Want to know why your Chandler house didn’t sell?

Do you want to know why your Chandler Arizona house did not sell? Did you have a lot of people through the house, but no acceptable offers? Did you have no one through the house and you are not sure why? Both could be caused by the same thing.

There are three things that sell houses:

  1. Condition
  2. Pricing
  3. Location

Sure, Chandler listing agents are going to show you their marketing plan. And don’t get me wrong, a good marketing plan is very important. But it won’t sell your house.

A good marketing plan is important to get a lot of qualified buyers through your house, the more buyers, the better the chance of you selling.

But there is a chance that it still won’t sell even with high traffic. And I would again point you to the list above.

Here is why
Let’s say I was selling my Acura. I had the greatest advertising plan. I took amazing photos, I made it easy to see, I hired the Goodyear Blimp to fly around Phoenix for the weekend. I got 80 people to come look at my Acura I am selling for $10,000.

The drive up to my house and see the Acura is in really good shape. So far so good. Then they see my Acura has 225,000 miles on it.

All of a sudden this car with 225,000 miles on the engine and transmission doesn’t seem like such a great deal any longer.

The three things
Now I cannot change the fact that this car has been in Phoenix for it’s whole life. Location in that regards cannot change. There are two things I can do to change the situation and get this car sold though

Pricing: I like my car, I think it is probably the best running, best maintained Acura with 225,000 in the area. But no matter how nice I think it is, it is not worth $10k. So I can lower the price the what the market dictates for a car with this many miles.

Condition: The engine and tranny are fine on this car, but not $10k nice. If I dropped a brand new factory engine and factory transmission with 0 miles on them into this car, it will greatly increase the value. So I can change the condition.

Either one will get it sold. So if your house did not sell, and you want an honest opinion on why contact us and request a few home valuation.


Should you sell your Chandler home if you are moving up, or wait

I have answered this question before, but I get it a lot. “I want to get a bigger house for my growing family, but with prices moving up in Chandler I am thinking maybe I should wait and get more money for my house.”

It really comes down to a basic math equation.

rising home pricesLet’s just say in the next year home prices in Chandler are going to rise another 10% over today’s prices.

If your home is worth $200,000 today, that means it will be worth $220,000 in another year. And who doesn’t want to get another $20k in their pocket!

Well, if you were planning on moving another state and only spend $200k there, or if you were planning on downsizing to a smaller Chandler Condo, then maybe.

But, if you are moving up to a $300,000 house, and that house rises another 10% too, then that house is going to cost you $330k then, and you cost yourself $10k.

Sure, it is easy when I explain it like that, but most people do not think of it in those terms.

So should you sell your Chandler home now? Maybe… Find out what your home is worth at ChandlerPrices.com.


Image credit: mj007 / 123RF Stock Photo

Why its REALLY important to have a local expert when selling your home

Think it is overrated to look for a local area expert when selling your Chandler house? Think again.

If you look at the numbers as a whole in the Phx East Valley over the last month you will see sales are up slightly in September 2013 compared to September 2012. Most agents get emails every month giving them stats, and those emails agree we are up slightly.

That is true for Chandler too, look at these numbers below for total sales of homes in Chandler for September. The numbers on the right are 2013 and the numbers on the left are 2012.

Chandler September Sales


Now knowing these numbers your agent may give you certain advice when selling your home. But the question is, how about where you live? Would these numbers hold true for your neighborhood?

Not so fast…

A local expert who knows what is going on with your zip code or your neighborhood may give you different advice.

Look at the chart below. This is Chandler home sales for the same period in Chandler zip code 85225. Notice anything different? Sales in 85225 were not only down, they were way off compared to the same time last year.

When I go to a listing appointment here I know the numbers are not the same as most agents believe they are and I will be giving different advice.

85225 sept sales for Chandler


Hopefully you can see now why having a local expert, someone who pays attention to what is happening in each area, is so important.

If you want to know how much your home is worth give us a call or visit ChandlerPrices.com.


Selling your Chandler home, your Realtor needs to do it 3 times

When you are selling your Chandler home, you need to sell the house three different times.

Everyone knows that you need to sell your house to people who are looking at your house, and you need to find somebody who is willing to pay what you are looking to receive.

But your house also needs to be sold to the appraiser. I’m always amazed at agents who complain about an appraisal not coming in for what they thought it should, yet they never took the time to meet the appraiser in person to tell them why the house is worth the contract price. One of the jobs of the agent is to make sure the appraiser knows why the house was listed for what it was, and also things such as how many offers came in and at what price. The agent needs to sell it to the appraiser.

But none of this happens if your house wasn’t sold the first time. Yes, your house needs to be sold before anyone even ever stepped foot in it. Maybe the most important time your house will be sold is the first time it is on the market and that is when shoppers are looking at it online.

If buyers are looking for $250,000 houses in Chandler they are going to be comparing your house versus other houses in that price range and where do you think they do that comparison? Online!

Your house should stand out in your price range compared to the other houses people are looking at. If you are trying to sell your house for $250,000 but it shows like homes in the $150,000 price range, then when people see that online they will never even step foot in your house. Having your house professionally staged and having professional photos done on your own is going to help attract a lot more buyers to come look at your house.

Everyone knows the more people you get through your house the better chance you have, the more opportunity you have, to get highest and best price for your home. So don’t forget your house has to be sold before the first buyer ever steps foot in that door. It all comes down to selling your house online and getting people interested enough to come look at your house. If you’re not having professional photos done on your house and having a professional stager come look at your house and give you advice before you list, you are making a big mistake that could cost you thousands if not tens of thousands of dollars.

This is no longer the Chandler housing market of Spring 2013, where all you had to do was list the house for sale to sell it. Houses need to be sold, and you need to make sure you and your agent are doing everything you can to sell it three times.

Chandler housing market starting to level out

We have been telling both our listing and buyer clients for the last month, things are slowing down, be ready for it. Now the numbers are starting to prove what we were seeing.

One of the benefits with working with a team that is full time and in the market daily is we don’t need to wait a month to see the stats, we can tell when things are happening as they happen.

Prices in Chandler over the last month are up 20.5% above what they were a year ago, but with the pending sales way down, things are going to be coming to leveling out over the next few months.

Inventory is up, there is now 2.8 months of inventory in Chandler. So we are still a Seller’s market, but it is getting back to neutral.

What does this mean for you if you are going to sell your house? If you want to sell your house quickly and for top dollar your house needs to pop! You need to stand out from the crowd and you need to be things different than everyone else.

We would love to interview with you if you are looking to sell your Chandler home.

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Sellers’ market in Chandler rolls on

Chandler housing market

The stats are in for June, and the results are still pretty amazing.  Sales prices continue to climb in Chandler, while the number of actual sales is way down.

More specifically, the average Chandler home sold for an average of $125.13 per square foot last month, up from $105.18 one year ago and $89.35 in 2011 – a whopping 40% increase in just two years.  At the same time, there were just 198 closings of residential properties last month, compared to 371 for June 2012, and 451 in June 2011 – about two and a half times what it is today.  That gives you an idea of low inventory is right now.

Does this mean it’s 2005 all over again? Far from it. But it does mean that this is perhaps the best sellers market Chandler has seen in some time, which is remarkable considering that not long ago there was a buyers market driven by distressed properties.  So how long this lasts is anyone’s guess.


Chandler homes sell quickly when the price is right

Chandler homes selling for 99% of listAn interesting development has come about regarding the Chandler real estate market: Most homes in Chandler are now selling within 1% of the listing price, and have been for months. This demonstrates a couple things.

First, this is still a very hot seller’s market. People selling their homes are getting their asking price or very close to it just about every single time.

Second, it means that homes that are selling have gotten their asking price right. Even in a seller’s market, asking too much will guarantee your home stays on the market for longer than you want it to.

In fact, many homes that have sold, and gotten within 1% of their asking price, were previously overpriced but recently reduced their prices, and saw the property quickly get offers as a result. So even though your home may be worth $275k, that does not mean you can ask $300k and expect to get within 1% of that. No amount of marketing can overcome an overpriced house.

So if you are thinking of selling (which may not be a bad idea in this market), be sure to get a professional CMA (market analysis), compare similar homes that have sold in your community, and get a good estimate of the market value of your property before determining the listing price. You’ll not only sell your home quickly, but likely get full market value (or within 1%).

You’ll be glad you did.

Is a second crash in the Chandler and Phoenix market coming? And why to buy now!

frustrating chandler home market

Don’t let the frustration today cost you $60,000 next year.

I recently posted on LinkedIn (connect with me on LinkedIn here) a link to a piece I wrote about the explosion in the housing market we have seen over the last 18 months in Chandler and the Phoenix East Valley.

A friend of mine, who I respect, stated his case in how this is an artificial growth and the next bubble would be coming, just a matter of when.

I disagree with that statement and let me tell you why.

Many people who believe this second crash is coming, believe banks are holding onto a shadow inventory. I remember the first time I heard about this shadow inventory back in 2008. It was coming in 2009, then in 2010, 2011… Well you get the point. The banks are not holding onto a large group of foreclosures, nor are they waiting to foreclose on homes out there in mass after prices finish rising.

Another argument is after growth like this, home prices will naturally crash. This is completely different than the explosion we saw from 2004-2006.

Why did we see a boom in the early 2000’s? Because there were thousands or tens of thousands of new buyers in the Phoenix and Chandler market who should not have been buying a home purchasing. These people did not qualify to buy a home at all or the much larger and more expensive home they were buying. They were allowed to buy a home because they did not need to go through a strict underwriting process, but instead by just stating their financials.

Going back to 1960 if you look at the percent of people in the US who owned a home, historically that number hovered around 63-64%. Then we saw an explosion in 2004 and that number rose by 10%. Not only were more people who would have never qualified for a loan before buying a home, they were paying way to much for that home with their 80/20 no money down loan on an adjustable rate mortgage that they were never going to be able to afford in five years.

How is this different?

We are not seeing the same thing with this run up in prices. We are seeing a market that over corrected coming back. Also these new homeowners are not a huge risk like they were a decade ago. These homeowners are put through the ringer to make sure they do qualify for that loan. Maybe more so than any time in the past 20 years.

So I don’t want to buy now because of the bidding wars.

I understand that, in theory. Many home buyers are getting frustrated with the low inventory and see the bidding wars on houses. The buyers are starting to get sick and tired of losing out to someone willing to “overpay” for a home.

So why not wait? Inventory has to increase right?

I believe inventory will increase. I believe sometime in the next year we will see more people who are getting back to a positive equity situation who will want to sell. I believe that will lead to many of those people putting their homes on the market and moving up in homes. When that happens, prices will likely start to level out and get back to a normal 3-4% growth per year.

But until then, I can give you about 60,000 reasons not to wait until next year. While some people say they believe the market is starting to level out, I still see bidding warns every day on homes less that $300k.

So let’s play the hypothetical game of the market levels out next summer at 15% higher prices than they are right now. Someone looking at $200,000 homes today decides to get back in the market next summer when they don’t need to make quick decisions, and may only be up against one other person for a home instead of eight other people.

Now that $200,000 is worth $230,000. The buyer will then need to pay $30,000 more for the same home, and not only that, they will have lost out on the $30,000 of equity they would have gained. That is a $60,000 loss for a little convenience.

Remember, I do not have a crystal ball, there is not guarantee what the market will do. This is just my best guesstimate on what we will see over the next year.

So to the buyer who is getting frustrated, I get it.. I completely understand. But before you make any rash decisions consider the consequences of what it could cost you.

Image credit: jaykayl / 123RF Stock Photo

Where did all the Chandler foreclosures go?

I received a call from a buyer who was looking to buy a house in Chandler. This new buyer had just a few requirements, mostly very realistic. He was looking in the $200k-$250k range. Needed a two car garage. He needed four bedrooms. He wanted a pool and he was only interested in foreclosure homes because he wanted to get something below market value.

foreclosureJust to give you a sense of inventory right now in Chandler.. Let’s start breaking down the numbers:

  • 170-Chandler homes with at least 4 bedrooms, a two car garage and a pool
  • 4-Chandler single family homes with all the above below $250,000. Yes that number is right… 4!
  • 1-Foreclosure properties that matched their search. Based on what they wanted there was one property that fit what they needed.

He asked how we could open it up to include more properties than one. I started digging into it a little more, and he did not need four bedrooms, he only really needed three. He would prefer four, but three worked fine.

Now we are up to 13, four of which were foreclosure properties.

If we drop the pool the number becomes 59, seven of which were foreclosures.

So where did the foreclosures go?

The foreclosure property is so 2010. That ship has sailed. If you are limiting your search to just foreclosures, plan on shopping for a while, and risk the market continuing to drive up prices while you wait and completely absorb any savings you may get from purchasing a foreclosure.

If you are looking for a foreclosure, below is a list of every foreclosure property in Chandler that is active on the MLS right now.

Chandler Foreclosures

14 matches found

View Photos (19)
# of Bedrooms: 4
# of Bathrooms: 2.75
Square Footage: 2433
Year Built: 2003
Area: T39
Subdivision: Lexington Place / Park Village
Description: BRAND NEW UPGRADED INTERIOR and CARPET. This beautiful home sits in a gated...
Last Updated: November - 27 - 2015
View Photos (12)
# of Bedrooms: 2
# of Bathrooms: 2
Square Footage: 1017
Year Built: 1996
Area: V39
Description: 2 Bedroom 2 Bathroom property in an adult golf course community in Chandler...
Last Updated: November - 26 - 2015
View Photos (9)
# of Bedrooms: 4
# of Bathrooms: 3.5
Square Footage: 5024
Year Built: 2002
Area: U38
Description: Amazing backyard with pool, fire place, huge covered patio, sport court, an...
Last Updated: November - 25 - 2015
View Photos (14)
# of Bedrooms: 4
# of Bathrooms: 2
Square Footage: 2115
Year Built: 1992
Area: T39
Subdivision: TRADITION
Last Updated: November - 24 - 2015
View Photos (44)
# of Bedrooms: 2
# of Bathrooms: 2
Square Footage: 1454
Year Built: 1998
Area: V39
Subdivision: SPRINGFIELD
Description: Beautiful Single Level Home in Springfield Active Adult Community. The minu...
Last Updated: November - 24 - 2015
View Photos (14)
# of Bedrooms: 3
# of Bathrooms: 2
Square Footage: 1801
Year Built: 1996
Area: U38
Subdivision: CORONA DEL MAR
Description: BRAND NEW UPGRADED INTERIOR PAINT and CARPET. Beautiful 3 bedroom, 2 bathro...
Last Updated: November - 21 - 2015
View Photos (51)
# of Bedrooms: 6
# of Bathrooms: 5.5
Square Footage: 4265
Year Built: 1997
Area: U38
Subdivision: Vistas at Ocotillo
Description: This grand house in cul-de-sac lot in The Vistas at Ocotillo - A gated gol...
Last Updated: November - 15 - 2015
View Photos (13)Virtual Tours (1)
# of Bedrooms: 4
# of Bathrooms: 2
Square Footage: 1946
Year Built: 1995
Area: T39
Subdivision: PROVINCES 1 PHASE 1B
Description: *PRICE REDUCED*Do you have the theory: Buy the fixer in a decent neighborho...
Last Updated: November - 13 - 2015
View Photos (10)Virtual Tours (1)
# of Bedrooms: 3
# of Bathrooms: 2.5
Square Footage: 2320
Year Built: 2005
Area: V40
Subdivision: SUN GROVES PARCEL 19 20 AND 22
Description: Beautiful 3 bedroom 2.5 bath home on spacious corner lot. Enjoy the stunni...
Last Updated: November - 10 - 2015
View Photos (22)Virtual Tours (1)
# of Bedrooms: 4
# of Bathrooms: 3
Square Footage: 2735
Year Built: 1990
Area: V40
Subdivision: Metes and Bounds
Description: Beautiful 4 bedroom 3 bathroom 3 car garage on a horse property lot. Open f...
Last Updated: November - 05 - 2015

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Chandler million dollar homes are starting to move

10344615_sWhat a difference a year makes in the Chandler luxury housing market.

In the first quarter of 2012 there was only one house in Chandler listed at over $1 million that closed. In the first quarter of 2013 that number shot up to six.

To put that number into perspective, in all of 2012 there were six properties listed above $1 million that closed in Chandler.

Closed Chandler million dollar listing stats

Of the six that have closed so far this year, the average time on market is only 65 days. That number is up slightly from the average 53 days on market for last year. The main reason this number was up is one listing that skewed the numbers.

The average list price for sold properties was $1.54 million which was up slightly from the $1.42 million in 2012.

The average sold price was 93% of list price, which is down less than 1% from 2012.

Why some million dollar listings sell quickly and others, well not so fast

We can see by taking a look at the average days on market that million dollar listings in Chandler can, and do, sell in a very reasonable time. When you take a look at the current inventory (22 homes as of this writing) we see a market that is much more stale than the numbers above.

Of the 22 current Chandler listings the average list price is almost 1/3 higher per square foot than what has sold. The average days on market is 172 days and counting. Why are these not selling? Pricing.

Yes, I know what you want your house to be worth, but you are likely a very smart business person. Just because you think your $2 million dollar listing is that much nicer than the one that sold for $1.5 million last month, doesn’t mean it is. If your house has been on the market for two months and you are not getting any good offers, it is not because no houses are selling in the Chandler luxury market, it means you are most likely over priced.

There are a few exceptions, like the $12 million listing with 14,000 square feet and a 15 car garage that is more like a resort, or the $5.5 million listing that is on its own man-made island. Those are truly one of a kind listings that will require a special buyer.

Active Million dollar listings in Chandler

Here is a complete list of active Chandler million dollar listings right now. If you are interested in taking a look at any of these gems please let me know.

Image credit: gkuna / 123RF Stock Photo