Deer Valley Real Estate Market Conditions & Reports, Deer Valley Market Trends, Arizona

Market Commentary Provided by Jaci Jensen CNE
Allow me to provide you with information on homes for sale in all areas of the Valley, so you can compare. I’ve worked the North, Northeast to the Northwest, Southwest Valley for the last 10 years and could move you in the right direction to fit your needs & lifestyle.

Report Date

Fall 2009

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CONNECT WITH A LOCAL PROFESSIONAL

Jaci Jensen CNE
Home Smart
Phoenix, Arizona
602-993-6211
jaci102@cox.net
Agent Home Page

Nearest Metro Area

Phoenix

Buyers’ or Sellers’ Market

More sellers than buyers

Average Time on Market

30-60 days

Market Trend

Decreasing

Housing Inventory

Good supply - Some Prices

Inventory Comments

The most apparent outcome is the decline in price for the 13 month period, which averages about 2.9% per month. The median price has reversed direction in the last two months strongly suggesting over all price stabilization has occurred. At the same time, a very definite shift to REO and short sale transactions has been in progress over time. But, due to the keen competition for REO properties by value buyers, short sale and standard transactions are now on the increase. This trend is likely to continue. The current count of REO properties in Maricopa County is about 33,000 and holding rather steady. To receive and review each market segment separately (REO, SHORT, STANDARD) call or email me and I’ll send a colored chart of sales in all areas of the Valley. You will see the high Percent Selling and Market Speeds displayed by REO (which comprise 54% of closings) when compared to short and standard transactions. Note that pending price of REO property is currently at $114, while current closing price is $104K, signaling possible price stabilization for REO properties in the short run. Short and standard transactions continue to demonstrate price weakness with pending price less than current closing price.

Average Home Price

$150,000 - View Graph Trend

Best Selling Price Range

$150,000 - $199,000

Worst Selling Price Range

$350,000 - $399,000

Compared to Last Year

Down 25-30%

Prices As % of Asking Price

95-100%

Multiple Offers?

Yes

Multiple Offers Commentary

Single-Family Home Prices Rise in May, an article from Realtor Magazine Online, reports that nationwide, single-family home prices gained 1.6% in May. According to Integrated Asset Services, a specialist in default management and residential collateral valuations, the increase is the largest since July 2005. Compared to April, home prices in the West were up 0.9%. “Two month's worth of positive data hardly signals a turn in the national housing market,' says Dave McCarthy, President and CEO of Integrated Asset Services. “But we have to be encouraged by what we’re seeing in several important counties and neighborhoods.” http://www.realtor.org/rmodaily.nsf/pages/News2009071502

Greatest Activity

Repeat Buyers

Buyer Activity for the past 90 days in Deer Valley is

Increasing

Seller Activity for the past 90 days in Deer Valley is

Decreasing

Is Financing Available For Qualified Buyers in Deer Valley?

Yes

Comments on Financing For Qualified Buyers

Popular Loan Programs: FHA · Only 3.50% Down required · Gift funds allowed for full down payment and reserve requirements · Competitive rates · 600 minimum FICO VA Financing (Zero Down) VA home loans are to help veterans finance the purchase of homes with favorable loan terms. There are members of the Selected Reserve, active duty personnel and certain categories of spouses that may also be eligible for VA loan financing. You will need to provide a Certificate of Eligibility from VA to prove to the lender that you are eligible for a VA loan. · Ensure that veterans are given equal opportunity to buy homes with VA assistance · No down-payment (unless required by lender or if the purchase price is more than the reasonable value of the property) USDA Financing (Zero Down) This product offers 100% Financing for qualified buyers as long as they fit into a geographic and income bracket. In order to be eligible for many USDA (United States Department of Agriculture) loans, household income must meet certain guidelines. Also, the home to be purchased must be located in an eligible rural area as defined by USDA. To search for eligible property locations, click <> then click the 'accept' button. · Availability 7 days per week · Quick loan approvals/LSR's · Well over a decade of experience · Mortgage banker - with the flexibility of a mortgage broker · Loans processed, underwritten, and docs drawn IN HOUSE · FHA, Conventional, Investment Properties, 2nd Homes, and VA loans can be closed in 15 BUSINESS DAYS! Valerie Farley-Yu Sr. Loan Officer 480-234-8055 Cell 602-385-4815 Direct www.myvalyuloans.com www.novahomeloans.com valerie@novahomeloans.com

Existing Home Prices for the past 90 days are

Increasing

What Percentage of the Current Housing Inventory are Foreclosures and/or Short Sales?

45-50%

Housing Hot Spots

Allow me to provide you with information on homes for sale in all areas of the Valley, so you can compare. I’ve worked the North, Northeast to the Northwest, Southwest Valley for the last 10 years and could move you in the right direction to fit your needs & lifestyle.

Reason to Buy/Sell

Lower prices with good selection and competitive interest rates creates a perfect time to buy in Deer Valley!

Average Sold Price

$150,000 - View Graph Trend

National Real Estate Market

National Summary: National Housing Market Recovery Near?

Latest HouseHunt Random Survey Finds Encouraging Signs - First Time Buyers Taking Advantage of $8,000 Tax Credit

Like the legendary phoenix which rose renewed from its ashes, the U.S. housing market appears to be on the verge of emerging from the worst real estate market in three years. Several encouraging signs are there.

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