Phoenix AZ Real Estate hits a bottom

October 18, 2008

Yes, you heard it here first. I have discovered something more elusive than the holy grail. Yesterday, I found the bottom to the Gilbert AZ real estate market.

Phoenix AZ real estate and its neighboring cities of Tempe, Mesa, Chandler and Gilbert and Scottsdale make up the East Valley. Due to the long established family oriented roots and quality of life, these cities are some of the most in demand places to live in greater Phoenix AZ.Phoenix AZ Real Estate hits a bottom

As a result, the real estate boom of 2001-2005, many watched home  prices soar and new home developments appear to pop-up over night. unfortunately, the fall-off decline in prices has been equally as fast in the last 3 years.

However, after much struggles and searching, I have found the bottom to Gilbert AZ real estate and Chandler AZ real estate.

Here’s how it happened.

Mr . and Mrs. Gilbert AZ real estate Buyers, let’s call them ‘the buyers’ were out looking for home on Thursday afternoon.

  • We previewed 4 lender owned homes (REO) homes in Chandler AZ and Gilbert AZ on Thursday.
  • We found one home on Dennisport Ave in Gilbert AZ that they loved
  • The second home the buyers also loved was in Chandler on Indian Wells Ct.
  • First thing Friday (yesterday) we prepared a full-price cash offer on the Dennisport home feeling very confident that , ion this market, it would be accepted.
  • Hours later, we found out another offer, made 5% above asking price, was accepted.
  • Disappointed, we quickly previewed the home on Indian Wells a second time and my clients were equally excited about this Chandler AZ home.
  • Again, the Buyers prepared  full-price cash offer of $230K for the Chandler AZ on Indian Wells Ct.
  • Within an hour, the agent  had called me to let me know that there are 2 other full-price offers and that bank (since this was a bank owned real estate (REO) ) was asking for all 3 parties to respond with their one-time highest and best offer by 5pm.
  • Mr. & Mrs. Buyer raised the offer to $240K for the almost 2,400 sq/ft home in Chandler AZ believing that $100 sq/ft is a great price.

The bad news is that someone bested our offer by almost $5K. The good news is that since my clients offer a was a cash-offer with a 3 week close of escrow.

The bank accepted Mr. Buyer’s offer.

The story has a happy ending for all greater Phoenix AZ real estate owners. There is a bottom out there. Clearly, there are eager buyers who are willing to get in bidding wars if the price is right. The key of course, is that the home price is right.

We have tens of thousand of buyers eager to buy and live in Gilbert AZ, Chandler AZ, Phoenix and Scottsdale. However,  we need to be at the prices. We may not be quite there yet. However, the bottom is in sight and we are very close.

I recommend you visit Chandler AZ or Gilbert AZ  and look at homes that are priced less than $100 sq/ft. There are great homes available at better prices and when priced right , these greater Phoenix AZ homes sell quickly.

——————————————————————

Copyright © James Wexler *Phoenix AZ Real Estate hits a bottom*

If you are considering life in Chandler AZ or living in Gilbert AZ  hire an agent who knows the area and has the experience to get the job done.

Call 480.221.8080 to find out more about Phoenix AZ real estate and life in Scottsdale

Related Posts

Written by James Wexler · Filed Under Articles, Buyers, Short-sales / Foreclosures 

Comments

Got something to say?