Gilbert Homes for Sale AZ
January 2011 Stats of Chandler, Gilbert and Mesa AZ homes for sale
January 2011 Sales Summary for Chandler, Gilbert and Mesa homes AZ
Phoenix Real Estate MLS Sales Update for January 2011
In January 2011 there were 6609 sales of all Phoenix residential property types reported in the Arizona MLS with:
48% – Foreclosures
22% – Short Sales
30% – Other sales including Investor Fix and Flips and Traditional sales
70% of January 2011 metro Phoenix sales were distressed sales (foreclosures or short sales) and most of these previous homeowners are ineligible to qualify for a home loan to purchase a home for 2-7 years. Therefore, these homeowners are looking for homes to rent and this explains the red hot Phoenix rental housing market.
Phoenix investors are trying to meet the rental housing demand by buying distressed properties and fixing them up to rent out to displaced former homeowners.
But this is an excellent time for homeowners to take advantage of the low housing prices to upgrade into their dream home that seemed impossibly out of reach just a few years ago. With the strong rental demand, they can rent out their current home and wait for the real estate market to turnaround and then sell.
While the average January 2011 price of Gilbert AZ homes for sale was – 0.3% lower than December 2010, the average price of Mesa homes for sale AZ was up + 0.7%.
The average January 2011 price of Chandler AZ homes for sale was – 3.6% lower, while homes in Phoenix AZ were – 6% lower and Scottsdale homes for sale were –16% lower.
Tempe AZ homes for sale had a very good month with the average January 2011 sales prices up + 10%, as compared to the December 2010.
Scottsdale had the lowest percentage of distressed home sales at 51%, followed by Tempe at 66%, Mesa at 67%, Chandler and Gilbert at 71% and finally Phoenix with 77% of its total January 2011 sales being either a Foreclosure or Short Sale.
The good news is the January 2011 Median Sales Price remained the same as December 2010 at $110,000 – the lowest Phoenix area Median Sales Price in over a decade.
If you are one of the fortunate ones able to buy a home in any of the cities in the Phoenix area, you will be getting an unbelievable housing value!
Average January 2011 Sales Price for Single Family Detached and Patio Homes by city in the metro Phoenix area are:
Avg. Units Avg. % of
Sales Price Sold List Price
Chandler AZ homes for sale $195,841 277 96
Gilbert AZ homes for sale $192,715 334 98
Mesa AZ homes for sale $145,601 506 96
Phoenix homes for sale $120,695 1,367 96
Scottsdale homes for sale $447,145 352 94
Tempe AZ homes for sale $175,328 69 95
Go to Phoenix real estate market statistics for a comprehensive review of what is happening in Phoenix real estate
Sam Elam - Associate Broker specializing in Chandler, Gilbert, Mesa and Phoenix real estate and homes for sale AZ.
Homes for Sale in Gilbert AZ eligible for 100% Financing
USDA no longer underwrites home loans in Gilbert and Chandler, AZ!
Looking to buy one of the homes for sale in Gilbert AZ as your primary residence, but don’t have money for a down payment? You may be eligible for a USDA home loan to buy a home in Gilbert with ZERO DOWN PAYMENT! This little-known government rural loan program provides 100% home purchase financing plus you may also finance a one-time 2% upfront mortgage insurance fee with no monthly MIP costs – that’s 102% financing folks!
Some additional details about USDA:
- 30 year fixed rate loan with up to 6% seller contribution or 100% gift to pay all your closing costs and pre-paids, except reserves (typically 2 months of homeowners insurance and property taxes).
- US citizens, Permanent Residents and Non-permanent Residents are eligible
- Primary residence only
- Minimum FICO score is 620
- 3 years from bank discharge to be eligible
- No mortgage insurance (one-time guarantee fee tacked onto and financed into the loan)
- Income limitations are 115% of the Area Median Income (AMI)
Surprisingly, USDA rural home loan program includes some homes in Gilbert AZ and Chandler AZ and all of areas of Queen Creek, San Tan Valley, Florence and Gold Canyon, AZ.
Some of the neighborhoods eligible for this loan program are Gilbert AZ homes in Seville, Marbella Vineyards, Felty Farms, Shamrock Estates, Adora Trails, Vista Dorado and many more quality subdivisions. At the time of this posting there were 59 Gilbert homes AZ that could be eligible.
Email me at samelam3@gmail.com to request a current list of homes within USDA service area and a list of lenders who can pre-qualify you for a USDA loan.
For more information go to Gilbert homes for sale AZ.
[contact-form 1 "Contact form 1"]
Sam Elam - Associate Broker specializing in Chandler, Gilbert, Mesa and Phoenix real estate and homes for sale AZ.December Sales of Chandler, Gilbert and Mesa AZ Homes INCREASE
December 2010 closings of homes for sale in Chandler, Gilbert, Mesa and Queen Creek, AZ are up 25%
AZ MLS Sales Summary – December 2010 comparison to November 2010
Chandler AZ homes for sale – Sales of 347 homes rose 14% over November 2010 while the Average Sales Price dipped 2% to $203,434.
Gilbert AZ homes for sale – Sales of 448 homes rose 22% over November 2010 while the Average Sales Price dipped 1.9% to $193,980.
Mesa AZ homes for sale – Sales of 610 homes rose 26% over November 2010 while the Average Sales Price increased $374 to $145,867.
Queen Creek homes for sale – Sales of 143 homes rose 14.4% over November 2010 while the Average Sales Price dipped 3.7% to $153,156.
All ARMLS Single Family Detached homes – Sales of 7,077 homes rose 25% over November 2010 while the Average Sales Price increased 8.6% to $207,381.
Conclusion:
The southeastern section of the Phoenix Arizona Metro area including Chandler, Gilbert, Mesa, Queen Creek and Tempe, AZ remains in high demand due to the close proximity to High Tech businesses as Intel, Orbital, Free Scale, Micro Chip, Boeing and Northrop Grumman/TRW, ASU Research Center, Banner Health Network, First Solar; beautifully planned communities with parks, sports centers and shopping and many of the best performing public and charter schools in the Arizona.
As a result prices are up over last month but are down 3% from a year ago. There is still more housing inventory we need to sell off before our real estate market correction can be completed. But with these favorable numbers, 2011 may be the year of the correction.
Higher inflation is predicted and as a result mortgage rates will go higher. A one point increase in interest rates will cost you more in monthly payment than a 10% decrease in housing values can save you. We only saw a 3% decrease last year, so don’t anticipate a huge drop in prices and end up paying more for your house because the rates shot up. Be ahead of the game and buy at current mortgage rates.
For more details about homes for sale in Chandler, Gilbert, Mesa and Queen Creek AZ check out Phoenix homes for sale and Phoenix real estate investment.
For more information contact Sam Elam, Associate Broker at Prudential Arizona Properties, Gilbert, AZ (480) 213-1799
Phoenix Investors Stabilize Home Prices
Even in this depressed Phoenix real estate market, investors see the value of owning homes in Phoenix area including Chandler Arizona houses and Gilbert homes AZ for sale. As the number of bank-owned REO homes have increased, investors, recognizing the long term value of Phoenix homes, have stepped up to buy REOs in record numbers and help to stabilize Mesa home prices.
Rents are strong and returns from real estate far exceed what an investor is paid on their cash in a bank account. Fixed income investment have disappointed many investors, even though they have performed better than the equity market. Secure your future and invest in real estate today as you invest in the future of our Arizona communities, too.
Long term prospect for homes in Phoenix for sale are very good. Phoenix has been #1 or #2 in job growth for years before falling off the high growth list. But demand to move here and live in our warm climate remains strong and it’s only a matter of time before employment and high growth rates return again. When that happens tenants, who lost their homes through foreclosure, will be able to buy and patient investors will be able to sell their rentals for big profits. It’s a win-win for everybody. Want to know other reasons why Phoenix investment real estate is a smart buy? Contact Sam Elam today to discuss them.
Read more about Phoenix real estate investor successes.
Sam Elam - Associate Broker specializing in Chandler, Gilbert, Mesa and Phoenix real estate and homes for sale AZ.Some Banks Ignore Arizona Anti-Deficiency Laws
Arizona anti-deficiency laws limit the homeowners liability in the event of loan default to the amount the lender can recover at at trustee sale or judicial sale providing the real property is 1) on a 2.5 acre or smaller lot, 2) restricted to and utilized for a single-family or dual- family dwelling and the 3) proceeds of the purchase loan (or a subsequent refinance loan) used to pay all or part of the purchase price of the property (better that all of it was). However, some lenders are forcing sellers to take back a personal note in favor of the lender as an inducement for the lender to cooperate in a short sale.
J. Robert Eckley, a prominent Arizona real estate and banking attorney, argues in Counselor’s Corner – Unlawful Acts of Banksthat some banks ignore the Arizona anti-deficiency protection during their negotiations with the seller, who is requesting the bank accept less than the balance owed on the loan and release the lien so the home can be sold in a “short sale”. Some sellers have refused to accept these terms and let their Phoenix property to be foreclosed to avoid any additional financial obligations. Other sellers, who were not made aware of the limitations of the bank to request a personal note, agreed to accept a personal note for all or a portion of the shortfall in the amount the lender received at the time of the short sale closing.
Sellers with limited assets and income at the time of the short sale have been told they may be subject to a deficiency judgment lien for a period of six years from the date of the Phoenix short sale or the banks may opt to sell off the right to recover against the defaulted loan to collection agencies. We’ll have to stay tuned for Mr. Eckley’s next addition of Counselor’s Corner to learn more about your rights and protections under the law.
My area of service and expertise is the Phoenix southeast valley including Chandler homes AZ, Mesa homes AZ, Queen Creek, Tempe and Gilbert AZ homes for sale. If you find you are unable to make your house payments or won’t be able to in the future, call me. I will send you the Arizona Seller Short Sale Advisory and Disclosure and recommend local attorneys who know Arizona law to explain your options and liabilities. If a Chandler, Gilbert, Mesa or Queen Creek short sale is your best option, I will list, market and get it sold for you so you can get on with your life and build for the future.
Sam Elam, Associate Broker with Prudential Arizona Properties, 480-213-1799
Sam Elam - Associate Broker specializing in Chandler, Gilbert, Mesa and Phoenix real estate and homes for sale AZ.Categories
Recent Posts
- FHA Extends Anti-Flipping Waiver Through 2012
- Arizona Shadow Inventory Low in Maricopa County
- Homes in Popular Phoenix Arizona Retirement Communities
- Arizona Letter Grades for Schools
- Buyers Like Chandler and Gilbert homes above $200K
- What Canadians need to know about buying Arizona Real Estate
- FHA loan costs to buy Phoenix Homes for Sale Rise
- Supply of Chandler homes for sale quickly decreasing
- January 2011 Stats of Chandler, Gilbert and Mesa AZ homes for sale
- Chandler AZ New $5B Intel Fabrication Facility
