Since the economic recession Gilbert, Arizona has seen home prices steadily increase. This has been a positive sign for homeowners as very few mortgages are left underwater. The negative aspect of home values increasing is the decreased affordability that comes along with those gains.
First time home buyers and others looking to call Gilbert, Arizona their home town are finding it increasingly difficult to locate a suitable property under the $200,000 price point. There have already been 524 single-family homes, 141 townhomes, 9 patio homes, and 22 apartment style homes sold below $200,000 in Gilbert so far in 2015. The size of home a buyer can get for that price in Gilbert has also decreased. At the beginning of 2015 for under $200,000 a buyer could have gotten a home size in the range of 1,600-1,900 square feet. As prices have increased throughout the year a potential buyer may have to choose a home as small as 1,100 square feet in size if their budget only allows them to purchase up to the amount of $200,000.
Gilbert was recently voted the Second safest city in the entire Country and was also in the top ten for projected job growth in 2015. Our A+ rated school district and central location make this an extremely desirable place to live.
The good news for potential home buyers who are working with a limited budget is that the busy Summer season is behind us. Home prices will start to slightly recede during the Fall and Winter months as there aren't as many buyers in the market. This puts downward pressure on sellers to start reducing the price of their home so that they might be able to capture one of the coveted few home buyers looking to purchase during this time of year.
Click HERE for a list of Homes for Sale in Gilbert, Arizona under $200,000.
Let the Gilbert, Arizona real estate experts at Zion Realty help you through the process of purchasing or selling your next home in Gilbert, Arizona. Contact us today at ZionRealtyAZ.com!