THE NEW
GOLD RUSH
HUFFINGTON
07.21.13
To help give the Gilbertsons an edge,
their realtor... suggested they write
“a sweet little love story” of a letter
explaining how this is the home where
they hope to raise a family.
listed a home in neighboring
Mesa, Ariz., for $280,000 — even
after looking at comparable sales
from the previous three months
that showed homes selling in the
$200,000 to $225,000 range.
Bloomfield opted to list the house
at the much higher price after noticing that homes under contract
— in the process of being sold —
were selling at a remarkable 40
percent or so increase from just a
few months before, she said.
The decision proved fruitful.
The winning bid came in four days
later. The sale has not been finalized, but the home is under contract for approximately the listing
price, Bloomfield said.
Another buyer, Kristena Hansen, said that she lost four homes
to other bidders before purchasing
an adobe home with her husband
in a historic district at the top of
their price range.
Hansen covers real estate for the
Phoenix Business Journal, a local
publication, giving her a sense that
she knew what to expect.
“I thought I had all this knowledge,” she said. “But first-hand, it
was a totally different experience.”
Continued price inflation is
cause for worry, Hansen said, recalling the bubble years.
“When people say, ‘We need to
get prices back up,’ I find myself
thinking, ‘Is everyone’s expectation that we reach 2007, 2008
levels?’” Hansen said. “Do we really want that?”
‘LOVE LETTERS’ TO SELLERS
Susan Cervantez works as a counselor at Neighborhood Housing
Services of Phoenix, a nonprofit
home ownership organization. She
advises first-time homebuyers on
warning signs that should scare
them away from a property. If a
realtor suggests bidding above the
appraised value — and making up
the difference in cash — don’t do