Located just half an hour away from Phoenix, Arizona, the Gilbert housing market is attracting homebuyers from everywhere. The market has been popular for a while. But the current onslaught of homebuyer interest has shot its demand to an all new level.
Buyers who have recently closed on a home in the Gilbert real estate market describe the experience as utterly surreal. From paying above asking price to footing closing costs, they fought tooth and nail to close their offer for good.
All of this is enough to generate questions about the area and what it brings to the table. According to recent homebuyers, the former agricultural suburb is definitely worth the competition.
The Low Interest Rates Play a Large Role
The coronavirus (COVID-19) outbreak has affected the US real estate market in an unprecedented fashion. Instead of halting its operations, the pandemic’s influence on interest rates and buyer demands has actually boosted the housing sector.
With the Federal Reserve System cutting its benchmark interest rate to near-zero, mortgage rates have hit record lows this year. This is particularly true for the 30-year fixed-rate mortgage, which is the most popular mortgage for the majority of homebuyers. With an average of 2.81 percent at the end of October, it’s posting some of its lowest rates ever.
This record-low mortgage rate is one of the major drivers that is rapidly encouraging buyers to find their dream home. But when put against the Gilbert housing market, it’s just one piece of the puzzle that makes the area popular.
Gilbert Attracts Homebuyers From All Over the Country
The Gilbert real estate market is enjoying newfound attention due to reasons that go beyond low interest rates. Those who want spacious homes, safe neighborhoods, and close proximity to large cities are actively looking at the fast-growing suburb. Along with all of these qualities, Gilbert also comes with a few added bonuses that pertain to Arizona.
This includes low property taxes as compared to many other states, which entice those homebuyers who want long-term savings. It also factors in decreased business regulations, which adds to its business-friendly status. Arizona also boasts of competitive rates for unemployment insurance and worker’s compensation, which lays the groundwork for favorable business conditions. During the era of COVID-19, these benefits seem more significant to business owners than ever before.
As a result, those homebuyers who are looking to start a business flock towards the Grand Canyon State. While they set up shop in cities such as Phoenix, their residential needs point to promising suburbs such as Gilbert.
Homebuyers Are Giving Their All to Nab a Deal
Due to all of these benefits, the Gilbert housing market is far from being cheap. With a 11.2 percent increase from last year, the typical home value of a listing is over $392,000. As mentioned above, some buyers pay above asking price and also cover closing costs to get sellers to agree quickly.
This urgency and need to buy a home in Gilbert mainly stems from the area’s features and its offered lifestyle. But it’s also due to a competitive inventory that sees offers rolling and closing quicker than other areas.
As a result, homebuyers are doing all they can to make sure they can nab the home of their dreams. When enticing offers don’t seem to work their charm, personally-penned letters seem to do the trick. But even then, it remains a close match.
This illustrates that if you are looking for a home in the Southwestern US, Gilbert might be your perfect match. But if you don’t move fast, you might lose out on a deal that’s likely to get a promising return.
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