“This is the Best Buyer’s Market…”

Housing Market Ready to Rebound?
Is housing about to enjoy a spring thaw or will it remain in the deep freeze? Some observers are optimistic.

“I think this is the best buyer’s market that has existed in a decade, maybe longer,” says Russell Shaw, in his 30th year with John Hall & Associates real estate in Phoenix. “There is tons of inventory, great interest rates, and the prices are back in line. If people have a good track record of paying their bills, the loans are there.”

Likewise, Floyd Scott, president of Century 21 Arizona Foothills, which has 10 offices and 460 associates in Phoenix, says: “If I would have described this whole process as a hurricane coming through Phoenix, I would tell everybody that for the last month I’ve been taking the shutters off the windows because I think the eye of the storm and most of it is behind us. Now we’re in the process of picking up the debris.”

Others are having trouble seeing beyond the roadblocks.

“We have this continuing battle with tightening lending standards and it’s going to be tough for prospective buyers, even though they want the homes — that’s going to be an obstacle,” says Young Kim, an economist at Stone & McCarthy Research Associates in Princeton, N.J.

Source: Reuters News, Lynn Adler (02/25/08)

Curious about all these great deals and choices?  Search the MLS home search for FREE by pressing the green button in the top right of the website!
Curious what type of mortgage loans are available to you? 

Contact Becky at 480-383-9209 or Becky@BeckyWyattOnline.com and she can put you in touch with a trusted professional that can tell you, specific to your situation, how much house you can afford. 

Wanna Investment?

Builders resort to selling homes at auctions
Opening bid for a $349,900 home: $190,000

Rebekah L. Sanders
The Arizona Republic
Feb. 22, 2008 12:00 AM

Home builders in Arizona, whose lavish incentives haven’t attracted buyers in the slumping market, are turning to the auction block as a last resort to sell empty houses. Scottsdale-based Cachet Homes is auctioning 28 of its luxury homes on Sunday in the West Valley, some once priced at more than $750,000. Bids start at about half of the homes’ original prices. Most properties will have no minimum reserve. The developer is following a national trend of builders’ letting home buyers set their own prices. The sale is the first live auction in Maricopa County by a home builder, said Diane Byrne, Cachet Homes vice president of marketing. Online auctions and sales of foreclosed or individual homeowner properties also are gaining traction, she said….

…In Arizona and nationally, home builders are faced with a glut of unsold homes and canceled contracts, as well as less traffic and fewer offers at their developments. Potential customers are fighting suddenly stiffer credit hurdles and often the challenge of selling their existing homes.  Cachet has faced similar problems with its homes at Verrado, a DMB master-planned community in Buckeye. “We’re tired of being landlords; we’d rather be builders,” Byrne said. Recent marketing strategies, such as promising two-year Lexus leases with home sales last fall, failed to unload enough inventory, she said. “We would like to see those homes filled up with families,” Byrne said.

Such low prices show how eager the developer is to get homes off its hands, said RL Brown, publisher of the Phoenix Housing Market Letter.
“Not only is it a cost drag every month to keep (inventory) on hand and fresh,” he said, “as long as a builder has inventory, his lenders are likely not going to allow him to build more houses.”  Similar new-home auctions have taken place in Florida, California and Colorado, said Rhett Winchell, president of the Kennedy Wilson Auction Group, which is conducting Sunday’s sale.  “Most sellers don’t think about auction-marketing programs when the market is hot,” he said.  But when the market is slow and previous incentives haven’t worked, sellers rely on auctions to get rid of one to two years’ worth of homes in a day, Winchell said.

In Cachet Homes’ case, about $21 million in property will be on the auction block. “There has been a tremendous amount of interest in the auction,” Winchell said, declining to give information on the number of registrants. However, current Cachet Homes property owners visiting the auction office Thursday said they had paid “royally” a year ago to live in Verrado and were concerned about the auction’s low starting bids.

Cachet is offering 15 townhomes and 13 single-family homes at Verrado, as well as 16 condos at Flagstaff Ranch in Flagstaff. The prices just cover Cachet’s costs to build, Byrne said. The cheapest in the Verrado collection is a 1,975-square-foot townhome with three bedrooms and two baths starting at $190,000. Original price tag: $349,900.  The highest-priced house, at almost 5,000 square feet, features four bedrooms, a game room and 3.5 baths. It’s going for $375,000, a markdown of 55 percent.

Realtor James Lee of Jess and Associates in Phoenix said he is taking a client to the auction “looking for her dream retirement home.”
The minimum bids starting “really, really low” caught his client’s attention, he said. “She really likes the neighborhood. She wants something newer than her home in Avondale. And her husband likes to golf.” Cachet Homes’ properties have access to Verrado’s Raven Golf Course, plus features such as granite countertops, courtyards, pools and views of the White Tank Mountains. Despite current residents’ worries about pricing, marketing agents said sales could reach original listing prices with enough competition among bidders. Brown said the strategy could create a “mini-market frenzy,” driving up prices through bidding even better than other methods of sale. “If this auction has success,” he said, “you’re going to see auctions galore.”

Interested in attending an auction like this? Call or email me and I’ll get you more information.  – Becky 480-393-9209 or Becky@BeckyWyattOnline.com

For Sale in Scottsdale!

Becky Wyatt | Keller Williams Legacy One Realty | 480-383-9209 11375 E Sahuaro #2082, Scottsdale, AZ IDEAL SCOTTSDALE LOCATION! Remodeled condo with smart floorplan, fireplace and balcony with a view! 2 Bdrm Condo offered at $214,900 Year Built 1996 Sq Footage 1,037 Bedrooms 2 Bathrooms 2 full, 0 partial Floors 1 Parking 1 Covered spaces Lot Size Unspecified HOA/Maint $170 per month DESCRIPTION IDEAL SCOTTSDALE LOCATION! $4,000 towards buyer closing costs! Remodeled condo w/SMART split floorplan, fireplace & balcony. Kitchen features granite slab countertop, undermount sink, brushed nickel faucet, NEW cabinets & NEW appliances that stay! Dining nook has windows with a view! Mastersuite has private bath, more granite & walk-in closet. Lots of natural light, high ceilings & warm mocha wall paint. NEW carpet/tile!! Private, quiet location on grounds. Pool/Spa/BBQ area is a true RESORT OASIS! Steamroom/fitness center/theatre room/wine bar & chic clubhouse add to the fun! Perfect location near shopping, restaurants & more! Zip Code 85259 is a FAVORITE for a reason! see additional photos below PROPERTY FEATURES Central A/C Central heat Fireplace High/Vaulted ceiling Walk-in closet Tile floor Family room Breakfast nook Dishwasher Refrigerator Stove/Oven Microwave Granite countertop Stainless steel appliances Washer Dryer Laundry area – inside Balcony, Deck, or Patio COMMUNITY FEATURES Covered parking Guest parking Clubhouse Fitness center Swimming pool(s) Sauna/Spa OTHER SPECIAL FEATURES BBQ area steamroom theatre room wine bar ADDITIONAL PHOTOS Seller contact info: Becky Wyatt Keller Williams Legacy One Realty 480-383-9209 For sale by agent/broker Equal Opportunity Housing Posted: Jan 16, 2008, 11:47am PST

Brag Worthy Websites!

Ready for 4 more brag worthy websites?

www.PlasticJungle.com - Did Santa bring you some gift cards you really don’t want? Sell them, or trade for the ones you really want on this website. You can also buy gift cards at a discounted value!

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www.MemotoMe.com – This free reminder service should help you never forget another birthday, anniversary or other special occasion.

For Sale in Chandler!

Becky Wyatt | Keller Williams Legacy One Realty | 480-383-9209 2875 W Highland St #1183, Chandler, AZ Amazing location, Spacious 2 bedroom + office, 2 car garage! 2 Bdrm Townhouse offered at $220,000 Year Built 1987 Sq Footage 1,552 Bedrooms 2 Bathrooms 2 full, 1 partial Floors 2 Parking 2 Car garage Lot Size Unspecified HOA/Maint $148 per month DESCRIPTION AMAZING LOCATION w/easy access to 101. This charming neighborhood features Townhomes that feel like HOME. Spacious 1,552 sqft. w/2 HUGE bedrooms plus a den/office! Bedrooms have private bath w/double sinks & large walk-in closet! Updated carpet(06), tile(07), ceilings fans (06), & A/C (05).Cozy fireplace, custom paint & high ceilings. Washer/Dryer/Fridge might stay! Shady, private brick patio a wonderful outdoor living space. Don’t miss the 2 CAR GARAGE!! HOA covers exterior maintenance/landscaping & sparkling pool. Beautiful grassy areas w/ mature trees – pet friendly. 2 miles to Chandler Mall, 10 min to ASU, 20 min to Downtown. Popular place not to be missed! see additional photos below PROPERTY FEATURES Central A/C Central heat Fireplace High/Vaulted ceiling Walk-in closet Tile floor Family room Office/Den Dining room Breakfast nook Dishwasher Refrigerator Stove/Oven Washer Dryer Laundry area – inside Balcony, Deck, or Patio Yard Swimming pool COMMUNITY FEATURES Garage parking Guest parking Storage space(s) Swimming pool(s) ADDITIONAL PHOTOS Seller contact info: Becky Wyatt Keller Williams Legacy One Realty 480-383-9209 For sale by agent/broker Equal Opportunity Housing Posted: Feb 12, 2008, 2:13pm PST