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.
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Sam Elam - Associate Broker specializing in Chandler, Gilbert, Mesa and Phoenix real estate and homes for sale AZ.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.Categories
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