Chandler Real Estate Blog

Chandler Houses and condos Affordable! Chandler FHA Loan Limits Increased!

Great news!   New FHA loan limits passed!   The new limit for Chandler is $346,250!!!!
FHA minimum down payment is 3.5%   So, with the new limit allows purchase of a house priced at $358,808 with a down payment $12,558.

With this change, more houses and condos in the $247,000- $358,000 price range will be sold.   With interest rates below/at 5.00%, this makes houses and condos in Chandler and the Phoenix area affordable.

If you need a list of houses or condos in Chandler under $358,000, give Dora or Vincent Kwok a call at 480-252-3396 or an email at Dora@KwokProperites.com

Mortgage maximums as of Wednesday February 25, 2009

Posted by:   Dora & Vincent Kwok “ Chandler AZ Real Estate Agents with
Keller Williams Legacy One Realty.  We specialize in Chandler Real Estate and other
Southeast Valley homes (Ocotillo,Gilbert, Mesa, Tempe, Scottsdale).
We can be reached at: Dora@KwokProperties.com or (480) 252-3396

This Market Report is for Maricopa County, Arizona based on data from the ARMLS for October 2008.

Maricopa County includes the cities of Phoenix, Chandler, Gilbert, Scottsdale, Mesa, Tempe, Glendale; to name a few.

The graph compares closed sales trends for the past 3 years.   The Blue line is 2006(11/05-10/06), the red line is 2007 (11/06-10/07) and the green line is 2008 (11/07-10/08).

Although sales have declined from last month by 13.7%(Sept 08 vs Oct 08), sales over the same month last year(Oct 07 vs Oct 08)  have increased by 54.4%!     There has been a dramatic increase in buyers, saying YES, to the current market.   There are many great values in this market!     For sellers, homes that show well and are priced competitively are selling.   If you are interested in getting more information about this current real estate market, please contact Dora and Vincent Kwok at 480-252-3396.

Posted by:   Dora & Vincent Kwok “ Chandler AZ Real Estate Agents with
Keller Williams Legacy One Realty.  We specialize in Chandler Real Estate and other
Southeast Valley homes (Ocotillo,Gilbert, Mesa, Tempe, Scottsdale).
We can be reached at: Dora@KwokProperties.com or (480) 252-3396

Wordless Wednesday

One of the new provisions of the Housing and Economic Recovery Act of 2008 is the First-Time Homebuyer Tax Credit.   The tax credit is designed to encourage first-time homebuyers to make the leap to purchase their first homes.  

Here is a quick summary:

        *   The credit available for homes purchased between April 8, 2008 “ July 1, 2009.
        *   The credit amounts to 10% of the purchase price of the home not to exceed $7,500.
        *   A first time homebuyer is someone that has not owned a home in the last 3 years.
        *   Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.
        *   The tax credit works like an interest free loan and must be repaid over a 15 year period.

How does a tax credit work?
A tax credit is a special provision that reduces income tax liability on a dollar for dollar basis.   When filing a tax return, you must include income items, deduction items and the number of exemptions, among other things, to figure your total tax liability.   If your total tax liability ends up being $7,500 and you qualify for the full $7,500 tax credit, this credit would be applied and would wipe out all the tax due.   If your employer had already withheld  the $7,500 from your pay checks throughout the year, you would receive a tax refund of $7,500.

Does the tax credit have to be repaid?
Yes, the credit does have to be repaid, so it™s more like an interest free loan.   Homebuyers will be required to repay the credit to the government, without interest, over 15 years or when they sell their house, if there is sufficient capital gain from the sale.   For example, a homebuyer claiming a $7500 credit would repay the credit at %400 per year.   The homeowner does not have to begin making the repayments on the credit until 2 years after the credit is claimed.   So, if the tax credit is claimed on the 2008 tax return , a $500 payment is not due until the 2010 tax return is filed. If the homeowner sold the home, then the remaining credit would be due from the profit on the home sale.   If  there was   an insufficient profit, then the remaining credit payback would be forgiven.

Posted by:   Dora & Vincent Kwok “ Chandler AZ Real Estate Agents with
Keller Williams Legacy One Realty.  We specialize in Chandler Real Estate and other
Southeast Valley homes (Ocotillo,Gilbert, Mesa, Tempe, Scottsdale).
We can be reached at: Dora@KwokProperties.com or (480) 252-3396

StarBucks is offering a free coffee to everyone that votes on Tuesday, November 4.   I didn’t see their commercial on SNL, but saw mention of it on my Twitter feed.   StarBucks will offer anyone that votes (early voting, absentee voting, etc.) a free tall 12 oz cup of brewed coffee at their participating stores and licensed stores (the ones in the supermarkets) in Chandler and other cities throughout the US on November 4.   “If you live in an area without voting proof, then we’ll use the honor system.”   Limit 1 free coffee per customer

                  StarBucks locations in Chandler

Have some questions about buying or selling real estate in Chandler or in the Phoenix area, let us buy you a cup of  coffee and  we will answer your questions.

Posted by:   Dora & Vincent Kwok “ Chandler AZ Real Estate Agents with
Keller Williams Legacy One Realty.  We specialize in Chandler Real Estate and other
Southeast Valley homes (Ocotillo,Gilbert, Mesa, Tempe, Scottsdale).
We can be reached at: Dora@KwokProperties.com or (480) 252-3396

If Proposition 100 passes it will prohibit the government from charging real estate transfer taxes when you sell your home.   So what is a real estate transfer tax?   A real estate transfer tax (RETT) is a state or local government imposed tax that is collected when you transfer ownership of your home, land or commercial real estate. Typically, once the tax is initiated, the rate can be increased by the state, county or city at any time.Do we need more taxes and why would the government want to impose a RETT?   Well, it™s a source of revenue for the government.   We™ll be voting YES on Proposition 100.   And here™s the reasons why:
        1.   It™s Double Taxation
         2.   It Damages Your Home Equity.
        3.    It Punishes the Homeowner
        4.    It Slows our Economy.
        5.    It Impacts those with Lower Income
So, when you™re out at the Chandler, Arizona polls in November, join us by voting YES to Prop 100.   A Yes vote means a vote for no real estate transfer taxes.

Posted by:   Dora & Vincent Kwok “ Chandler AZ Real Estate Agents with
Keller Williams Legacy One Realty.  We specialize in Chandler Real Estate and other
Southeast Valley homes (Gilbert, Mesa, Tempe, Scottsdale).
We can be reached at: Dora@KwokProperties.com or (480) 252-3396

Posted by:   Dora & Vincent Kwok “ Chandler AZ Real Estate Agents with
Keller Williams Legacy One Realty.  We specialize in Chandler Real Estate and other
Southeast Valley homes (Gilbert, Mesa, Tempe, Scottsdale).
We can be reached at: Dora@KwokProperties.com or (480) 252-3396

Could gas cost less than $3.00 a gallon?   Was it possible that gas prices have dropped below $3.00?   According to  to http://www.phoenixgasprices.com/ yesterday, the Cobblestone at Alma School and German was selling gas at this low price.     My car was close to empty so I needed to get gas, checking the website; $2.99 was by far the lowest price in Chandler, followed by $3.09.   The great thing is that Cobblestone was on my way home.  

As I approached the gas station, I could see that it was busy, and the sign did say $2.99!    After waiting for 5 minutes,  I was able to pull to the pump and confirm the $2.99/gallon price for Regular.   I happily filled up!   It seems that Cobblestone was running some promotion, which included the reduced price for gasoline….however, it was suppose to have ended at 4pm…It was  about 6pm…I  was lucky to get this price…when I pulled out of the gas station, the sign  showed $3.24/gal!

Posted By Dora and Vincent Kwok, Chandler AZ Real Estate Agents  
with Keller Williams Legacy One Realty.   We specialize in Chandler Real Estate and other
Southeast Valley homes (Gilbert, Mesa, Tempe, Scottsdale).
We can be reached at: Dora@KwokProperties.com or (480) 252-3396

Chandler Real Estate Market Report for August 2008

The Chandler AZ real estate market for August 2008 includes the city of Chandler.

Chandler AZ Real Estate Market – August 2008

Single Family Homes in Chandler

• Active homes for sale: 1551 (467 new listings in August)
• Homes sold in August 2008: 290
• Average Sale Price: $292,655
• New Average List Price: $337,045
• Active Average List Price: $409,713
• Average Days on Market: 102 days  
• Average Sale Price/List Price: 96.9%

TownHomes and Condos in Chandler

• Active homes for sale: 235 (76 new listings in August)
• Homes sold in August 2008: 25
• Average Sale Price: $163,159
• New Average List Price: $196,706
• Active Average List Price: $196,381
• Average Days on Market: 147 days  
• Average Sale Price/List Price: 97.5%

Posted By Dora and Vincent Kwok, Chandler AZ Real Estate Agents  
with Keller Williams Legacy One Realty.   We specialize in Chandler Real Estate and other
Southeast Valley homes (Gilbert, Mesa, Tempe, Scottsdale).
We can be reached at: Dora@KwokProperties.com or (480) 252-3396

There are several Chandler Restaurants that are participating in Arizona Restaurant week and over 80 throughout the valley. This is the first time that Restaurant Week is  being offered in Arizona.   It is being held from September 20 – 26.   It follows some other major cities that have restaurant week annually such as: New York City, Boston, DC, Denver, Philadelphia, and Baltimore.This is a great way to try fancy upscale restaurants at an affordable price.   Most restaurants are offering a special prix fixe menu with 3 courses for the price of $29/person or $58/couple (excluding, tax, tip, and gratuity).   Here are some of the Chandler Restaurants that will be participating:   Firebirds, Flemings, Rawhide, Roy™s, and Z™Tejas.     We™ll be going to a couple and will report back.   If only our diet allowed us to go every day that week.   Let us know if you go to any of the restaurants and your experience.