any questions on any of the recent Blogs.

Have a great weekend!

Cheers,

Michael