Val Vista Lakes - Arizona Home Locator

Gilbert Real Estate Market Overheated?

Market in Overdrive?

Has the local Gilbert real estate market place been over-run by hungry buyers? Seems so, if a glance at the current inventory numbers means anything… In all of Gilbert, there are just 376 homes ON the market right now. Only 51 homes ON the market in 85233, and only 67 homes ON the market in 85234. Need further proof of the effervescent nature of things here in the Gilbert market? Since March 1^st, there have been 574 homes sold… or about 14 homes per day. So, that 376 number comes out to a 29 day supply of homes. And that is a sellers market almost anywhere. Yes, the market conditions of 2005 have returned, with much lower prices (for now!).

If you are looking for a home in Gilbert – anywhere in Gilbert – we’d be happy to help! Based out of beautiful Val Vista Lakes (in the 85234), we love this town, and would be honored to help you find your place here!

Another Indication It’s Time to Buy

The Housing Affordability Index was developed over thirty years ago to help consumers determine when it is a good time to buy a home. It’s considered advantageous to the buyer when the index is over 100 because a median income family can qualify for a median price home.

Recent figures released by the National Association of REALTORS’ economic department show that the 2011 index of 184.5 is the highest annual average since it has been calculated. The most recent month released, December 2011, was 194.9. The index is also broken down into four regions of the country.

The two major components that contribute to the index are home prices and mortgage interest rates which are lower than they’ve been in the last five years which account for the dramatic rise in the index since 2006.

The Housing Affordability Index is another indication that this is a good time to buy a home for people who have good credit, a down payment and want a home here in Gilbert. It may be the best time we’ll see in our lifetimes.

FHA Fees Going Up April 1st

FHA has raised the annual Mortgage Insurance Premium to 1.25% beginning April 1st. MIP is required on all FHA loans and used to fund losses by lenders for borrowers who default on their mortgages. As of June 1st, FHA loans in excess of the standard maximum of $625,500, in high-cost areas, will have a premium of 1.5% of the loan amount.

In addition to the increase in the annual MIP, FHA also announced it plans to raise the fee on the up-front MIP from 1.00% to 1.75%. No date was reported for its implementation.

The bottom line will result in a borrower’s payments going up. However, it might not be restricted to the MIP. Freddie Mac’s Primary Mortgage Market Survey showed that both 30 year and 15 year mortgages have gone up too.

One way to avoid the increase is to have a completed sales contract and have your lender order the FHA commitment prior to April 1, 2012. If you plan on buying a home in Val Vista Lakes this spring, there is a reason to do it earlier rather than later.

Homes for sale near MD Anderson Cancer Center

Homes Near Banner Gateway Hospital (PDF File)

With the grand opening of the MD Anderson Cancer Center this week in Gilbert AZ, the area will now be supported by a world class cancer facility. For buyers who would like to see homes near the MD Anderson Cancer Center, this list of homes & map will be valuable to have. The homes for sale range from below $90,000 to well over $1,000,000. These homes include some of the available properties in nearby Val Vista Lakes. Transportation is extremely close – the Superstition Freeway is directly next to Banner Gateway Hospital, on Higley Road. The new MD Anderson Cancer Center sits directly west of the main hospital, very easy to get to. MDAnderson.org