Buying your first home is an exciting, but sometimes overwhelming, journey—especially when you’re navigating a fast-growing market like Gilbert, Arizona. With its family-friendly neighborhoods, excellent schools, and a booming local economy, it’s no surprise that more and more first-time homebuyers are choosing Gilbert as their destination.

If you’re considering purchasing your first home in Gilbert, we’ve got you covered. In this guide, we’ll walk you through local market trends, financing options, common pitfalls to avoid, and share some personal stories of first-time buyers we’ve helped along the way.

1. Understanding the Gilbert Housing Market

Gilbert’s real estate market has been booming in recent years, and it’s not slowing down. With rapid population growth, new developments, and increasing demand, home prices have risen steadily. As of mid-2024, the median home price in Gilbert is around $550,000. However, prices can vary significantly depending on the neighborhood, proximity to schools, and property size.

While the market is competitive, it’s still accessible to first-time buyers who come prepared. Knowing what to expect in terms of pricing and availability can help you make informed decisions when you start your search.

Local Market Trends to Keep in Mind:

• Strong Seller’s Market: Homes in Gilbert are selling quickly, often within days of being listed. It’s important to be ready to act fast and have your financing in order.

• New Construction Options: Gilbert has several new housing developments, which can be a good option for first-time buyers. These homes often come with modern amenities and less maintenance.

• Family-Friendly Neighborhoods: Areas like Agritopia, Val Vista Lakes, and Power Ranch are popular among families for their parks, schools, and sense of community.

2. Financing Your First Home: Options and Tips

Financing is one of the most crucial aspects of the home-buying process, and for first-time buyers, it can feel like a daunting task. The good news is, there are many resources and loan options designed specifically to help you get into your first home.

Common Financing Options:

• FHA Loans: Backed by the Federal Housing Administration, FHA loans are popular with first-time buyers because they require lower down payments (as low as 3.5%) and have more flexible credit requirements.

• Conventional Loans: These typically require a higher credit score and down payment (around 5–20%), but they often come with lower interest rates and fewer restrictions on the types of homes you can buy.

• First-Time Homebuyer Programs: Arizona offers various programs to help first-time buyers with down payment assistance, such as the Home Plus program. These can significantly reduce upfront costs.

Financing Tips:

• Get Pre-Approved Early: Before you start looking at homes, get pre-approved for a mortgage. This gives you a clear idea of how much you can afford and shows sellers you’re serious.

• Explore Down Payment Assistance: Programs like the Arizona Industrial Development Authority (AzIDA) provide assistance with down payments and closing costs.

• Factor in Additional Costs: Besides your mortgage, remember to budget for closing costs (2–5% of the loan amount), property taxes, and home insurance.

3. Common Mistakes First-Time Buyers Should Avoid

Buying your first home is a big step, and while the excitement is real, it’s important to avoid common pitfalls that could make the process more stressful than it needs to be.

Mistake 1: Skipping the Home Inspection

It’s tempting to skip the inspection, especially if you’re in a hurry to move in, but that’s one of the biggest mistakes you can make. A thorough inspection can save you from costly repairs down the road. We’ve seen buyers avoid tens of thousands in repairs by catching issues like roof damage or outdated plumbing early.

Mistake 2: Not Shopping Around for Loans

Many first-time buyers settle on the first loan offer they receive. It’s important to shop around and compare interest rates, terms, and fees from multiple lenders. This could save you thousands over the life of your loan.

Mistake 3: Overextending Your Budget

While it’s natural to want the perfect home, make sure you’re not stretching your budget too thin. Remember to factor in ongoing expenses like maintenance, property taxes, and homeowners’ association (HOA) fees.

Another client, John, was a single first-time buyer looking for a low-maintenance condo. We helped him secure financing through Arizona’s Home Plus down payment assistance program, which made homeownership more affordable than he expected. Now he’s settled in a modern condo in the heart of downtown Gilbert, just steps away from restaurants and shops.

4. Is Now the Right Time to Buy in Gilbert?

Gilbert’s housing market remains strong, and while prices have risen, there are still opportunities for first-time buyers to find their ideal home. Whether you’re looking for a spacious family home or a cozy starter property, there’s a neighborhood in Gilbert that fits your needs.

By being prepared, securing the right financing, and working with an experienced real estate team, you can navigate the Gilbert market with confidence.

If you’re a first-time homebuyer in Gilbert or thinking about making a move, we’re here to help! Our husband-and-wife team has years of experience in the local market and can guide you every step of the way. Reach out today, and let’s start your home-buying journey together!

-Dylan & Jenna

Marsh Real Estate Team