Gilbert AZ Real Estate Market Update

Here's an update on the Real Estate market in Gilbert AZ.

Our inventory is at 2005 active listings (down from 2500+ in November of 2007). Over the last few months I've been waiting for prices to be stabilizing around $260K - $275K. This month's average home sale price was $281K.

Trees, Block Fences, and the Real Estate Market - It's been quite a month with everything going on, but I'm glad to say that the opportunities are out there for anyone ready to take advantage of this market. I was not alive during the great depression but it's been said that more millionaires were created during that period than any other time in history. I dusted off my history book from my freshman year in college (no booze involved this time)... Granted I hated that class, but it's interesting to see how history is repeating itself.

We have an anti-utility-bill-shade tree on the side of our house next to a block fence. For months we've seen a crack stair stepping all the way from the top to the bottom of the fence....no big deal. One morning I woke up and saw the crack grow bigger and the fence started to tilt. (Uh oh, Time to take action.) I geared up like Jason with my dusty Chainsaw - after I changed the you-never-use-me-black colored oil - and started trimming down the tree. Knocked down a couple of branches about 80 lbs each. It has been a while since I've climbed trees and standing 10-15 feet above ground is no longer fun - I loved trees as a kid. I should have never let this tree grow so big, the roots are now pushing on the fence threatening our privacy and our bank account..... The tree is too tall so I now have to call in for help and pay the price. 

Real Estate is very similar, we often see things coming but we don't take action until it is too late and we end up paying the price for it. This is an ever changing market and we need to get up to date information so we can make an educated decision.  

Question from a Client: What type of loan do I need to buy a foreclosure?

A: The answer to this question varies depending on the stage of the foreclosure. Many people don't understand the process to  foreclosure, but to make this simple we'll say that there's the pre-foreclosure, the auction, and post-foreclosure (i.e. bank owned). When you're dealing with the auction, you normally want to have cash since the timelines to pay for the house after you win the bid at the auction doesn't give lenders enough time to process the loan. Hard money loans can be an option, but make sure you know what you're doing. Pre-foreclosure and bank owned are very similar, they just vary in what the bank is willing to do for you. If the house is a total mess you can look for an FHA (203)k streamlined, which finances the repairs, since the bank won't do any. If you plan on using 100% financing or ask for help with closing costs, some banks will not work with you.

F.Y.I. There are still some zero down payment loan programs

Gilbert AZ-   A new home ownership program allows qualified buyers to buy a home with absolutely no down payment.
    You may have owned a home before and are presently renting, or maybe you are a first time homebuyer and need a way to break into the housing market but are holding back because you think you require $10,000, $20,000 or even more for a down payment.  
     Well regardless of your present situation, if you want to get into, or re-enter the housing market without having to make a cash downpayment, then this new program may be just what you're looking for. Why pay your landlord's mortgage when you can be building your own equity.
     Industry insiders have prepared a new special report entitled "How to Buy a Home With Zero Down" which reveals how this new and innovative program can get you into the housing market immediately and with absolutely no down payment.
     To hear a brief  recorded message about how to order your FREE copy of this report call
1-888-675-4461 and enter ID# 2004. Call anytime, 24 hours a day and 7 days a week and discover how you can get into the housing market NOW and with ABSOLUTELY NO DOWN PAYMENT.    

 Some Conditions Apply Not intended to solicit buyers or sellers signed to contract. This report is courtesy of Jorge Zarate Re/Max Elite
©2008 New Generation Real Estate Team Re/Max Elite