Gilbert Sun News Real Estate - 1.16.2022

REAL ESTATE

GILBERT SUN NEWS | JANUARY 16, 2022

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Amenity-rich markets like Gilbert set housing pace

BY MINDY JONES GSN Columnist

If you haven’t seen the memes about what New Year’s Eve looked like going into 2020 versus 2022, do yourself a favor and look them up. It’s a somewhat comedic reminder about how much we’ve been through as a community over the last couple years.

With COVID cases on the rise again, we are cautiously optimistic that with some experience under our belt, we are geared up and ready to take on 2022 with a new attitude. If the last few years have taught us anything, it’s that we can’t predict the

future, life is short, and where there is opportunity to help our community, we should all dig in.

The housing marketing has also provided its fair share of memes over the last two years.

With record-breaking appreciation rates, historically low interest rates and a break-neck pace - the world of real estate appears to have been just as unpredictable as the headlines we’ve seen scrolling across our TV screens for the last 24 months.

In that time, Gilbert’s average home price has risen from $388,993 to $573,202, appreciation has risen from an average of 6.4% annually to 28.8% annually, and we’ve gone from having 460 active listings to just 250 active listings.

With just 27 days of inventory two years ago dropping to 14 days of inventory today, we would need at least 10 times the amount of houses for sale to be in balance.

So what does that mean for the coming year?

We are currently sitting with about 1,000 fewer listings Valley-wide than we had last year and we all know what that did to our appreciation rates come the spring time.

We’ve already started to see listings with multiple offers the first weekend on

the market and the return of lease backs and other concessions for sellers, making it easier for them to navigate the low inventory market on the purchase side.

And with rental rates currently outpacing the resale market, we can expect renting to become a less and less desirable of an option. And that will continue to drive demand on the buy side.

Interestingly enough, we saw about 1,000 more listings sell in the last 30 days than we did in the same time frame two

see MINDY page RE2

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SeePage Page5 4 See

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REAL ESTATE

Realtors group sees stiff competition ahead GSN NEWS STAFF

The National Association of Realtors has its outlook for 2022 and while homebuyers might find some encouraging news, they also should be braced for a fight.

Danielle Hale, chief economist at Realtor.com, the association’s official website, predicts, homebuyers will “likely have a better chance to find a home in 2022 compared to this year, but the not-sogood news is that” she expects “competition to remain fierce.

“Demand for housing is expected to remain strong because of the more than 45 million millennials in the prime first-time home buying ages of 26 to 35, and across the country, home sales could increase as much as 6.6%” over 2021, Realtor.com said.

Hale expects the median home sales price to continue to rise by nearly 3%.

“The boom in home sales means some may choose to stay on the sidelines and continue renting, but the rental market

will continue heating up too – rental prices are expected to rise as much as 7.1% in the year ahead,” it said.

Even with stiffer competition and higher prices, the association said, “consumer sentiment is strong and buyers are rearing and ready to enter the market.”

“With most real estate markets expected to be competitive in 2022, it’s important to remember that you’re in the driver’s seat of your real estate journey,” said George Ratiu, manager of economic research for Realtor.com.

“The bottom line for buyers is to make sure you’re comfortable with your timeline and budget – and especially for younger buyers making this significant financial decision for the first time. For sellers, take into account your local market conditions as well as the likely increase in the number of homes for sale, and price yours competitively.”

The association added that “more than ever, knowing how much you can afford to spend on a home and being pre-approved for a mortgage are important first

steps for anyone considering a home purchase in 2022.”

Realtor.com offers a free affordability calculator to estimate how much you can afford to spend on a home and monthly payment. The tool also connects users with a lender who can help with a pre-approval.

The site’s First-time Homebuyer Resource Center includes checklists, helpful videos and a search tool for finding a real estate professional in your community to help you negotiate your home purchase.

Additionally, sellers can use Realtor. com resources like the My Home dashboard to track their home’s equity, explore multiple home valuations, and view local market trends.

Its Seller’s Marketplace has information on selling options, including listing on the open market with an agent, instant cash offers, and sale-leaseback and buy now–sell later programs.

Seller’s Marketplace also lets people see the different options available in their market side-by-side.

GILBERT SUN NEWS | JANUARY 16, 2022

MINDY from page re1

years ago.

We’ve also got a healthy amount of demand for the houses that we have available.

Interest rates continue to be a variable for 2022 and many analysts are predicting a modest 1% increase by year’s end.

That means that while interest rates are still very low compared to historical averages, homes will become more expensive by the end of the year, if not sooner.

This sense of urgency, in part, is driving the increased demand headed into 2022.

What will follow will likely be our typical surge in contracts as our peak selling season kicks off.

New construction will continue to be a viable option, especially for our renters looking to transition out of a variable monthly payment into a secure mortgage while they have some time left on their lease to accommodate the average 10-14 month build time that most builders are averaging.

see MINDY page RE3

REAL ESTATE

GILBERT SUN NEWS | JANUARY 16, 2022

MINDY from page re2

Supply chain issues and labor shortages have impeded the ability of builders of new homes to keep up with demand over the last two years.

Those impediments continue.

But we are starting to see some lots availability, some flexibility in interest lists and lotteries.

Each community is going to be different and having a specialist to help guide buyers through the intricacies of purchasing new construction can make that dream a reality.

One thing is certain: national housing experts continue to highlight suburban cities that are amenity-rich – like Gilbert – as one of the fastest growing segments of our market.

Each new grand opening – including the upcoming Epicenter at Agritopia, Verde at Cooley Station and even Novel at Val Vista – offers live-work-and-play lifestyle options.

And with each, we continue to lead the charge when it comes to innovation.

That will certainly translate into appreciation and desirability for housing and

growth in Gilbert.

Mindy Jones, a Gilbert Realtor and owner of the Amy Jones Group at Keller Williams Integrity First, can be reached at 480-250-3857. Mindy@AmyJonesGroup. com or AmyJonesGroup.com.

GOTNEWS? Contact Paul Maryniak at 480-898-5647 or pmaryniak@ timespublications.com

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Winner for The Tribune’s Best of Gilbert 2021 in the following categories: Best Realtor: Melanie Nemetz Best Real Estate Team: Melanie Nemetz Team and we work for the agency that won Best Real Estate Agency: Keller Williams Integrity First

Melanie Nemetz

480.221.3034 • www.fosteringre.com Each office is independently owned and operated

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Buying or Selling a Home?

GILBERT SUN NEWS | JANUARY 16, 2022

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