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Gilbert Grape

Slow Down in Demand Gives Gilbert Buyers Big Breaks

Has the news that home prices rose at an astronomical level kept your from looking for a new house? If so, you might be surprised to realize that this is the perfect time to find a home in Gilbert. Gilbert real estate has turned into a real buyer’s market, with many great homes available.

Just a few short years ago, the Arizona market was considered sizzling hot. But with increasing home prices, and increasing mortgage rates, the amount of new buyers looking for homes has slowed. In fact, there’s more homes currently for sale than there are buyers, creating what’s referred to as a buyer’s market.

How has the market changed? Last year, homes were selling at full asking price in a few days after listing. Sometimes home owners received multiple offers for their house. Today there are 33 percent more homes on the market than last year, but the difference is that the homes are now staying on the market with no offers.

As the market has changed, so has the leverage buyers have when it comes to home deals. Buyers are being wooed to purchase a home, with sellers and builders offering all kinds of incentives or perks. Some builders are offering upgrades on new homes, like upgraded carpets, solid surfaces on kitchen counters, extra landscaping, pools and spas in backyards. Builders have a lot on the line, they are building homes on speculation and they need to sell the home instead of having money tied up in the land. The longer the house sits on the market, the more pressure they feel to sell, which works out well for buyers.

Some home owners are in the position that they can merely take the home off the market if there aren’t interested buyers. But some sellers feel a huge pressure to sell the home, maybe they are relocating, their family is expanding, they have financial reasons for selling, etc. These sellers may feel the pressure to sell, and compete with the builders in the market. These sellers will often discount the purchase price to the home, offer money for the buyers to make improvements, or negotiate for improvements to the home themselves.

If you are looking for a home in Gilbert, this could be the perfect time. You can find some wonderful homes for sale in Gilbert, and you are in the unique position of having a lot of leverage. With the right home, the right offer, and the right mortgage, you could be enjoying a new year in the perfect Gilbert home.

Reg Gustin & Chris Larsen are senior loan officers with Sun American Mortgage and specializes in helping families and their financial lending needs.

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