Entry level home prices are rising in the East Valley especially in Chandler & Gilbert, AZ. It’s mainly due to a low inventory of homes available for sale that is pushing up home prices in the $200-$225K price range. This lack of inventory is also carrying over to the rental market. It’s pushing up rental rates to the $1300.00-$1400.00 per month area due to higher housing cost.
Some renters are buying homes as a result of the upward price surge which puts even more demand on a low supply which adds to the already upward trend. You also have rental investors creating more demand for the same amount of homes. This is healthy economics for a continued upward trend but leads the renter and first time home buyer to look for more affordable options.
They see more affordable options in Queen Creek/San Tan Valley area and are migrating out there especially with all the retail stores and commercial infrastructure in place. New home builders are everywhere out there! Homes prices and rental rates near the immediate Ellsworth Loop area are rising. They are on the heels of the Chandler/Gilbert home prices believe it or not.
The Investor or First Time/Entry Level Home Buyer Opportunity is getting in on the next wave of the trend – geographically speaking that is. Home prices are still affordable but activity is high. One Community has approximately 50 homes for sale and 54 currently under contract. As of yesterday, there was only one home available for rent per the MLS, no kidding. There’s quite a few homes still available from $155K – $200K price range. I believe it’s a great upside opportunity for both the investor and home buyer!
My lender partners (major bank & mortgage broker) specialize in lower than normal interest rates to help investors create a positive cash flow and home buyer’s have lower payments.
Contact me at 602-510-9163 or billynRealtor@gmail.com should you want more information or know of anyone who could benefit from this opportunity.