Archive for April, 2013

Gilbert and Chandler Among the Leaders in Real Estate Sales

by: Maria Hass –

The City of Gilbert, voted as top 33 city in the nation to live in by Money Magazine is is among the leaders of real estate sales in Metro Phoenix. Alongside with the City of Chandler, voted as an “All American City” in 2010 and recognized as top 49 city in the nation by Money Magazine.The two cities are attracting local residents and out of state visitors due to its strong community service, schools, recreation, diversity and commercial and residential planning. The home values in both cities have gone up by as much as 40% from last year due to increase demand and significantly low inventory. Buyers have less choice. Listings in February dipped by 10.7% from the prior month and inventory continues to decline since January of this year.

The East Valley market in general has seen price/Sq. ft. jump from $114 to $122 in the last six months and multiple offers are occurring on prices ranging from $250,000 – $750,000. This trend is expected to continue.

Luxury homes are coming back and fairly priced homes are selling within 3-4 months. New home builders are sprawling as a result of very low inventory of resale homes. Homes that show well and priced fairly are getting offers at 0 day on the market.

Home values will continue to rise at a modest rate resulting from low inventory and high demand.

Two Concerns Facing the Market:

1. Low Appraisal – Appraisers are basing their comparables on historical data of homes that sold for less. Buyers are willing to pay more for the house specially in multiple bid situations. This is keeping transactions harder to close and keeping home appreciation at modest rise.

2. Strong Buyers Prevail – Only buyers who show a strong financial profile qualify. People with questionable credit, not enough reserves or not enough income and a steady job are pushed out of the market. This is what it should have been before and is a practice now.

Arizona real estate remains strong. We are moving towards the right direction. People’s perception of the market and optimism is high. So long as the jobs are there and no major economic disaster happens, Metro-Phoenix is projected to be a sound real estate investment that offers an attractive lifestyle at great value.

Information taken from SanTan Sun News, April 6, 2013 edition

April 10, 2013 at 1:36 pm 1 comment