If you’re closing on a home, you know there’s an early home-buying wave happening. Typically, we see the most market activity in the summer. Even though the Gilbert and Queen Creek housing market has been red hot since January, we are expecting even more demand for housing as soon as schools go on break.
Inventory of available homes remains historically low. Builders cannot build new ones fast enough and steady migration from the coasts to the sunbelt are creating hyper-seller markets across the southwest. Have you seen all the out-of-state license plates from Florida, California, and New York? It reminds me of the housing wave in the late 1990’s when we had a huge migration!
The Appeal of the Phoenix Metro Area
The Phoenix metro area, including Gilbert and Queen Creek, remains a popular and desirable destination with good employment opportunities, relatively friendly tax codes, and high quality of life. Traditionally, affordable housing has been part of that equation but as prices continue to rise, we may see less consideration for housing costs in the future.
For now, most homes are selling the first weekend on the market. Multiple offers are common and nearly 100% of homes are selling at or above list price. Strange times indeed.
We found ourselves in the housing market.
Mickie and I found ourselves right in the thick of it when we decided to downsize and sell our home in Gilbert. Like our clients who are looking to downsize, we had more space than we needed after the kids moved. We took advantage of the seller’s market and sold for a nice profit.
On the sell side our experience exceeded even our expectations. We put the work into getting the house ready to show and held a huge open house event the first weekend. In the end, we closed $80k above our aggressive asking price and set our sights on the community of Encanterra in Queen Creek.
Our plan was to contract to build a medium-sized single-story house with Shea. We knew the demand was high and that Shea was assigning lots on a lottery/drawing system but after two rounds of not being selected we began to get nervous. Each drawing cycle featured a new base price for the home we wanted to build. From the time we originally looked at this in December, to now the price had gone up to $50k. It was then that we spotted a Coming Soon listing in Encanterra and were able to secure a deal before the home went to market.
**Please note, if you are considering an off-market deal, please call me so I can stop you. The best way to maximize your proceeds as a seller is in the open market. Every time.**
That said, we loved our deal on our existing home and found the smaller space quite accommodating. That was when we decided to switch gears on our new construction goals and changed our floorplan of choice to a smaller one.
Long story short, we sold one big home in Gilbert and are buying two smaller ones in Queen Creek. Renovations on the existing home are almost complete and if it takes Shea as long as expected to build the new one, we will have the option to sell our current Encanterra home for a profit with no capital gains tax…or we may keep this property as a vacation rental or investment property and move into the new one when it’s done. We found ourselves in an amazing community, ahead of the growth coming to the area and positioned to capture rising equity values on two properties in an increasingly desirable part of town.
Gilbert and Queen Creek Housing is HOT.
The red hot housing market in Gilbert, Queen Creek, and the entire Phoenix Metro area, loads of noise about the “best” way to buy and sell houses, and no shortage of people or companies looking to take advantage of people means that now more than ever you need trusted counsel and representation on your side. Make sure your information comes from a trusted source with your best interests in mind.
Contact the team at Newman Realty to learn more!