Short Sale Homes for Sale in Power Ranch
The average price of homes for sale in Gilbert right now is $294,995! Finding a distressed property can really save you some money and help identify a home you can make your own. There are 7 Short Sale homes for sale in Power Ranch. A Short Sale is when the Seller sells their home for less, or short of what they owe on it. The process can take anywhere from 30 to 180 days to close because the seller needs to get approval from the bank they have their mortgage with.
Once the lender has approved the selling price, you can continue with the purchase of the home. Although the majority of the homes for sale in 2010 – 2012 were Short Sale properties, Short Sale transactions are now just a fraction of the market. The reason for the change are due to several factors including the majority of underwater home owners have sold, and the upswing in Gilbert Housing Prices.
In 2013 and 2014 we saw a huge increase in Gilbert Housing Prices, especially in Power Ranch. In 2012 the average listing price was $219,041 while now it’s $287,405. We had a shortage of homes on the market, and investors came in from out of state to purchase investment properties for large hedge funds, and private investors alike. The lack of inventory created more of a demand which in turn, created the housing prices to increase. While housing prices increased, home owners who were under water were now seeing a smaller and smaller gap in what they owed left on their mortgage, and what their homes were now worth.
Many who bought after 2007 were still purchasing on the down swing of “the Bubble” and by 2010 were under water, now that housing prices were on the rise, many held on to their properties to help recoup the losses. Something to consider when purchasing a Short Sale Home for Sale in Power Ranch, is that because the seller owes more than the home is worth, there is usually very little money for repairs and price negotiation. Of course, if the home needs repairs done to meet FHA, or VA guidelines, those can be done, but because you are essentially agreeing to a price with a bank, the purchase price is not as negotiated as a normal “Resale” sale.
Although there are fewer and fewer Short Sale Homes for Sale in Power Ranch, finding one can really save you some money, and be a diamond in the rough!
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