2009 Queen Creek Market Report

Wow - what a year! 

I wrote a market update last year in January 2008 for Queen Creek.  Touting foreclosures and what you need in order to purchase one.

Here's a small portion of the how to:

So, you may be asking, "How can I get one of those homes?" 

Many of the lenders that own the homes are making it easy for you because they have hired Realtors to list the properties for them. Below are a few requirements and suggestions to make the buying process run smooth. 

1. You must be ready to buy. If you have been pre-qualified by a lender to make a purchase you must ask your lender for an "LSR", Loan Status Report.  The LSR proves that you are ready to rock and roll and are serious about buying this property.  Many banks won't even look at your offer unless the LSR is attached.
2. If you are offering cash, you must have proof of funds available to show the bank. (Bank Account, Money Market Account, 401k etc)
3. This one is a suggestion and not necessarily a requirement: Have earnest money available and write it in your offer.  Most banks take that as a sign of a serious buyer. 
4. Once the bank accepts your offer, they will more than likely send a purchase contract from their office, not a standard one that Arizona buyers are used to. That is why I recommend hiring an agent to represent you, it is their job to read over that contract and protect your best interests. They will also help coordinate inspections and help with the escrow closing process.  Many times you don't have to pay them out of your own pocket, they will share the commission with the listing agent.

Be patient, the banks are overloaded with these properties and may take a while to close.  

Your next question may be, what about 2009????

Well, pretty much more of the same, except with lower prices. I know my friends that own there will not be happy with me for saying that, but it's true.  Prices dropped even lower since the beginning of 2008. 

• In January 2009, 286 homes closed in Queen Creek.  Ranging in price from $40,000 up to $780,000. 
• In January 2008, 131 homes closed in Queen Creek. Ranging in price from $75,000 up to $580,000.

Record breaking right?  Let's put this into perspective. 

• Right now there are 1,695 homes for sale in Queen Creek. 
• Queen Creek has been averaging about 300 homes sold per month. 
• An average of 520 homes hit the Queen Creek Market every month, that leaves us with 220 homes added to the surplus every month.

Every month our inventory grows by 220 homes, and has been for a while - which is driving down the prices.  Unless there is some miraculous slow down of the foreclosures or our economy does a major swing shift, prices will continue to be on the decline throughout the year.

The majority homes hitting the market are Bank Owned Foreclosure (aka R.E.O's) and pre-foreclosures (aka Short Sales).  According to the foreclosure notices recorded by the Counties (Pinal & Maricopa both serving Queen Creek)  there will not be a shortage of REO's. The ones that were recorded in January will probably hit the market around March/April - by that we know that inventory is high, and will get higher - prices will come down more and the buyers market will continue undoubtedly.

So when is the right time to buy???

This all depends on your situation.  Analyze your motives for buying a house.  Do you need to upgrade to a larger house because of a growing family? Downgrade because of the economy?  Are you looking for an investment property?  Are you looking for a retirement home? Relocating?

Another factor to consider is time!  If you are relocating and only have 60 days to find something, you won't be dissapointed by your choices - so much to see, so little time.

Another factor is mortgage rates.  If they are going down to 4% then that is also another thing to take advantage of!

If the time is right for your situation, then start looking.  I would be happy to tour you around Queen Creek.  I also do Foreclosure Tours tailored to your specific needs.  Just call or email me to set up a tour!

Thank you for reading my blog!