What Is Going On With The Housing Market In Gilbert AZ

The low inventory in the Gilbert housing market is making it a more competitive market for buyers especially in the lower price ranges.

Most of the activity is occurring in the $100,000 to $199,999 price range which is covering roughly 50% of the Gilbert market.  This is giving buyers less choice and in many cases putting them in multiple offer situations.  It is important for buyers to be aware of this competitive situation in the lower price ranges and work closely with their agent and lender so they are ready to move quickly when the right property becomes available. Sellers and buyers need to monitor this trend to see how the Gilbert market continues to respond to the current inventory.

Bank owned properties and short sales are making up about 70% of the current Gilbert market. A bank owned/foreclosure home is one that the seller no longer owns and it has been taken over by the lender(s) who had a note on the home. Short sales are homes where the seller is negotiating with the bank to “forgive” a portion of the debt in order to avoid foreclosure.   

Properties in Gilbert are staying on the market an average of 96 days and they are selling for an average of 98% of the listing price.

This means sellers are getting very close to listing price and in some multiple offer situations are actually going over the listing price.  The low prices and the low interest rates are making it very attractive time to buy for many wishing to acquire property in Gilbert Arizona.

Comments

  1. Great article. I am a Realtor in Jacksonville Florida myself who specializes in short sales. Prices are dirt cheap down here right now and it is without a doubt more affordable to buy rather than rent in most price ranges.

  2. Great post! I do many Mesa short sales myself and am a very active agent in the area. It has been a mess down here for the last few years and we are hoping and praying for stabilazation in the very near future.

  3. I agree with you here. Stumbled upon your post while doing some research about this topic. You are without a doubt an authority in the subject.

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