Gilbert AZ Continues to Show Signs of Growth

Gilbert AZ Continues to Show Signs of GrowthGrowth Gilbert, AZ Homes For Sale

A positive housing report came out today. The report stated that more Americans are poised to buy homes. The National Association of Realtors says its index of agreements to buy homes jumped 7.3 percent this past month. This news is an encouraging signal for the overall economy and the housing market going in to 2012.

The positive housing news sent the stocks of home builders sharply higher. Masco Corp. soared over 5 percent, and was the largest gainer in the S&P 500. PulteGroup Inc. and Lennar Corp. both rose above 4 percent.

Gilbert continues to grow at the fastest rate in the region and has received 41 percent more new home permits as of this November compared to this time last year.

Gilbert AZ Continues to Show Signs of Growth

Gilbert, Arizona Rentals Homes Are On The Rise

Gilbert, Arizona Rentals Homes Are On The Rise

Gilbert’s rental market continues to post gains. It is believed that 2012 will be noted as The Year of the Landlord. In Gilbert rents are rising, vacancies are falling, household formations are growing and rental supply is limited. These Gilbert, AZ rental homes are going quick.  I believe the demand for rental properties will continue to grow. With homeowners losing their homes to the banks or short sales they are being forced to rent.

Vacancies of rental homes in Gilbert ,AZ  fell and rental costs are also on their way up. I think it is a great time to invest in Gilbert Arizona Rental Homes. For more information on Homes For Sale in Gilbert, AZ  contact one of our agents here at Innovative Real Estate Team.

Prices in Gilbert AZ Trending Upward

Listing prices have been on an upswing in Gilbert the last few months. For almost 3 months now prices have been on a clear upward trend. In a recent analysis of the housing market, the Phoenix area came in at number 2 in a top 10 list of the largest median list price increases nationwide. There was a month-to-month increase of 4.46% and a year-over-year increase of 10.54%.  These are continuing signs that the housing market is recovering and pointing towards good signs for 2012.

The low inventory of homes in Gilbert and the reduction of foreclosures are also putting upward pressure on home prices. These are trends that Gilbert home buyers who are still sitting on the fence need to keep an eye on. Interest rates are still very much in the favor of Gilbert home buyers. Interest rates for 30 year fixed mortgages fell to a record 3.91% this week, third time this year that rates have hit new lows.

Federal Reserve Leaves Rate Alone And Is More Upbeat About Recovery

The Federal Reserve reaffirmed its pledge to keep interest rates low and decided not to take any new measures to hinder the economy.  The decision was made because the economy seems to be “expanding moderately.” There has been some improvement in employment and customer spending in recent weeks, but the housing sector remains depressed.

Benchmark rates for many loans including mortgages are expected to remain near zero until mid 2013.  The Fed plans to move 400 billion dollars of its bond portfolio into longer term securities.  This could ultimately lower long term interest rates.

According to the Fed, the economy has been showing signs of improvement and should show stronger gains in the final months of 2011.  They also caution the European debt crisis will continue to pose threats to recovery due to strains in global financial markets.

Gilbert’s unemployment rate is down to 8.7, interest rates are at record lows, and housing is more affordable than ever. Now is the perfect time to become a Gilbert resident.

Holiday Light Display In Gilbert, Arizona Helping Make-A-Wish Foundation

Wonderful Gilbert, AZ Light Display

Are you having trouble getting in to the holiday spirit? Then take an ride and visit the McNamara’s Family Home in Gilbert, AZ. Once there you will witness one of nicest Holiday Light Displays in Arizona. I started driving by the McNamara’s home a few Christmases ago when they lived in Queen Creek, AZ. Last year they moved to Gilbert, AZ and brought their wonderful light show with them.

This year they have the participation of 3 of their neighbors. They incorporated the neighbors’ homes into their Christmas Show. The display now features 4 homes, 45,000+ lights, leaping arches, a mega tree and 2 snow machines on the roof all programed to 5 animated holiday songs on 93.9 FM Radio. Their Christmas lights are a unique way to bring joy to everyone that passes by their Gilbert home. Last year they raised $1,365.99  for Make-A-Wish Foundation and over $2,500 in the past 2 years.  Gather the family, hop in the car, take that ride to 3642 E. Comstock Dr. Gilbert, AZ 85296  and enjoy the show. What a great display of holiday spirit, a great cause (Make-A-Wish Foundation) and a great addition to the Gilbert Community.

Thank you to the McNamara family. My family and I appreciate what you do.

Happy Holidays Gilbert!

Gilbert, Arizona Holiday Light Display

Gas Prices In Gilbert Drop to a 10-Month Low!

Arizona gas prices hit a 10-month low on Thursday.  Residents of the state are paying an average of $3.19 per gallon.  It is the 7th week of decreases.  Gilbert and the East Valley averages $3.15 per gallon.

The United States average fuel price increased 0.03 cents to $3.29 per gallon. Tucson and flagstaff hold the low and high state fuel averages.  Tucson at $3.29 and Flagstaff at $3.94  per gallon. In the United States New Mexico and California hold high and low price extremes at $3.33 and $3.62 per gallon respectively.

Current market factors such as sagging demand, which is typical this time of year will likely help retail prices sustain a multi-month low through the Holiday Season.

Why Get a Pre-Approval Letter Versus a Pre-Qualification Letter

When working with Gilbert home buyers I frequently get asked to explain the difference between a pre-approval letter and a pre-qualification letter. I would recommend getting a pre-approval letter from your lender and here is some of the reasoning behind the advice:

 Getting a pre-qualification letter is much easier to get from your lender. You just need to give your lender some basic financial information and usually in a short period of time the lender can email or fax you your pre-qualification letter. A pre-approval letter would require you to supply your lender with more detailed information. The lender will also need to verify this information.  You will need to supply your lender with documentation to verify information such as your employment, how you will come up with your down payment and other aspects of your current financial situation. The pre-approval process does require more effort but the benefit is having an offer that will give Gilbert homes sellers more confidence in your ability to obtain financing  than an offer submitted by a buyer with just a pre-qualification letter. This could be the edge that gets your offer accepted in a multiple offer situation.

 You will also have much more solid understanding of how much money you can qualify to borrow because your lender has been able to view your financial situation in greater detail. Your Realtor can then target the Gilbert homes that match your needs and fit within your price range.  

 A few things you should be aware of: Pre-approval letters are not binding on the lender and are time-sensitive. If your financial situation were to change such as a job loss, you make a large purchase like a new car, run up credit card bills or interest rates rise, your lender will need to review your situation and recalculate your maximum mortgage amount accordingly.

What Will Mortgage Rates Be For Gilbert Arizona Residents In 2012-2013? (I may know)

No, I’m not Psychic. It seems the Federal Reserve is looking into the idea of taking their once private forecast of interest rates and opening it up to the masses. The Federal Reserve revealed that until 2013 the short-term interest rates will remain right around zero. The New York Times reports that If the Federal Reserve chooses to move forward with their public predictions, it would forecast the direction interest rates are going for the next 3 years. It is believed that it would be almost like the quarterly forecasts it currently makes public about economic growth, unemployment, and inflation.

So, let’s hope their predictions for interest rates are correct and save us all a little money this new year. If you are or know of someone looking to buy or sell a home in Gilbert, AZ  or the East Valley please contact one of our agents here at Innovative Real Estate Team. We are here to help.

Have a wonderful day!

What’s Ahead For The Gilbert Housing Market in 2012

I am expecting the Gilbert housing market to see a trend towards more short sales in 2012. Banks have been streamlining their short sale process and I am expecting that refining to continue. The improvements in the short sale process by the banks will have an effect on the volume of foreclosures. Gilbert home buyers will notice a decline in bank owned properties and an increase of short sales entering the Gilbert market. Buyers and sellers should notice a much smoother and quicker transaction when negotiating with banks on short sales as the banks continue to improve the short sale process. Although much better, this process is still not perfect.

It is still very important to work with a Realtor, who has the knowledge and experience to know which short sale properties may be difficult to obtain in a timely manner. Some of the more difficult short sales to negotiate are properties with multiple loans and or lenders.  An experienced Realtor will have the knowledge of which banks have improved their short sale process and turn-around times.  Make sure to consult with a local Realtor who is familiar with the Gilbert housing market.

Fannie Mae Stops Foreclosure in Gilbert, AZ

Fannie Mae is giving Gilbert Arizona homeowners and the rest of the country in danger of losing their home a break this Holiday season.  They will be putting a stop to all evictions. This is only a temporary stoppage. It seems Fannie Mae is getting into the Holiday spirit and does not want anyone to lose their home this Holiday season. This temporary freeze on evictions will start December 19th 2011 and last through January 2nd 2012.

If are you are in danger of losing your home or know anyone who is please know that there are alternatives to foreclosure available. This break in evictions is only temporary but, if you are looking for a more permanent solution and are a resident in Chandler, Gilbert, Mesa or Queen Creek Arizona please contact one of our agents here at Innovative Real Estate Team and we will be happy to help inform you of your options.

Happy Holidays