Gilbert Sun News Real Estate 03-20-22

REAL ESTATE

GILBERT SUN NEWS | MARCH 20, 2022

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Home market is crazy for buyers and sellers

BY MINDY JONES GSN Columnist

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hings are definitely heating up out there as we’re well into our peak selling season in Arizona with at least a couple more months before the temperatures start to dampen buyer’s appetites for pounding the pavement in search of a house.

With more than 6.5% appreciation year to date and 28 ZIP codes with an average price point of $1M or greater, demand is holding steady in spite of rising interest rates and the sticker shock that most are

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experiencing after a competitive go at the less than 5,000 active listings on the market.

Listings under contract averaged $300 per square foot – double what it was just five years ago with 15% of that increase occurring since the 2021 holiday season.

Buyers are not only challenged with finding a home but also navigating the confusing environment to secure it.

List prices are simply marketing tools to gain the largest number of eyeballs on sellers’ properties, the most foot traffic and the greatest online exposure – meaning that winning offers of $100-$200K over asking price are becoming more and more common place.

How can a buyer budget for this?

Knowing what the recent sales are in a neighborhood and expecting to pay that plus appreciation will give you a better idea of sales price than the window sticker.

Appraisal waivers and the ability to lease a seller back their property anywhere from one month until THEY can find a home has become one of the most important components of an offer so if you don’t have this flexibility, you are going to have to get creative.

Homes that have been on the market

Call Melanie (480) 221-3034

see MINDY page RE2

SPO OTLIGHT home

We just sold THREE beautiful homes in Power Ranch for top dollar and stress-free for our clients.

Melanie Nemetz

for more than a week, properties that are coming soon or not yet listed, and ones without all of the updating you’ll eventually want to do are really great opportunities for strong, qualified buyers who just don’t have an endless amount of cash to bring to the closing table to get into the market.

And sometimes, it’s the buyer’s story.

Remember, this is still about people.

Sellers have their own challenges and

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Our extensive, high quality marketing of your home combined with our thorough preparation of listing the home for sale, will help your home sell faster and for more money. Here is a sample of the marketing for our listings:

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480.221.3034

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REAL ESTATE

Area Realtors group packs food for kids GSN NEWS STAFF

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s kids prepared for spring break March 10, the West and SouthEast Realtors’ WeSERVE Leadership program teamed up with the Rise and Dream Foundation to pack food for 75 children facing food insecurity.

“Some less-fortunate children look forward to school because it provides them with a meal they would’ve otherwise not had due to financial circumstances,” noted a spokesman for the West and SouthEast Realtors.

Items were to students at Gateway Pointe Elementary School in Gilbert. The children are received backpacks filled with food to supplement their meals throughout the break. Food consisting of breakfast, lunch, and dinner items were discreetly placed in the backpacks.

WeSERV’s Leadership Program conducts a service project designed to assist the community each year.

Sarita Hill, a WeSERV Leadership participant, passionately spoke about the

dents worked together to package the boxes of items.

Bill Paden, part of the Leadership Program, said his company, VIP Mortgage, donated $5,000 through the VIP Foundation support Harvest for the Hungry.

Members of the WeSERV Leadership group packed meals on March The group pur20 at VIP Mortgages in Gilbert for 75 local school students who risked chased the items not having enough food during spring break. (David Minton/GSN Staff to be donated.

Photographer) Being a father Rise and Dream Foundation’s Harvest for of two young boys, Paden was eager to the Hungry initiative and persuaded the help the Rise and Dream Foundation beRealtors to help out. cause he couldn’t imagine a young child “A lot of these children and their fam- not having food. “This my opportunity to ilies don’t really have access to a lot of give back to my community that has givfood. They rely on the school to provide en me a lot,” Paden said. breakfast and lunch,” Hill said.

Info:riseanddreamfoundation.com.

WeSERV’s Leadership Program stu-

GILBERT SUN NEWS | MARCH 20, 2022

MINDY from page re1

are moving for all kinds of reasons. And while I wouldn’t recommend selling your house because you are afraid of the market, if you need to move, now is a really good time to do it.

Assuming you have to buy locally after you sell, homes are at least 10 percent cheaper than they’ll be by the end of the year – if not more – and less expensive to finance than they likely will ever be, meaning your payment is MORE affordable today than if you try to wait this out.

You’d have to have a pretty good case for selling and renting right now, especially with the number of programs allowing you to buy before you sell and the expected appreciation you’d lose out on.

Testing the waters has become more and more common with sellers and the need to prepare your home for the market continues to become more and more valuable.

Time and time again we’ve seen identical floorplans have opposite market experiences, with the well prepped and

see MINDY page RE3

REAL ESTATE

GILBERT SUN NEWS | MARCH 20, 2022

MINDY from page re2

marketed ones receiving dozens of offers almost instantly while the unprepared ones sit for a couple of weeks before getting one.

Do they both sell? Absolutely. Are the prices and terms different? Most definitely. Is this a price and terms market?

100 percent. Testing the market can be stressful but knowing that supply is still more than 75% below normal and demand is about 13% above normal makes it seem like a good time to try.

Meanwhile, the rental market continues to lose some steam with plateauing prices.

But try finding a short term rental in between moves and you’ll say just the opposite – price and availability of short term rentals are breaking records left and right with the Northeast Valley cities increasing their supply by 23% in the last year – yet another lucrative opportunity to invest in our real estate market.

Gilbert’s days on market has dropped to just nine while our average price point creeps closer to $600K and average sales

price to list price has bumped back up over 102%, so the rental market might be the only thing to watch in terms of a shifting market.

There are 100 different ways to make a move in Arizona real estate, leverage your equity to save, or inves. And there are 100 reasons why people will choose not to.

This housing shortage is not going to be fixed overnight and while purchases are being dominated by inbound migration from higher priced states and our investor friends who have the money to compete, now is not the time to sit on the sidelines – and it won’t be for quite some time.

We’re not playing small anymore, Arizona. The real estate market is on fire and it’s not even summer yet.

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.

Recently Sold in Power Ranch

We just sold these beautiful homes in Power Ranch for top dollar and stress-free for our clients.

Call us so we can share our marketing strategies and how we can do the same for you.

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

34 Days Down from 36 Days Last Month

113 Down from 139 Listings Last Month

369 Up from 303 Sales Last Month

424 Up from 417 Listings Under Contract Last Month

$626,885 Up from $591,442 Sales Last Month

0.3 Down from 0.5 Monthly Supply Last Month

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GILBERT SUN NEWS | MARCH 20, 2022

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Buying or Selling a Home?

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1850 E Northrop Blvd #170 | Chandler AZ 85286 480-206-5592 cell | www.ErikGeislerRealtor.com Join me in supporting my charity partner,

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