Gilbert Arizona Real Estate Update

November 9, 2011 at 4:29 PM Leave a comment

Gilbert, Arizona is a very popular location for alot of my buyer clients.  Gilbert is centrally  located in the southeast metro Phoenix area and accessed by the 101, 60 and 202 freeways.  Gilbert is known for it’s good schools,  being a very family oriented commmunity, shopping, has lots of newer homes and is close to both Intel plants in Chandler.  Alot of my Intel clients actually prefer living in Gilbert, Arizona.

In October 2011, Gilbert had 393 single-family closings with an average sales price of $182,500, $85 per square foot and on the market 86 days.  These transactions consisted of 32% cash transactions, 34% Conventional loans and 34% FHA/VA loans.

If you’ve tried to purchase a property in Gilbert lately for under $200,000, it’s likely you were competing with multiple buyers.  It can be frustrating for buyers that are dependant on obtaining a loan when competing with cash buyers since most sellers are more inclined to accept “lower” cash offers because there is no loan or appraisal contingency.  I’m also seeing many sellers counter buyers offers with a waiver of the appraisal contingency and requiring buyers to make up the difference.  In other words, on a conventional loan transaction, if the contract price is $200,000 and the appraisal comes in at $195,000, you could be paying an additional $4,000 down at closing.

Conventional Loan:
$200,000 contract price = $40,000 down payment,  $160,000 loan
$195,000 appraisal = $44,000 down payment,  $156,000 loan

FHA Loan:
$200,000 contract price = $7,000 down payment, $193,000 loan
$195,000 appraisal = $11,825 down payment, $188,175 loan

If you’re a buyer looking for properties in Gilbert, Chandler, Mesa, Queen Creek or San Tan Valley or need a market analysis, contact me at 480.273.7472 or  Stephanie Weiss Moves.

Gilbert Public Schools
San Tan Village Shopping
Gilbert Crossroads Towne Center
The Heritage District in Gilbert, AZ
Town of Gilbert, AZ Official Site
Gilbert Chamber of Commerce

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Entry filed under: Gilbert Closing Comps, Gilbert Market Conditions. Tags: , , , , , , , .

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