REAL ESTATE
GILBERT SUN NEWS | MARCH 20, 2022
re1
Home market is crazy for buyers and sellers BY MINDY JONES GSN Columnist
T
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
RECEN
TLY SO
LD
ER R IN POW
ANCH
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
Country living in the heart of Gilbert!
See SeePage Page 4 3
Amy Jones Group
Listed for $1,400,000!
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:
BESTOF
2021
◆ Home Staging Report by Interior Designer & Stager ◆ Professional video of home ◆ Professional photos of home ◆ Twilight photos ◆ Community photos ◆ Aerial drone video/photos ◆ 3D Interactive floor plan - Matterport www.fosteringre.com Each office is independently owned and operated ◆ Open house first weekend on the market
480.221.3034
SeePage Page5 4 See
re2
REAL ESTATE
Area Realtors group packs food for kids GSN NEWS STAFF
A
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
re3
re4
GILBERT SUN NEWS | MARCH 20, 2022
SPO OTLIGHT home
COUNTRY LIVING!
Country living in the heart of Gilbert! The 2 parcels total just over 2 acres of irrigated horse property in a highly desirable Gilbert location with NO HOA. 3 bedrooms with large addition on the master bedroom and private exit to courtyard and covered patio, 2 baths, cozy living room with wood-burning fireplace, and enclosed Arizona room. The 2-car garage has a side workshop and additional storage. Full horse setup with 5 covered horse stalls, plumbed for automatic water, 2 separate fenced pastures, grooming station, hitching post, round pen, tack room, and open hay barn. This property is comprised of two separate lots, each is over an acre. Keep both for yourself, or hold the land for investment! Enjoy the best of both worlds with the peaceful country lifestyle that is conveniently located close to freeways, hospitals, shopping, and schools. Don’t miss your opportunity to own in the Ranchettes!
Listed for $1,400,000
3119 E TREMAINE AVE, Gilbert, AZ 85234
(480) 250-3857 www.AmyJonesGroup.com
Buying or Selling a Home? Call Erik First!
1850 E Northrop Blvd #170 | Chandler AZ 85286 480-206-5592 cell | www.ErikGeislerRealtor.com Join me in supporting my charity partner,
CULTIVATE GOODNESS
Cultivate Goodness is a nonprofit organization that focuses on helping with needs in our community. We invite members of our community to get involved and wrap arms around those that could use a lift. We believe if everyone puts in their piece, whatever the size, it adds up to be a mountain of good.
Go to http://cultivate-goodness.org
Serving the Valley, for over 15 Years!
Erik Geisler REALTOR® Your Real Estate Agent