GSN Real Estate Guide July 2019 by Times Media Group

REAL ESTATE

GILBERT SUN NEWS AN EDITION OF THE SUNDAY EAST VALLEY TRIBUNE | JULY 21, 2019

Sellers’ market getting even stronger in Gilbert BY MINDY JONES NEVAREZ GSN Guest Writer

taycation season is upon us! While many Arizona natives are familiar with the San Diego, Catalina Island, Hotel del Coronado summer vacation rotation, the staycation has become a popular way to enjoy our very own resorts and pools at killer summer pricing. On the heels of the recent announcement that the grand opening of The Strand waterpark at the highly antici-

pated Gilbert Regional Park has been delayed until 2021, Gilbert residents have been flooding area hotels, running the Gilbert Aquatic circuit (have you seen the slides at the Mesquite Aquatic Center?) and ordering drinks poolside at the Seville Golf and Country Club to combat the brutal summer temps. In between scouring the best summer deals and crashing the closest splash pad with the kids, Gilbert residents are also taking advantage of a hot seller’s market where home values continue to rise and available homes for sale contin-

see MINDY page 3

Welcome to this custom built, oasis haven in the luxurious Weston Ranch gated community.

Tim Boyles

See Page 6

SPOTLIGHT home

Amy Jones Group

Immaculate home within walking distance to everyting. Welcome to Higley Park in Gilbert. Listed for $299,000 See Page 6

Beautiful Chandler home, located in highly sought after community of Gila Springs!

Janet Rogers

See Page 6

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GILBERT SUN NEWS AN EDITION OF THE SUNDAY EAST VALLEY TRIBUNE | JULY 21, 2019

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REAL ESTATE

GILBERT SUN NEWS AN EDITION OF THE SUNDAY EAST VALLEY TRIBUNE | JULY 21, 2019

MINDY from page 1

ue to fall. With an average sales price in Gilbert north of $375,000 and less than two months of inventory available. Gilbert homeowners and hopefuls are on the hunt for the best deals, the best neighborhoods and even the best new construction opportunities this summer. With Annecy at Williams Field Road and Val Vista Drive and Solana at Williams Field and Recker roads catapulting the Lennar brand in Gilbert to the top of the charts for condominium sales across the Valley this year, Gilbert continues to have a range of home styles and prices for prospective residents and those looking to move before school starts. With less than 50 percent of its typical available inventory, the town comes in as the seventh strongest sellers’ market in the Valley – just narrowly following Mesa and Chandler in the Southeast Valley. Other trends we’re keeping an eye on? A year-over-year increase in flipped properties being sold – defined by The Cromford Report as those properties sold within six months of acquisition. We’re also seeing and a leveling off of market share growth by the iBuyers (OfferPad, Opendoor, Zillow), given the healthy market conditions that sellers can take advantage of sans the inflated fee structure these companies impose. This is great news for Gilbert homeowners or investors looking to turn a profit on a short- or long-term investments in the area as buyers eagerly

await their chance to sign up for a mortgage with lower-than-average advertised rates. May and June brought a renewed sense of stability to the Southeast Valley market in comparison to the concern that sellers felt at the beginning of the year. At the beginning of 2019, sellers may have missed their opportunity to capitalize on the multi-year trend of higher sales prices and shorter days on market. Buyers lamented lost opportunities for equity in their home purchase. Homes under contract continue to increase in their average dollar-persquare foot price. Gilbert buyers are paying nearly 99 percent of the advertised list price for homes, many coming in with competitive over-asking price offers in the hottest neighborhoods. With headlines showing growth in condominium sales, investment opportunities for traditional DIYers and less market share for fee-heavy methods of getting your home sold – we’ve got our fingers and toes crossed that these trends continue for both home buyers and sellers in Gilbert. With nearly $2 billion in residential real estate exchanging hands in the town in the last 12 months alone, we’re going to need some extra sunscreen for the hot summer market ahead. Mindy Jones Nevarez, a Realtor and owner of the Amy Jones Group at Keller Williams Integrity First serving Gilbert, can be reached at 602-451-4975, Mindy@AmyJonesGroup.com or AmyJonesGroup.com.

GOT NEWS?

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

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Get your FREE market analysis! Designated Broker: Cynthia Stevens 480-812-1112 3185 S. Price Rd. #14 Chandler 85248 • www.helpusellaz.com

REAL ESTATE GILBERT SUN NEWS AN EDITION OF THE SUNDAY EAST VALLEY TRIBUNE re4

| JULY 21, 2019

GILBERT SUN NEWS AN EDITION OF THE SUNDAY EAST VALLEY TRIBUNE | JULY 21, 2019

Gilbert takes top spot for rent in the Valley – study 10 steps help first-time homebuyers BY KEVIN REAGAN GSN Staff Writer

partment rents were higher in Gilbert in the first half of 2019, but they increased twice as fast in Chandler, a new study says. Despite adding hundreds of new multi-family housing units in the last fiscal year, Chandler so far is surpassing the town with size of the rental increase, according to Apartment List, an platform for renters looking for apartments. Chandler’s rents increased by 6.3 percent and Gilbert experienced a 3.9 percent boost, according to the study. More than 1,200 multi-family units were added to the city’s housing stock in the last year, ramping up Chandler’s total housing to 107,250 units. More supply would expectedly bring down prices, but Chandler’s rental averages appear to keep growing. The Valley’s rental market in general has seen one of the highest rental increases in the country for this year over last, some studies indicate.

And the Cromford Report, which analyzes the Valley’s residential housing scene closely, said “tenants are not doing so well.” “In June 2006, the average monthly rent was only 71 cents per square foot, so rents have increased by 42 percent since then. In comparison the average purchase price per square foot has moved from $188.53 to $172.02 since June 2006, a fall of 9 percent,” Cromford recently observed, adding: ”So average rent has increased 42 percent while purchase prices have fallen 9 percent since June 2006 on a costper-square-foot basis. No wonder most investors are feeling pleased with themselves.” It said added: “Since 2009 purchasing a home in Greater Phoenix has generally proven to be an excellent investment compared with renting.” Data collected by real estate websites indicate apartment rents in Chandler have increased more than several other Valley cities over the last year. Apartment List listed Chandler as hav-

ing the Valley’s second highest rental costs. Gilbert outranked Chandler with its median monthly rental cost for a one and two-bedroom apartment. Gilbert’s median rent is $15,10 compared to Chandler’s $1,430. Mesa’s median rent was put at $1,120 while Phoenix’s is $1,080, the study says. Chandler may be experiencing the consequence of residents being squeezed out of the Phoenix’s rental market, according to Igor Popov, the chief economist for Apartment List. Chandler listed at least 3,700 new residents this last fiscal year, city records show. As rents in central Phoenix rise, Popov said, demand in suburban cities like Chandler and Gilbert increase to accommodate the influx of residents fleeing the metro area. Millennials are looking to settle down and start families in vibrant suburbs that have good schools and connectivity to other cities, he added, making Chandler prime real estate.

Apartment List estimates at least a third of rental searches done for properties in the Phoenix metro area are done by individuals living outside of Arizona. This demand predictably comes with a downside since a worker’s wages probably have not kept pace with the rising rents. Renters are finding ways to adapt, Popov said, by recruiting roommates to help counter the rising housing costs. “There’s no really one-size-fits-all advice for how to survive,” Popov added. “People have found a way to manage.” No other municipality in Maricopa County experienced rent growth as much as Chandler within the last year, according to Apartment List. RealPage, a data firm that studies real estate trends, recently declared the Phoenix area was experiencing a nineyear high for apartment demand. Adam Couch, a market analyst for RealPage, said communities such as Chandler

see RENT page 5

GSN NEWS STAFF

ealtor.com says that because “buying a home can be complicated and overwhelming, especially when you are a first-time homebuyer,” there are 10 steps — borrowed from the new book, “The Essential First-Time Home Buyer’s Book” — that can make the process easier. 1. Create a needs versus wants list: Identifying what features are absolutely necessary and those that are nice to have will enable laser focus as you begin your home search. Write down the non-negotiable features your new home needs — the more specific, the better. During the open house, take notes and photos of the property so you can review them later when making a decision. 2. Determine your buying power: Understanding how much house you can afford can give you a leg up when it comes to buying a new home. Realtor.com offers tools to help. 3. Optimize expenses and save more. Saving cash for a down payment takes time. A good way to get started is to trim unnecessary spending. Find simple ways to save extra cash like skipping the extra coffee

and saving that money in a dedicated account so you can watch your progress. 4. Interview several real estate agents: It’s wise to connect with several agents before deciding who you’ll work with on your home-buying journey. Find out how long the agent has worked in real estate in the area. Ask if the agent works alone or with a team. 5. Work with a local agent: Leverage a local real estate agent who has the experience, negotiating chops, a large network and local knowledge to help get you through the process to close on the right home for you. 6. Maintain your negotiating position: Remember what you say in ear-shot of the seller or listing agent can have a significant impact on how they receive your offer. Keeping your composure is imperative as an over-enthusiastic potential buyer can wind up overpaying. On the flip side, harsh criticism of the home can come across offensively. 7. Make an informed offer: Negotiating can be tricky. Discuss the following aspects of your offer with your agent so that you have a complete understanding of the financial implications before you sign a con-

tract. Your agent can help you determine an offer price based on your budget, market dynamics and comparable homes in the area. Placing a portion of the purchase price in an escrow account can demonstrate to the seller that you are serious. Remember contingencies that can allow you to get out of your contract without losing your deposit under certain circumstances, such as passing a home inspection or appraisal, or securing a loan. 8. Assess the home with an appraisal: If you’ve applied for a mortgage, your hometo-be still has to undergo a home appraisal. An appraiser will estimate the home’s value based on home condition, location, square footage and renovations. 9. Follow your home inspector’s checklist: Your inspector should be trained to check your soon-to-be home for any issues. Join your inspector during the inspection to ask questions and find out any hidden details of the home. If any issues arise, the inspector can recommend necessary steps to fix them. 10. Wait until the sale is final. The sale is not final until you sign all of the paperwork and get the keys. Anything you do before closing could impact the sale.

REAL ESTATE

RENT from page 4

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may not follow regular supply-and-demand patterns because they’re dominated by large tech companies like Intel Corp. “Having an anchor like that can really influence (the market) and throw a curveball,” Couch said. But Couch estimated rents will soon start to fall as more units across the Valley are constructed and come on the market. Northern Tempe has seen slower rent growth than Chandler and Scottsdale, Couch added, because more construction and development had happened in that region. Rental costs have been increasing across the Phoenix area over the last couple of years as more people move to central Arizona. Rents have reportedly not decreased in Phoenix since November 2017 and have surpassed national growth rates. Rent Cafe, another website devoted to analyzing rent prices, estimated Chandler’s average rents increased by 11 percent since 2018 – the highest rate in the Phoenix metro. Gilbert and Scottsdale both outranked Chandler by having higher rental averages.

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GILBERT SUN NEWS AN EDITION OF THE SUNDAY EAST VALLEY TRIBUNE | JULY 21, 2019

5728 W Harrison St, Chandler

4509 S Banning Drive Welcome to this custom built, oasis haven in the luxurious Weston Ranch gated community. Beautifully manicured desert landscaping on huge 3 4 acre lot, with premium rock elevation and grassy area leading up to gated courtyard. Interior courtyard is complete with foliage and fountain, and features separate entrance to casita. Perfect for in-laws or a guest suite, casita has private bath, fridge, microwave and sink. Inside the main home, you’re welcomed by the majestic 12 foot high foyer to the separate formal living room to one side and dining room with butler’s pantry on the other. High 10-foot ceilings and chandeliers throughout, with carpet, tile and real hard wood inlay flooring in all the right places.

Beautiful Chandler home, located in highly sought after community of Gila Springs! Outstanding 4 bedroom, 3 bath, with a pool. One bedroom and bath downstairs!! You won’t be disappointed. Seller saves between $7,500 and $9000!!!

CALL TODAY for details on how you can save $$$!

Listed for $995,000

Janet Rogers

Tim Boyles

602-565-0192

480-776-7066 • tim.viewhomesinphoenixaz.com

YO U R N E I G H B O R H O O D H O M E S A L E S 23728 S STONEY LAKE Drive Sun Lakes, AZ 85248 3 BD 2 BA 1,997 SQFT $425,000

1553 E OAKLAND Street Chandler, AZ, 85225 4 BD 2 BA 2,060 SQFT $339,900

This Beautiful Milano Floor Plan home has a GORGEOUS Golf Course View and is in the GATED ADULT COMMUNITY of OAKWOOD. This 3/2 has a DEN, Vaulted Ceilings, Neutral tile/ carpet/paint, & Water Softener! The kitchen features tons of cabinets, breakfast bar & is open to the Family Room. The spacious Master bedroom has walk-in closet, double sinks & tile shower. Reserve your private showing today. ALL FURNITURE CAN BE PURCHASED OUTSIDE OF CONTRACT (Couches, Dressers,Beds,Patio Furniture,Tables,and Paintings)

Welcome to your dream home! This home was recently updated and is move in ready. Some of the new upgrades include new concrete in the driveway and walkway with new desert landscaping in the front and backyard. A fresh coat of interior and exterior paint for a modern look. Vaulted ceilings for a bright & open feel. The kitchen has been updated with new recessed lighting, Quartz counter tops and white cabinets. The Bathrooms consist of new fixtures including toilets, mirrors and lighting. Plus this house has Solar panels. Come see or call now as this house will go quickly.

Tim Boyles US Air Force Veteran Weichert Realtors Courtney Valleywide tim.viewhomesinphoenixaz.com

THINKING ABOUT SELLING? CALL TIM, YOUR LOCAL REAL ESTATE PROFESSIONAL

480-776-7066

REAL ESTATE

GILBERT SUN NEWS AN EDITION OF THE SUNDAY EAST VALLEY TRIBUNE | JULY 21, 2019

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Sellers sometimes have sticky hands

GSN NEWS STAFF

ealtor.com recently told the story of a Miami woman who moved into her new home and ended up in the dark – literally. “The sellers took the lightbulbs,” she recalled. “They also took the batteries from the smoke detector, the knobs from the bathroom faucet, the curtains, and all the toilet paper. They even pried a clock out of the wall.” As the website found, she’s hardly the only new homeowner to find strange things taken from the homes they have just moved into. “On various social media sites, buyers have reported missing closet rods, door stoppers, and shower heads,” Realtor. com said. Realtor.com surveyed the scene and came up with some guidelines on what could be a problem for at least some buyers. First, it advises, understand the difference between fixtures and personal property.

“Fixtures are items physically affixed to a property and therefore automatically included in the purchase agreement (unless otherwise excluded in the property listing),” it said. “Chattels or personal property include anything movable.” Buyers are legally entitled to receive all of the home fixtures as they appeared when the offer to purchase was made. “We’re really, really fussy: We actually write all that stuff out, because there are many things in that gray area between personal items and real estate,” one agent told Realtor.com. “The classic one is drapery: That’s chattel, but the brackets are fixtures, so decide in advance who’s getting the set.” Be very specific about what stays and what goes so there are no misunderstandings. One Realtor said when her clients are ready to make an offer, “we’ll ask, ‘Is there anything in that gray area that, if it was gone, you’d be unhappy about?’ And then we add it onto the offer.” If sellers take things anyway, buyers have some recourse.

“Once, we noticed all the kitchen cabinet hardware and drawer pulls had been removed,” one agent told Realtor.com. “The sellers wanted to bring everything to their next place, but you can’t do that. We went right back to the seller’s agent and said, ‘Your client did this. It wasn’t disclosed and these things were bolted and attached to the property. They need to be put back because they are permanent fixtures of the house.” Another agent recalled how one seller said she was taking the dining room chandelier. “We were fine with that. However, once we closed, we got to our new house and saw she had not only taken the chandelier, but she didn’t replace it with anything; we just had wires hanging out of the ceiling,” the agent said. “Now, because of my experience,” she said. “I know to include that if anyone is specifying they’re taking something, they have to make sure it’s replaced.” Some sellers might remove items out of spite, the site advised. “Why on Earth would sellers bother to

remove toilet paper holders, doorknobs, or switch plates?.” It wondered, adding one Realtor offered a theory: “When that kind of thing happens, it usually means you had a bad deal; somebody thinks they’ve been ripped off.” To avoid a sour situation, the website advises, buyers should be proactive. “Take photos during visits, describe all inclusions in the offer to purchase, and be respectful and reasonable during the negotiating process,” it said. And, while most closings happen without a hitch, it’s always a good idea to do one or two walk-throughs with the agent just to be sure everything’s in order. At the same time, it notes: “Usually, people are pretty reasonable and don’t strip the house bare… I wouldn’t suggest making yourself nuts trying to itemize every detail.” Plus, if you negotiate with the sellers, you could end up with some good deals. Recalled one buyer: “If you get to know your sellers a bit, you can get some great deals. We bought our much-loved dining room table for $25 from our seller.”

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GILBERT SUN NEWS AN EDITION OF THE SUNDAY EAST VALLEY TRIBUNE | JULY 21, 2019

3502 E ARIANNA AVE Gilbert, AZ 85298

4 BD 3 BA 2,199 SF

4498 E BETHENA ST Gilbert, AZ 85295

Whoa! One of the LOWEST priced 4 Bedroom, 3 FULL Bath homes in Seville! HURRY and check this one out before it is gone! This home offers a North/South exposure OVERSIZED LOT! Beautiful pavers perfect for entertaining and enjoying Arizona’s outdoor living!

Whoa!!! Almost a brand new Fulton Home! This 4 bedroom 3 bath home offers the master bedroom on the first floor as well as 2 other bedrooms. Open floor plan concept great room with huge wall slider to your new outdoor living space which includes custom pet friendly turf!

Listed for $349,900

2427 E ARIS DR Gilbert, AZ 85298

4 BD 2.5 BA 2,866 SF

Listed for $417,500

1171 E IBIS ST Gilbert, AZ 85297

What a Buy! Massive Garage w/Utility Door to RV-Gate, Full Size Pick-Up Fits on Either Side! Welcome to the Community of Freeman Farms by Arizona’s Premiere Builder Fulton Homes! This Home of 2,881 Sq. Ft. is Located on a Premium North/South Facing Backyard CORNER Lot.

Listed for $427,500

THE DARWIN WALL TEAM IS RANKED IN THE TOP 1% OF REALTORS DARWIN WALL, REALTOR® 480.726.2100 DWall@DarwinWall.com www.DarwinWallTeam.com

4 BD 3 BA 2,420 SF

3 BD 2 BA 2,027 SF STOP! Don’t build a new home without checking out this home! Adorable 3 Bedrooms PLUS Den home has loads of upgrades and on a Corner Lot! The kitchen offers a Gas Oven Range, Upgraded Cabinets with self closing drawers and beautiful Granite Counter Tops!

Listed for $435,000