The Gilbert real estate market has been a very popular spot for homebuyers in recent years, and if you’re trying to find out what the market is like now, this guide will walk you through some of the most important statistics. In general, from 2010 to 2013 homes have been selling faster than ever before. In fact, during Q1 2014 homes were sold an average of just 38 days after they went on sale. That’s 20% faster than the same time frame just two years ago!
The selling price of homes also increased by 10% last year alone – that’s double Arizona’s rapid growth rate for new jobs. This rapid growth is not only due to the homes being snapped up so quickly but also because there are more buyers interested in a home in Gilbert than there is housing available.
The median cost of a single-family detached house sold in Gilbert; Arizona last year was $237,300 while the average detached square footage was 2,726. The average household income in 2013 was $75,536 and it’s expected to rise by 4% through 2018. The number of Gilbert homes for sale has stayed relatively low during 2014, with only 488 new listings to choose from. This is much lower than the average (1,088) over the years since 2012.
There are many reasons why buyers would want to consider buying a home in Gilbert instead of renting, including high rental prices and owning something that you can put your own ideas into. By investing now, you can also learn about all the positive things that come with owning a home (tax breaks, equity, etc.) and be able to make an informed decision when it comes time to buy your next one!
The pro side is that buying a home in Gilbert is a wonderful investment opportunity. You’ll own something special when you buy in Gilbert – your very own place to make your dream house. When the price goes up 20% in just three years, it’s clear that now is an excellent time to invest in this area. In addition, buying a home provides tax breaks and equity which renting does not. Owning will also give you access to homeowners’ benefits such as pool access and community events. Finally, buying a home is a better investment if you plan to stay in the area long-term. The cons are renting can be expensive and buying a home may be out of your financial reach. You also need to factor in the cost of repairs and renovations should anything go wrong with your new house – but don’t worry, homeowners’ insurance covers those costs!
Your friends and family may be worried about you if you decide to buy a home any earlier than later: they’ll probably think it’s too risky. They might say that the housing market is going downhill or that there’s no need to rush; however, the housing market has been experiencing steady growth for four years now and there will always be buyers ready to pay for your house if something goes wrong!
Contact Fairway Mortgage at (624) 400-8666 if you’re interested in making a move.