Buyers in Real Estate have the edge right now. Home prices are amazingly low and if you're a Buyer, you have a one hundred percent chance in getting an amazing deal in a Real Estate transaction.
Many homes in the great state of Arizona have really great prices to offer for Buyers. More specifically in the city of Chandler, Arizona prices of homes are dramatically affordable. It is really a great time to buy, and with an amazing city like Chandler, Arizona how could you go wrong?
Chandler, Arizona is a great town within the city of Phoenix, Arizona. Chandler consisted of just fewer than two hundred fifty thousand people with the median age of those people being around 31 years old. The town of Chandler's upkeep is very nice. Everywhere in Chandler there is manicuring of the trees and plants. The roads in this town are always being watched and improved upon.
There is always some type of event going on in Chandler. Wither it be a Premiere Jazz Festival Weekend, Arts Festivals, Landscaping Workshops, Spring Starlight Concert Series, Decade Musicals, Symphony Orchestra Concerts, or Kids Downtown, there is always something for everyone.
Another great characteristic of Chandler, Arizona is their shopping. Chandler is known in the Phoenix Valley for its many wonderful places to shop. Some of the places to shop are the Chandler Fashion Center, which is home to many well-known shops as Pottery Barn, Apple, Guess, and Nordstrom's. Another great place to shop is the famous Ikea. This is a fun Swedish style chain that makes cute furniture for cheap prices.
Chandler, Arizona also has great places to work. This is one of the major reasons so many people move here. Intel is located in Chandler, Arizona and employees thousands of people and is one of the companies that really help with the job rates in this town.
Many parks, man made lakes, trains rides, special recreation places, and community pools make Chandler a very ideal place for families with young children. There are so many things to do in Chandler from the paid places to the free places. Chandler is also with a twenty-minute drive to the Phoenix Zoo where families can get season passes for the year to take their little ones any day of the week. Hole in the rock is also another place near the Phoenix Zoo that is a fun place to take you kids for a little hike and picnic. And the best part about Hole in the Rock is that it is free.
The ever-famous Mill Avenue is also about a twenty-minute drive from Chandler as well. Mill Avenue is next door to Arizona State University. Mill Avenue is known for its wonderfully fun and unique shopping stores, tasty restaurants, fun bars, which are many, and also for the Chinese Bridge at the end of the Mill Avenue where people go for concerts, to paddle boat and to just relax and read a book in the grass looking at the lake.
So if you are looking for a town that is just perfect in population, to too many and not too small, but that is also close to so many recreational activities, then Chandler, Arizona is the place you want to check out!
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 ? 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 impassioned
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. 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.
Both Bill Cotter & David Lorti are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
Bill Cotter has sinced written about articles on various topics from Wedding Speeches, Marriage and Real Estate. . Bill Cotter's top article generates over 49500 views. to your Favourites.
David Lorti has sinced written about articles on various topics from Arizona Property, Real Estate and Arizona Property. About David Lorti David Lorti is a professional Realtor for Thompson's Realty in the . His websites, LortiHomesArizona.com and LortiHomesB. David Lorti's top article generates over 2900 views. to your Favourites.