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How Opendoor, Offerpad and ZillowOffers are changing the home selling experience.

The the recent entry of Zillow offers the Gilbert area has become flooded with iBuyers.  iBuyers are companies that are attempting to streamline the process of selling a home.  You may have heard radio commercials for Opendoor or Offerpad on your commute to work.  Or maybe you have seen Zillow advertising to purchase your home as you browse their site.  We at the Reeves team have been getting more and more questions about these services.  We will shed some light on the differences between iBuyers and the traditional home selling process.  We will also answer some of the most common questions are clients have been asking us. 

The most common question we get is “Will they offer me the same amount I would make if I sold my house myself?”.  The short answer to this question is No.  You will not make as much by selling your home to an iBuyer service as you will through a traditional sale.  The reason for this is simple.  Ibuyers such as Opendoor will need to resell your home at a higher price to make a profit.  If the companies broke even on the sale of the homes they would be losing money as they have to employ a employees to facilitate the transactions.  

So what is the benefit of using an iBuyer?  Offerpad and other similar companies are trying to make the process of selling your home as simple as possible and hope that buyers are willing to pay a premium for this simplified process.  One thing to note is if you are working with an experienced real estate professional that puts their clients needs first, such as The Reeves Team, the home selling process can be tailored to your needs without paying the premium that iBuyers will charge.

Another question we get is, do these iBuyers charge a fee?  The answer to that question is yes.  While the fees can vary from company to company, most iBuyers hover around the 7% mark which is higher than you would pay working with an experience real estate team. While many people look at these companies as home flippers the companies themselves are trying to distance themselves from that narrative and suggesting they make their money from the fees associated with the sale and not from price appreciation.  

So should you use an Ibuyer such as Zillow Offers or Offerpad?  While these companies do offer flexibility in the home selling process, we recommend using a licensed real estate professional that your trust.  If you are open and honest when communicating what you need from the home selling process you can recreate the ease of selling to an iBuyer without paying the extra fees they will charge for the convenience.  This is also a great time to remind you about The Reeves Team 90 day sale guarantee!

So what do you think of the new iBuyer startups?  Let us know in the comment section below. 

 

 

 

5 Tips To Avoid Water Damage In Your Gilbert Home

As Arizona residents we don’t often find ourselves overly concerned with flooding and water damage. It rarely rains, and most of our homes are build above ground with basements being a rarity. However, when it does rain we can often get substantial amounts of rain all at one time. Arizona residents are familiar with downpours we receive during monsoon season. October isn’t a time many Gilbert Homeowners typically associate with large amounts of rain, however this October we are seeing a different story. Less than halfway through the month and we have already set a record for the most rain in recorded history in the phoenix area. With these facts in mind The Reeves Team is providing you 5 helpful tips to keep your home from taking on any water during this unseasonably wet October.

1. Determine How water flows Around Your house
One good thing about getting this much water all at one time, is that it allows us the opportunity to see how water flows on and around our homes. So the next time we get a large amount of rain grab a hold of your umbrella and march out into the rain to see if anything is concerning. Watch how the water flows on your roof and where the majority of the water is dumped on to the ground. You can check to see if there is any erosion at the points where the bulk of the water comes off of the roof. Its also a good idea to see how the water runs once it lands on the ground. Make note of anything you want to change once the clouds blow over and we get our typical sunshine back again.

2. Repair or replace roof Tiles or Shingles
Many leaks occur from our roofs. With tile roofs it can be difficult to determine if repairs need to be made. If you are concerned you can have a licensed roofer inspect your roof and let you know if repairs are necessary. You should also have the underlayment inspected on your tile roof as that is often the cause of leaking in Arizona Homes. Its also extremely difficult to tell the condition of the underlayment so its a good idea to have this checked out when purchasing a home.

3. Ensure your lot is properly graded
There are two types of grading around a home. Positive grading and negative grading. Positive grading means the slope of the land is away from your home and your foundation. Negative grading is the opposite and means the slope of the land is towards your foundation. As a homeowner you want positive grading so when you have heavy rains the water is not trying to get into and under your foundation. If you have a basement this becomes even more important. When you purchase a home you should have the home inspector check the grading. Its also important to think about your grading whenever you make changes to the outside of your home, such as adding vegetation or structures on the property.

4. Regularly clean and maintain your eavestroughs and gutters so that they’re not blocked
Not every home in the Phoenix area has gutters, but if you do have them it is important to make sure they are clean and free from debris. If your home has gutters it is for a reason. The gutters help ensure runoff doesn’t accumulate in the wrong areas. Gutters are typical of homes with basements to ensure the water does not runoff into an area that can cause water damage to your home. Set a calendar alert in your phone before monsoon season and when leaves begin to fall to make sure your gutters are in good working order.

5. Know how to turn off the water supply to your house
Many leaks occur through burst pipes or backups in your homes plumbing. It is important you know where the water shutoff is to your home. Often times in Gilbert your main water valve will be close to the street for convenient access. Some shutoffs will require a specific tool so make sure you have one available. If there is ever an emergency you will be glad you knew how to shut the water off quickly.

If you follow these tips you will feel much more comfortable when large storms arrive or when the unexpected happens in your home. Water damage can be a difficult thing to deal with as a homeowner so take as many preventative measures as you can. Let us know what other tips you have for preventing water damage in the comment section below. If you have any questions of want additional tips please reach out to The Reeves Team.

How Will The Looming Federal Reserve Rate Hikes Affect Gilbert Housing

We at The Reeves Team have been getting a number of questions regarding the upcoming interest rate hikes and how it may affect the Gilbert real estate market. The federal reserve has been raising the federal funds rate at a rapid pace over the last year. In the last year there have been 3 rate hikes of .25% and it looks like its poised for two more rate hikes by the end of the year. Depending on your view this can be seen as a positive or a negative. The optimistic view is that the federal reserve feels confident enough in the economy to continue raising rates without hurting the economy to badly. Its true that our economy has been doing well for nearly a decade at this point and it has not shown any signs of slowing down. The pessimistic view is that 5 rate hikes in a year is to much to fast and could cause a pullback in the housing market or could even cause the next recession. The Reeves Team will take you through a look at some of the possibilities and technical jargon you may hear over the coming months regarding the federal reserve rate hikes and how it could affect the Gilbert housing market.  If you have not read Troy Reeves State of the Phoenix Housing Market it is also a great place to get his take on where we stand. 

Why do people believe the Fed will raise interest rates twice by the end of the year?

The federal reserve used to keep its decisions on interest rates a tightly guarded secret.  Nobody besides the central bankers knew if the rate would go up, down or stay the same until the announcement was made.  This policy changed in the mid-70’s after the federal reserve raised rates quickly from 5.75% to 13% and then back down to 7.5% in a relatively short period of time.  This caused confusion among the banks and the businesses who kept prices high because they didn’t know what to expect.  This stop-go monetary policy was replaced by what we now know as forward guidance.  The forward guidance provided by the central bankers has economists convinced that two more rate hikes are coming before the year end.  The president views the increase in the rate to be harmful to the growth of the economy and has forcefully spoken out against multiple rate hikes by the year end.  Having the president attempting to influence the fed rate policy is a break from tradition and many believe may in fact force the federal reserve to raise rates twice to show its autonomy from the executive branch.  Unless things in the economy change drastically it is reasonable to expect the federal reserve will increase rates twice by the end of 2018.

Can it really cause a recession if the Federal Reserve raises interest rates to fast?

The short answer is Yes.  We have historical examples of economic downturns that were created because of the federal reserve misjudging the strength of the economy and raising interest rates to fast. The most recent example is the recession in the 1980’s when interest rates were raised rapidly from 6% to 10% and created a recession almost single handed.  The most famous example of over-tightening by the federal reserve is the great depression. In fact in 2002 Ben Bernanke who was on the Federal Reserve at the time apologized for the federal reserves role in the great depression saying “Regarding the Great Depression, … we did it. We’re very sorry. … We won’t do it again.” So as a Gilbert homeowner or a potential homeowner  it is important to pay attention when the federal reserve starts to increase interest rates at a rapid pace.  The question we have to ask is if the economy is strong enough to bear these increased interest rates.  Currently the unemployment rate is below 4% from a high of nearly 10% in 2009.  We are also seeing strong growth in the housing market and stock market even though the market expects another two rate increases.  These indicators give us hope that we may not be ready for another recession in the short term.

Is it possible that interest rate rises could actually help the real estate market?

When the Federal Reserve decides to increase interest rates it is generally seen as a negative for the housing market.  It is seen as a negative because higher interest rates mean that more of a borrowers monthly payment will go to interest.  When interest rates go up, potential homeowners purchasing power goes down.   As potential homeowners can afford less home, sellers will often need to lower their prices to accommodate the reduced purchasing power.  There are a couple of reasons why this is not always the case.  First off, the Federal Funds Rate is not always as closely tied to the aver 30 year mortgage rate as most people would assume. 

As you can see from the chart above the federal funds rate and the 30 year fixed mortgage are loosely correlated but they are no where near identical.  You can see the funds rate rose dramatically from 2004 to 2006 and then dropped substantially in 2008 all while the 30 year fixed interest rate remained relatively steady. The second reason that interest rate rises could actually increase home values is FOMO.  FOMO or fear of missing out is the phenomenon that occurs when buyers feel like if they do not get in now they may never be able to get in.  As you can see from 2004 to 2006 the Federal Funds Rate was actually increasing at a dramatic pace while the housing boom was occurring and home values were rapidly appreciating.  By now we all know that was not the only thing that caused the market to run up and subsequently crash but it does show that its possible to have price appreciation while the federal rate is increasing. 

If the rate hikes do cause a downturn in the housing market how bad could it get?

It is hard to believe that he housing crash and the great recession are nearly a decade old at this point.  While its been nearly 10 years it was such a big event that it is still fresh in most peoples memory.  So most home owners and home buyers are aware of just how bad prices can crash when they do go down.  While we remember how bad it was last time, it is important to remember that the circumstances have changed dramatically and we are not in the same place we were 10 years ago.  While interest rates were rising in 2008 when the financial crisis occurred, the crash can be attributed more to the subprime mortgage epidemic and the lack of solvency for major financial institutions.  Banks have been careful not to recreate the same issues that caused the crash last time.  If the federal reserve does raise rates to quickly and the economy and housing is negatively affected, it is unlikely to be as dramatic and can hopefully be corrected more quickly than the previous crash.  

Its also important to not that home prices had a dramatic spike before the crash in 2008.   As you can see from the chart above the price of homes went parabolic starting in 2004 and ending in 2006.  Then there was a huge sell off and over correction in the market that ended in 2009.  Since then the price of homes have normalized and are currently much closer to where they should have been if they continued the trend before the massive run up in 2004.  So while the rise looks dramatic from 2012 to 2018 it is important to keep in mind that home prices were dramatically oversold before they began to bounce back. 

What is the yield curve and what happens if it inverts?

Currently there is a lot of talk about the yield curve and how it can be an indicator or a potential recession.  It is important to note that just because the yield curve inverts does not mean we are due for a recession. With that being said an inverted yield curve has preceded the last 7 recessions so it is certainly something to keep your eye on.  So what is a yield curve? 

To put it simply, a yield curve is the return you get for purchasing bonds depending on the length of time before their maturity.  Typically if you purchase a bond for a shorter amount of time you would expect less return on that investment.  As you can see from the chart currently the yield curve is not inverted, you will “yield” more from purchasing a 30 year bond than you will for purchasing a 1 year bond.  However this curve is flattening and if interest rates continue to rise we could see an inversion of this curve.  This is something to keep an eye on as it has accurately predicted the past 7 recessions.  However, each time is different with a unique set of circumstances and history doesn’t always repeat itself, but it does tend to rhyme.

Conclusion

So we at The Reeves Team have thrown a bunch of information at you.  Hopefully you have learned a lot and will now be able to more accurately understand the relationship between the Federal Reserve Rate and the Gilbert Housing Market.  However, you may still be asking yourself what does it all mean?  Is now a good time to buy a home? Or sell my current home?   While there are headwinds that are coming for the housing market, we are in a much better position than we were before the crash in 2008.  If there is a pullback in the market it will likely be much smaller and shorter than the previous pullback.  It is also not certain that the market will pull back at all, we could continue to see sideways price movement or even sustained growth. It is unlikely we will continue to see the 12 to 15 percent increases year over year we have been seeing in the Gilbert market over the next year or two.   While there is sure to be a lot of news and information around the market in the next few months, take everything with a grain of salt.  We still have a great economy and more people than ever want to live in the Gilbert area.

Arizona Balloon Classic

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The Reeves Team was proud to bring one of the most recognized corporate symbols on the planet to the Arizona Balloon Classic. At seven stories tall, the RE/MAX Hot Air Balloon grabs attention wherever it goes. This year The Reeves Team Sponsored the third Annual event held in Gilbert Arizona.

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The Re/Max Balloon grabs attention wherever it goes.

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Our talented Balloon Pilots gave rides to a few lucky families.

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Troy Reeves and his twin boys pose with a family prior to a flight.

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The Reeves Team and the classic Hummer brand teamed up with the Balloon to make this year an unforgettable event.

IMG_5746 Not content with just watching the balloons these onlookers decided to send their own balloons up.IMG_5822

Troy poses with potential clients and other members of the Re/max family for this photo inside the balloon!

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The Re/max balloon pilot getting the balloon ready for the big glow!

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A client of the Reeves Team signs the disclaimer before going up for an early morning ride.

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Troy poses with the Hummer that doubles as a chase vehicle.

Gilbert Arizona Ranked Second Safest City In U.S.

welcome to gilbertGILBERT, AZ – Two cities in Arizona were named among the top five safest cities in the United States, according to Law Street Media.

Using information from the Federal Bureau of Investigation’s Uniform Crime Report Statistics in 2013, the City of Gilbert was found to have “a very efficient policing system,” according to a Monday press release.
Gilbert’s Mayor, John Lewis, said he was proud to earn this title and that, “Gilbert’s safe atmosphere is created through the dedication of our terrific police department along with the commitment to our community from our residents and businesses to continue to make it a clean, safe and vibrant place to live and work.”

The City of Scottsdale also made the list at number five. A high officer-to-resident ratio, and a “vibrant economy” were cited as two of the main factors contributing to Scottsdale’s overall safety.

The most notable aspect of Gilbert’s low level of crime is the number of police officers that the city employs. Having only one officer for every 965 people, Gilbert has a very efficient policing system given that it had only 205 instances of violent crime and 5 murders in 2012. Because Gilbert is such a safe city to live in it has recently experienced significant population growth. As a result, its police force may need to dramatically expand as people continue to flock to the city. Gilbert has been able to successfully target its few police officers to increase police visibility and keep its crime rate low.

Violent Crime Rate: 95.68 per 100,000 people

Population: 214,264

Murder Rate: 2.33 per 100,000 people

Officer to Population Ratio: 1:965

Median Household Income: $80,090

Unemployment Rate: 5.3 percent

Safest City Over 200,000 Rank in 2011: #2

To see how other cities stacked up, see the full article at lawstreetmedia.com

The Reeves Team Sponsoring The Arizona Balloon Classic

Remax Glow1It’s one of the most recognized corporate symbols on the planet, and understandably so. At seven stories tall, the RE/MAX Hot Air Balloon grabs attention wherever it goes. This year The Reeves Team is proud to bring the iconic balloon to the 2013 Arizona Balloon Classic. This will be the third Annual event held in Gilbert Arizona.

When will the Arizona Balloon Classic be held this year?

This year the Arizona Balloon Classic Festivities will be held from:
Friday, December 13, 2013 – from 5 p.m., to 9 p.m.
Saturday, December 14, 2013 – from 6 a.m. to 9 p.m.
Sunday, December 15, 2013 – from 6 a.m. to 10 a.m.

site-mapTroy Reeves and The Reeves Team will be flying the RE/MAX balloon in front of 15,000 spectators during this signature event in the South East Valley. Over the three day festival, thousands of people will enjoy early evening balloon glows, morning balloon launches and landings, plus The Hare and Hound, a traditional hot air ballooning race.

Check Out The Arizona Balloon Classic on Facebook and Twitter

Where will these festivities take place?

RMAX1Dozens of hot air balloons of all shapes and sizes including the iconic RE/MAX Balloon will come to the .Gilbert Civic Center located at 90 E. Civic Center Dr in Gilbert to participate in the 3 day event. As one might expect, there will more than just balloons at this event. There will be music, food, arts and crafts, a family fun zone, and fireworks.

Full Schedule

Schedule
Event #1 (Friday, December 13, 2013)
3:30pm – 9:00pm 2013 Classic begins! Family Fun Zone, Food Court & Marketplace open
3:30pm – 5:00pm Fun Flights ~ hot air balloon excursions
5:00pm – 8:00pm Hot Air Balloon Tethered Rides
5:45pm – 7:00pm “Desert Glow” – Hot Air Balloons illuminate the skies
7:15pm – 8:45pm NOW SHOWING: The movie “UP” on the big outdoor screen.

Event #2 (Saturday, December 14, 2013)
7:00am Gates Open for the 2013 Arizona Balloon Classic
6:30am – 9:00pm The Family Fun Zone, Food Court Holiday Marketplace open
8:00am – 10:00am Hot Air Balloon Tethered Rides & Fun Flights
8:00am – 8:20am 1st WAVE: “Hare & Hound” race launch competitive balloons
9:30am – 10:30am Paramotor display & exhibition
3:00pm – 5:00pm Fun Flights ~ hot air balloon rides
5:00pm – 7:30pm Hot Air Balloon Tethered Rides

Event #3 (Saturday, December 14, 2013)
7:00am – 9:00pm The Family Fun Zone, Food Court & Holiday Marketplace open
7:30pm – 8:30pm “Desert Glow” – Hot Air Balloons illuminate the skies
8:45pm Fireworks Spectacular presented by Navy Federal Credit Union

Event #4 (Sunday, December 15, 2013)
7:00am Gates Open for the 2013 Arizona Balloon Classic
6:30am – 10:00am The Family Fun Zone, Hot Air Balloon rides, Food Court open
8:00am – 10:00am Hot Air Balloon Tethered Rides Fun Flights
8:00am – 8:20am 1st WAVE: “Hare & Hound” race launch competitive balloons
10:00am – 10:30am Pilot Awards & Closing Ceremony

Evening Glows

Evening Glows will take place on both Friday and Saturday evening from 7 p.m. to 8 p.m. and will feature illuminated, tethered hot air balloons. The Balloon Glows are a favorite of both amateur and professional photographers.

How much does it cost to get in to the Arizona Balloon Classic?

Single tickets per session: $10 at the gate
Single day tickets per session for seniors: $7 at the gate
V.I.P.: $30 per person in advance, includes, food, drinks, private seating, restroom and parking.
Family Packs of four tickets for Friday evening session are $25 in advance.
Children 11 years old and younger are admitted free
Active military and veterans are admitted free with ID.
Groups of 10 or more, per day: $7 each at the gate

You can pick up tickets in advance for $9
Parking is free!

What if I have more questions?

There is so much going on at The Third Annual Arizona Balloon Classic, if you have any other questions about this even please contact Troy Reeves & The Reeves Team for additional information.

When Will The Gilbert Mormon Temple Be Open For Tours?


Unless you drive with your eyes closed, you’ve undoubtedly seen The Gilbert Mormon Temple from Loop 202 and Pecos Road. Over the last few years the Southeast valley has looked to Troy Reeves and The Reeves Team for the latest news regarding the Gilbert Mormon Temple. The Reeves Team was there when The LDS Temple was approved by the Gilbert City Council. We were the first to explain how the new temple would effect the Gilbert area.  Area residents looked to us to explained when to sell your home near the Gilbert Mormon Temple.  There is one burning question we were not able to answer, until now that is.

When will the Gilbert Temple open for tours?

The LDS Church will be holding open house and dedication dates for the Gilbert Arizona Temple early next year. The public will be invited to visit the temple during an open house from Saturday the 18th  of January 2014, through Saturday the 15th of February 2014, excluding Sundays. The church is expected to allow reservations to be made for the open house through the www.gilbertmormontemple.org website in the coming weeks.

The temple will be formally dedicated on Sunday, 2 March 2014, in three sessions. In conjunction with the dedication of the temple, there will also be a cultural celebration featuring music and dance on Saturday the 1st of March 2014.

Ground was broken for the 26,000 square foot Gilbert Arizona Temple on 13 November 2010. Soon after, a viewing and display area was created at the construction site for visitors to learn more about the temple and its purpose. Over 60,000 people have taken advantage of this opportunity. While the Church’s 18,000-plus meetinghouses are open to all people who wish to attend religious services, temples are open only to faithful Latter-day Saints after they are formally dedicated.

Will you be attending the Gilbert Mormon Temple open house? Let us know in the comment section below.

Is A Home With A Pool For You?

So you have found the perfect Gilbert home for you and your family.Your dream home is in the perfect location at your ideal price, the only twist: it has a swimming pool. You know its common for Gilbert houses to have pools and you don’t hate the idea, but it wasn’t exactly on your top 10 list of home features, either. So how do you make sure that buying a home with a pool is for you?

To keep a pool from sinking you, The Reeves Team has compiled the top concerns we encounter with buyers who have never previously owned a pool, but are considering the purchase of a home that has one.

Is a Pool Worth It?

The benefits of having a swimming pool are clear: a quick swim just steps away, relaxing afternoons afloat with a book in hand, weekend pool parties, and when not in use, a swimming pool can enhance your view. Its easy to get caught up in the benefits, however there is a great deal of responsibility that comes with pool ownership including maintenance, safety, insurance, and home value concerns.

Pool Maintenance

Pool maintenance is easy to overlook, after all how much work could it really be? A few of the costs include daily filtering and hearing costs, weekly cleaning, inspections, occasional large repairs and resurfacing every decade or so.

  • Heating & Filtering: Pool heating costs can run anywhere from $100-$300 per month and vary depending on the size of your pool, your pool temperature preferences, and how you power the heater and filter (electric, gas, or solar). You can usually get a rough estimate on costs from your local electric or gas provider to understand typical monthly fees for the home, but in general, electric is the most expensive per month, followed by gas and then solar. In summer months heating costs are less of a concern because the sun does most of the work for you.
  • Cleaning: Pool services typically charge $20-$60/week to clean, add chemicals, and replace the occasional filter or submerged light bulb, depending on how your pool is equipped. You could choose to do this maintenance yourself, but then you’ll need to factor in $5 per week for supplies plus your time. Foregoing weekly maintenance is not a good idea because skimping on cleaning will result in bugs and bacteria If a pool is left unattended for months thats when you see the green monsters that no one would envy.
  • Major repairs: Its impossible to predict if you will ever have a major repair such as a leak, broken pump or pool liner, however if you do these types of repairs can be thousands of dollars. You should also ask when the last time a pool was resurfaced, this should be done every 8 to 10 years and can cost as much as 2,000 every time.

Safety

Keeping kids, pets, and visitors safe from pool-related injury can be a hidden cost for Gilbert home buyers. Make sure the residential pool meets the minimum code requirements for your city, if your not sure of the codes ask The Reeves Team for the most recent update.  If the pool isn’t equipped when you buy the home, installing safety measures could be another up-front cost you’ll need to account for.

Home Value

If you own a pool your homeowners insurance is likely to be higher. You should get a clear idea of what is covered by your policy. In Gilbert pools are common, they are more likely to bolster a home’s value. A well-maintained pool can contribute $35,000 to a home valued at $500,000 (or seven percent of the total home value).

So Your Going To Buy A Home With A Pool, Now What?

If you have decided to dive in, look for obvious warning signs when touring the home does it need resurfacing, are there visible cracks, or is the pool visibly in disrepair. Ask if the homeowner has kept detailed maintenance records.

If your offer on a home is accepted, the pool should be inspected along with everything else. Keep in mind that a general property inspection may not catch all possible issues, some things are especially challenging to test for like leaks. If the current homeowner does not have detailed records you should look into having a qualified pool specialist take a look.

What If You Love The Home, But Not The Pool

So you love the home, but you are not thrilled about all the responsibility that comes with it. Don’t worry you still have options. You can buy the home and then fill the pool or remove it altogether. The costs typically run between 6 and 10k, regulations and permits are also required. Make sure you have someone qualified handle the removal to avoid nightmare scenarios such as sinkholes due to poorly compacted dirt.

Pools can be a great deal of fun, and great for entertaining. However its important to know what your jumping into before you make the purchase. Give us your feedback. Have you bought a home with a pool and love it? Or do you have a huge case of buyer’s regret? Tell us all about it in the comment section below.

Homes Near The Gilbert Temple: When Should I Sell?

Local residents have been watching eagerly as Gilbert awaits the unavailing of its first LDS Temple. While there is no official date for the temple opening(on record the LDS Church states late 2013 or early 2014) Gilbert’s first Mormon temple has already been a huge success. How big of a success? The Mormon temple has no official opening date and is still months away from completion, yet over 40,000 people have stopped in the temples visitor center. If you have not noticed the visitor center when driving by, that is because the center is extremely easy to miss. The Gilbert LDS Temple visitor center was set up in a trailer in early 2012 and has been a hive of activity ever sense.

The increased attention has helped the area near the Gilbert Mormon Temple see large increases in housing value. This has lead many potential sellers to ask The Reeves Team when is the best time to sell a home located near The LDS Temple. The conventional wisdom says that once the Temple opens and excitement is at its peak that is the ideal time to put your house on the market. While the opening may be a great time to sell your home near The Gilbert Temple, it wont be the best. Here are a few reasons why.

Housing Inventory – Right now there is a shortage in houses in the South East Valley, that will not be the case in early 2014. Arizona has just dusted itself off from one of the largest housing recessions in decades. New build communities have been struggling to survive for the last 4 years, and they can finally see the light at the end of the tunnel. This is especially true in Gilbert near the Mormon Temple. Communities such as Adora Trails, Finisterra, and Freeman Farms are starting to spring up. The added inventory will slow the increases in housing value, and the competitive prices new build communities sell at will put downward pressure on area prices. While this is good for the overall health of the Real Estate market, it wont be good for existing home prices in the short term.

Interest Rates – Rates have been to low for a long time. Everyone loves it, but we also know it can’t stay that way for ever. Unfortunately interest rates are going to rise at least 2 times by years end. Consider the impact of an interest rate increase of 2 percent on a mortgage loan. If you borrow $175,000 for 30 years, your principal and interest payment will only be $835 per month (with a 4% fixed interest rate). Borrow $175,000 for 30 years at a 6% interest rate and your payment balloons to $1,049. That’s a 26 percent increase in your loan payment. So what does this mean to potential sellers? It means you will have less people that can afford to buy your house next year than can afford to buy it right now. This means less competition, which in turn means lower prices on your home. It doesn’t matter if your home is near The Gilbert Mormon Temple or not, an increase in interest rates has the potential to hurt the value of homes anywhere.

Herd mentality – This one is simple, if you are doing what everyone else is doing, your probably doing it wrong. The conventional wisdom says your home will be worth the most when the temple opens, it also says the same thing to everyone one else in your neighborhood that is considering selling their home. If your home goes on the market with 3 similar models at the same time your going to have the wrong kind of bidding war on your hand. You want to have the only home in your area like it, talk to The Reeves Team about the proper strategy when listing your home.

Its also important to consider buying a home is not a spur of the moment decision. The majority of potential buyers for your home are not going to decide they want to live there the second that The LDS Temple opens up. In fact many of them probably already know, or they may be considering it if they find that perfect house. Give The Reeves Team a call today, it would be our pleasure to discuss the best time to sell your East Valley Home.

Trying to Sell Gilbert Real Estate? Don’t Forget to Clean These Odd Places!

The summer is in full swing and the Gilbert Real Estate market is as hot as the Arizona sun right now. A major part of getting your Gilbert Real Estate ready for showing is taking out the time from your day, or week in some cases, to thoroughly clean the house from top to bottom, inside and out! Troy Reeves of the Troy Reeves Teams tells his clients to clean good for the best sell. So, what are the areas you might be missing? You’ll probably be surprised that you overlooked these five areas!

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Clean Your Mailbox

When interested Gilbert Real Estate buyers pull up to your property, the first thing they will see is literally your mailbox. Your mailbox is visible from pretty far down the road in most circumstances and can set the tone for the real of the viewing of the Gilbert Real Estate showing. Use all purpose cleaners and scrum away stubborn stains. If cleaning isn’t enough, repainting will be worth the little time it takes.

 

Doors on the Outside of the House

The doors on your Gilbert Real Estate property have a major impact on the look of the house, and also get rough pretty quick. Wash thoroughly and hand a wreath hide any dings on your Gilbert Real Estate homes’ doors.

 

Under the Microwave in Your Gilbert Real Estate Kitchen

You don’t think about it much but what do you think it looks like under your microwave? If someone moved it to see the conditions of the counters, do you think it would cause you to lose the sale of your Gilbert Real Estate? Simply move the microwave and wipe away any dirt, dust and grime to avoid any embarrassments during a showing. Scrub underneath with baking soda for any really stubborn microwave related stains.

 

Vents and Returns

Cleaning the vents and returns in your house isn’t hard, but most people overlook this area. A dirty air vent or a grimy return vent can make a room look filthy that’s otherwise clean. Vacuum away the dust and then wipe the slats with soapy water.

 

Appliances

Even if the appliances aren’t part of the sale of your Gilbert Real Estate, they still need to look showroom clean. Clean away any clutter sitting on top of them and clean until they are sparkling like new — but don’t worry if they aren’t actually all that new, clean matters over anything when it comes to how your appliances reflect on the home.