Here is a list of homes in the East Valley (Chandler, Gilbert, Mesa, Queen Creek, Apache Junction, and San Tan Valley) all under $400,000. Right now, the East Valley market is on fire with many homes selling in just a day and above asking price.
Although it seems similar to the market of 2008, this market is extremely different, so be sure that you are working with a professional that understands the differences. Twelve years ago, the “feeding frenzy” with homes was due to relaxed banking standards, which led to the financial meltdown. Today, requirements for mortgages have NOT been relaxed. In fact, mortgage lenders are more careful than ever. However, because of Covid and it being an insane election year (like we’ve never seen before), many people have decided to hold off on selling their homes. Simultaneously, mortgage interest rates are at an all-time low. This has increased the demand for homes, while there is a shortage of inventory on the market. Basically, it’s simple “supply and demand.” Demand is high and supply is low, which is driving up home prices.
If you are looking to sell your home, there has never been an opportunity like this in our lives; however, this can’t last forever! At some point (probably after the election), the market will start to “normalize” and more homes will be sold. Once that happens, the supply will meet the demand, causing home prices to normalize as well. So if you’re looking to get the most equity out of your home, this is the time to sell.
Conversely, if you’re looking to buy, this might be historically the best time to buy in history (yes, I mean that too). There has never been a time in the past 90 years where interest rates have been this low. You just need to find someone to help you who has strategies to find you the best homes and place competitive offers right away.
I hope I’m able to help you find the home of your dreams or sell your existing home at the best possible value. Please let me know if I can set you up on your own MLS search or give you a free Comparative Market Analysis so we can see what your home is worth in a market like this.