Gilbert Edition - July 2021

2 0 2 1 R E A L E S T A T E E D I T I O N

“Even though we are seeing this crazy, insane market soften, and it has been softening for three months, we’re not necessarily expecting it to go into this buyer’s market that we saw in 2006[-09], because that was the result of over 10 years of overbuilding and speculative buyers,” Tamboer said. “Now we have people who actually need a place to live.” There is some softening in demand,

LaRoque Wolfe said, although it may be temporary. “The only reason it’s going down is because buyers are just fatigued,” she said. “They’re tired. They go out there. They’re ghting against 20 oers. They just don’t want to give away the farm.” Tamboer said she believes the news is not all bad for buyers as aordabil- ity—measured from median incomes against median home prices—is good.

For sellers, prices will still rise, but a weaker market changes how many oers are received, howquickly homes are sold and what sellers can demand from buyers, LaRoque Wolfe said. LaRoque Wolfe said she anticipates Gilbert and similar cities coming into more of a balance this year. “It’s a wonderful time if you’re a seller right now and you don’t want to do anything,” Tamboer said. “You

can do as-is. You can get cash. If that’s what you want, then you should prob- ably sell now. But if you’re not in a hurry, it’s not like we’re going to go into a buyer’s market.” Alexa D’Angelo contributed to this report.

For more information, visit communityimpact.com .

Softening inGilbert, Metro Phoenix The seller’s market in Gilbert and the Metro Phoenix area remains strong but has softened from its peak earlier in the year. The Cromford Report’s market index number is proprietary but considers 100 to be a market in balance, and anything over 110 a seller’s market.

762.7

800 700 600 500 400 300 200 100 0

Gilbert 2021 Metro Phoenix 2021

Gilbert 2020 Metro Phoenix 2020

397.7

514

307

403

202.2

189.9

Balanced market

145.7

2020

2021

Jan.

Feb.

Mar.

Apr.

May

June

July Aug.

Sep.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May June

July

SOURCE: THE CROMFORD REPORTCOMMUNITY IMPACT NEWSPAPER

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GILBERT EDITION • JULY 2021

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