Gilbert (and the greater Phoenix metro area) is being impacted by bank owned (foreclosed/REO) properties continuing to hit the market in big numbers. As a result, several unique conditions currently exist:
The selection of available homes for sale in Gilbert is good, but is considerably less than it was a few months ago. Regardless of the price point, many of the bank owned (foreclosed/REO) properties are in deplorable condition (trashed/stripped by former owners and/or vandalized after being vacated/abandoned), but perhaps 10-20% of them are in terrific locations, have quality upgrades and a private pool, and are in move-in condition. There are also hundreds of single family homes, townhouses and condos in Gilbert that are on the market by homeowners who want or need to sell their homes, many of which are in outstanding condition and priced quite aggressively.
Prices in Gilbert have fallen to the point where many nearly new homes are actually priced below current comps/appraisals. Some areas have seen asking prices correct downward by as much as 50%, but purchase prices have seen a slight increase over the past few months. Home prices are extremely attractive and affordable in virtually every area of Gilbert, including gated communities and waterfront properties, and are arguably at or near rock-bottom levels.
In spite of the sub-prime lending crash that started in 2006, and national banking/liquidity crisis that surfaced in 2007-2008, mortgage loans in Gilbert are still readily available. Credit requirements are more stringent than they were in recent years, but solid loan products and pre-approvals are indeed accessible. Several loan products have made a roaring come-back, including FHA loans up to $346,250 requiring only a 3.5% down payment, and VA loans requiring no down payment.
Mortgage interest rates continue to hover in an historically low range. Like most everything on this planet, the reasons for such super-low mortgage interest rates are numerous and complex. The obvious benefit is that many buyers are indeed able to finance their home purchases. And given the tremendous choice of homes and almost unbelievable pricing, bargains, deals and steals in Gilbert are happening daily.
The result of the foregoing conditions ~ abundant supply of homes, extraordinarily low prices, availability of mortgage financing and low interest rates ~ is a noticeable, steady increase in buying activity in Gilbert. Properties that are priced aggressively and in above-average condition (bank owned or not) are often drawing multiple offers and selling in just a few days.
Whether your interest is in single family homes, townhomes or condos... and whether you're focused on bank owned (foreclosed/REO) properties, pre-foreclosures, short sales or homes being offered by traditional homeowner-sellers... and whether you're looking for smaller, larger, older, newer, waterfront, gated, private pool, no pool, active adult, horse property, mountain views or any other type of home in Gilbert, I'm here to serve you and help you find and purchase just the right home at just the right price.
GILBERT continues to demonstrate why it is a shining star in the greater Phoenix area!
* 251 single family detached homes were purchased in January 2010 vs. 217 last year (January 2009).
* The average price paid was $216,967 vs. $230,677 last year.
* The median price came in at $183,000 vs. $208,000 last year.
* The average ratio of purchase price to list price was 96% vs. 97% last year.
* The average time on the market was 81 days vs. 78 days last year.
* There were 2,299 Active single family listings vs. 2,647 last year.
Gilbert is known for its rather large Mormon population, associated with the Mormon-founded city of Mesa that borders it to the north.
From 1911 through the 1920s, Gilbert was known as the Hay Capital of the World.
According to the FBI database, Gilbert was the largest city in the United States with zero murders in 2005.
At the turn of the twentieth century, it was determined that a rail line between Phoenix and Florence was necessary.
The land used to accomplish that objective was owned by a man named William "Bobby" Gilbert.
Gilbert was an agricultural community and remained a farming town for many years.
Incorporated on July 6, 1920, Gilbert is a relatively new community that has seen tremendous growth during the past two decades.
Gilbert began to take its current shape during the 1970s when the Town Council approved a strip annexation that encompassed 53 square miles of county land.
Although the population was only 1,971 in 1970 the Council realized that Gilbert would eventually grow and develop much like the neighboring communities of Tempe, Mesa, and Chandler.
This proved to be a farsighted decision as Gilbert positioned itself for growth in the 1980s and beyond.
Info from city of Gilbert.
Gilbert is located in the southeast part of the Greater Phoenix area. It is one of the cities that is included in a general area referred to as the East Valley.
Generally, Chandler is to the west and south, Mesa is to the west and north, Queen Creek is to the east and south.
The town offices of Gilbert are about 20 miles from Phoenix Sky Harbor International Airport.
Info from About Gilbert.
Gilbert was a prime farming community, fueled by the construction of the Roosevelt Dam and the Eastern and Consolidated Canals in 1911.
It remained an agriculture town for many years, and was known as the "Hay Capital of the World" until the late 1920s.
Info from city of Gilbert.
Opened in 1947, The Hale Center Theatre is one of the oldest theatres still in use in America.
The Gilbert Museum presents the history of the town as well as antique farm equipment on site.
Skating, biking, hiking or leisurely afternoon walks, Gilbert is loaded with recreational fun.
Looking to shop in Gilbert? Try these out.
For a list of all Sports Teams in Arizona click here
Other portions are zoned to:
Future Mesa alignments will be the closest access to light rail for Gilbert residents.
Information from Wikipedia