Goodyear and Buckeye real estate has certainly had its share of ups and downs over the past 5 years. Think back to 2005. Prices were soaring. Buyers had to bid WAY over on a house just to be considered. Builders were hosing lotteries to see who could have the privilege of buying a house that just had 2 price increases over the past week. Everyone thought the bottom could ever fall out of a commodity this valuable. Now, let’s fast forward to 2007. The bottom did fall out. Sellers couldn’t sell because short sales had not yet hit the mainstream. Buyers were not buying because no one knew when the bottom would hit, and no one wanted loose $20,000 over the next 6 months. The market was in a virtual standstill. We didn’t start seeing signs of life until around 2008. Buyers woke up and said to themselves, “this is really a bargain, I better get in now!” Foreclosures were still dominating the market and prices were way down from 2005 levels, but at least houses started moving. Now, fast forward to today. The number of pending & closed sales is growing every month. The average sales price across the valley has INCREASED over the year. Average days on market is decreasing every month. So, now we are “skipping across the bottom.” It is only a matter of time before the market rebounds. Granted, it will probably never reach 2005 levels again, but values will come back. It always has in Phoenix real estate.
The Krone Team and How We Got Started
The Krone Team and How We Got Started. The Krone Team is a family operation. Keith & Cheryl Krone first began in real estate in 1983 in Pinetop AZ. The quickly realized the opportunities in the booming west valley, and moved to Litchfield Park in 1986. They have been in real estate in the west valley ever since then. Their son Brian Cross joined the team in 2002 as the marketing manager. Brian quickly gravitated towards sales & became a full-time agent in 2003. The match of Keith & Cheryl’s real estate experience and Brian’s flair for technology turned out to be a winning combination! Since 2003 The Krone Team has evolved into the full-service team it is today. Our strength lies in specialization. We don’t believe any agent should be a “jack of all trades, master of none.” Keith and Cheryl work directly with all of our seller clients. Their son Brian heads up our team of 4 exceptional Buyer’s Agents. So, if you’re selling your home you can be ensured your agent is going to be selling your home, not running buyers around. And if you’re buying a home you can be ensured your agent will never be representing both you & the seller. Either way YOU WIN!
Tax credit for Goodyear & Buckeye real estate
There has been a lot of questions lately about the new tax credit that just passed into law. Basically, there are two types of buyers who qualify.
1. $6500 is now available for buyers who have lived in their home for 5 years – That’s right, the government has now extended the credit to existing homeowners. Check it out here: http://www.federalhousingtaxcredit.com/faq2.php
2. $8,000 is still available for the first time homebuyer – The first-time homebuyers credit has now been extended until April 30th. That’s right, $8,000 for buying a first home! Check it out here: http://www.federalhousingtaxcredit.com/faq1.php
As always, I’m here to help with any real estate need!
Sundance in Buckeye AZ
We get a lot of questions about the neighborhood of Sundance in Buckeye AZ. Sundance is a well kept golf course community which sits right off the I-10 between Watson & Miller roads. The houses vary in size from around 1200 sq/ft to over 3,000 sq/ft. Right now you can get a screaming deal in this area. The reason being is that there was an onslaught of foreclosures in this area. Sundance was very over valued at one time, and it caused the prices to really fall rapidly.
There is one thing to watch out for when purchasing in Sundance. That is the CFD, or community facility district assessment. This is an assessment put on each home in order to pay for roads and infrastructure. There are two type of CFD’s in Sundance. There is the special assessment lien bond and the general obligation bond. The special assessment lien bond is billed directly to the homeowner twice a year. The general obligation bond is billed through taxes. Let us know if you have any specific questions on these special assessments.
The golf course at Sundance is well-maintained. They have a great golf club as well.
Contact The Krone Team today for more information on Sundance in Buckeye AZ, this great neighborhood!
Goodyear and Buckeye real estate from the front lines
Goodyear and Buckeye real estate from the front lines. You’ve seen the news spots. You’ve read the newspaper. But what’s REALLY going on in our west valley market today? The name of the game right now is short sales. I ran an MLS search last night & currently short sales are outnumbering foreclosures 2 to 1 in Goodyear and Buckeye. This can be frustrating to some, and a non-issue to others. True, you can find an OUTSTANDING deal on a short sale….if you have time to wait.
The Waiting Game Currently banks are taking anywhere from 45 to 90 days to respond to an offer on a short sale. Once they have responded, closing is still 30-45 days out from that time. 45 to 90 days doesn’t seem like a lot of time when you first hear it, but when you’re waiting on an answer for possibly the largest purchase of your life, it can be an eternity. Short sales are definitely out for a first time homebuyer trying to get in on the government’s tax credit. For a person who already has a place to live in the meantime, it’s not a bad deal. We’ve come up with a formula that seems to be working. We are asking our buyer’s to put down $1000 earnest money into title when submitting an offer to the bank. This money is non-refundable for the first 70 days. This shows the bank that we are a serious buyer, and not just putting in offers left and right. It seems to be working. After the 70 days has expired the buyer has the option to get their earnest money back or continue to hang in there.
Release the hounds….no release the foreclosures! You may have heard rumors that banks are not releasing foreclosures until toward the end of the year. There is really no way to prove this one way or another. But judging by the short sale to foreclosure ratio mentioned above, one can only hope.
Bidding Wars I hear it all of the time. “I don’t want to get into a bidding war.” It is true that nobody wants to pay too much for a home. But with homes at a 50% reduction from 4 years ago, paying a couple of extra thousand to get the house you really want doesn’t seem like such a bad idea. Our market in Phoenix has always typically cycled every 2-4 years, so it’s only natural that prices will eventually go back up. And the couple of extra thousand a person paid to get into a home will be well worth it once the home appreciates possibly $10,000 or more. We’re seeing multiple offer situations on foreclosures. In a short sale the bank will typically only work one offer at a time, so this really doesn’t come into play.
What about sellers? Unfortunately sellers have to contend with foreclosures and other short sales on the market right now. Reasons homeowners are selling now are financial burden or job relocation. Unless you paid cash for your home or put down a very large down payment, you may have to do a short sale. We have short sale specialists on our team who are very knowledgeable about how to get these put through. Please call me for more information.
Thank you for reading Goodyear and Buckeye real estate from the front lines, please contact us today for more information.
Goodyear AZ Homes are going quickly!
The time to buy Goodyear real estate or Buckeye real estate has never been better. Interest rates are at an all time low, and home prices are following suite. Belive it or not, we’re starting to see multiple offers again and houses going for over the asking price. We’re still seeing a lot of foreclosures still coming on the market, but the demand is rising. This will eventually lead to the demand meeting the supply and will balance out our market. We believe we’re “skipping along the bottom” right now. Call The Krone Team today at 623-337-8277 to get started!
Goodyear AZ short sales from a buyer’s perspective
Goodyear AZ short sales from a buyer’s perspective. Oh, the short sale. Almost 1/2 of the homes on the market today are either short sales or foreclosures. There are some advantages in buying a short sale, and also some frustrations.
By definition, a short sale is where the seller owes more money on their home than the market is willing to pay. This has become very commonplace due to the intense appreciation we were experiencing 2-3 years ago.
The advantage from a buyer’s perspective is obviously finding a good deal. Often banks are letting homes go for rock-bottom prices just to get them off their books. The disadvantage is the amount of time it takes for the bank to respond. Typically the Loss Mitigation Department works on these short sales. They are extremely backed up at the moment, so a it may take them 4-8 weeks to get an answer back on a buyer’s offer. This can be frustrating for any Goodyear AZ short sales from a buyer’s perspective.
Bottom line: The bargains are there, as long as time is on your side. By the way, the banks are much more timely on homes that have already hit foreclosure.
Must See! Award-winning TW Lewis Home!
TW Lewis Home in Palm Valley
| Price: $450,000 Bedrooms: 3 / Baths: 2.5 Another award winning T.W. Lewis home! This special home exudes 1st class. From the 8′ elegant entry way you will enter the formal foyer, then into the huge great room which offers a built in entertainment center (yes, the TV conveys!) and gas fireplace. The kitchen is enormous and all the built in appliances have recently been replaced with stainless steel. The gourmet chef in you will find the kitchen a delight to work in with an abundance of counter space, double ovens and a solid cook top. The 14,000+ lot is lushly landscaped and offers a large diving pool, outdoor kitchen, a gas firepit and a large patio. The master suite is split and offers 2 large walk-in closetsClick Here For More InformationClick Here to see a Virtual Tour of this Property |
Get more information at our website, www.thekroneteam.com or click here to go right to our listings!
Investor Question: 1031 Exchanges
Investor Question: 1031 Exchanges
How much does it cost to do an exchange?
The exchange fee for properties under $200,000 (1 for 1) should be around $600.00, with no interest paid to the exchanger. For exchange property in excess of $200,000, the exchanger has a choice of two fee options. If the exchanger chooses to earn interest on exchange funds held, the fee is around $750 plus $250 for each replacement property. If the
exchanger chooses not to receive interest, the exchange fee is around $500 plus $250 for each replacement property.
Get more investor information at www.thekroneteam.com and don’t miss out on ourshort sale and foreclosure listings!
More About the Krone Team in Goodyear, AZ
The Krone Team specializes in Goodyear real estate, Buckeye real estate, Litchfield Park real estate and Avondale real estate. Our strength comes through specializing in what we do. Our team consists of 5 full-time buyer’s specialists, 2 full-time sellers’ specialists and a transaction coordinator. Whatever your real estate needs are, we have a specialist just for you.
Our motto is “Integrity Based, Service Driven” We believe integrity is the basis of any real estate transaction. Without that, we would quickly go out of business. Service Driven means that we’re always there for our clients every step of the way. We also strongly believe in service after the sale. Our clients keep coming back because we go the extra mile to ensure each client has a positive real estate experience. Our local area expertise ensures we put you in the right home for the right price, or sell your home in a timely manner. You benefit from the latest real estate technology, putting you in the driver’s seat. Work with us and you will benefit from over 28 years of real estate experience. All aspects of real estate are covered on our team, from investors to first time home-buyers to homeowners needing to do a short sale, we have the special skill set needed to navigate in this ever-changing market.
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