Real Estate Outlook

Two local real estate professionals say LGBT homebuyers are among those participating in the market turnaround.

By Glenn Gullickson

Nicholas Yale

Real estate pros say LGBT buyersare at home across the Valley

Local real estate agent Nicholas Yale says that when LGBT homebuyers ask him where they'll feel comfortable in the Valley, he shows them a map that indicates that gay people live all over metropolitan Phoenix.

"We're everywhere," Yale said. "It's interesting how spread out we are. That's a great sign for our movement as a community."

Yale said that it's well known that there's a concentration of LGBT homeowners in central Phoenix between Seventh Avenue and Seventh Street and McDowell to Northern roads. But he said there are also gays in the suburbs from the west to the east valleys.

Yale's reference is a map that was created by the Arizona Gay Real Estate Alliance at last year's Rainbows Festival, where more than 500 festivalgoers placed a pin in a map of the Valley indicating where they lived.

While the evidence is anecdotal, Yale said it was striking when compared to a map prepared 10 years ago that showed few LGBT homeowners beyond the confines of Phoenix.

Yale said gays can feel safe and comfortable in communities throughout the Valley. "Phoenix as a whole is relatively tolerant," he said.

But while gay homeowners may be spreading out, Yale said central Phoenix is still attractive to those who want to be close to the action. "Central Phoenix is hands down my best bet," he said.

Yale and mortgage adviser Jeremy Schachter said that LGBT buyers are participating in what appears to be a comeback for real estate in the Valley.

After real estate was battered by the rough economy the last few years, "I finally see a glimpse of hope," Schachter said. Yale said 2011 was the third largest year for local home sales in decades.

Jeremy Schachter

The historic combination of low prices and low interest rates are driving the sales, especially to first time homebuyers and investors, Yale said. "It's created a perfect storm for the improvement of our market," he said.

As a result, the inventory of homes has become so low that it's become a seller's market, he said.

Schachter noted that increasing rental rates also makes home buying attractive. "You have to live somewhere, you have to pay rent or a mortgage," he said. "Overall, home ownership is still a good investment." He expects market values to start increasing by 2015.

Yale and Schachter said they expect 2012 to be a good year for local real estate as buyers gain more confidence about the economy, releasing a pent-up demand to buy and sell.

Both men said that a substantial part of their business is with the LGBT community, a clientele that they enjoy serving.

"They're friendly, they're knowledgeable, they're educated, they're loyal," Schachter said of his gay clients.

"Working with the gay and lesbian community, it's just fun," Yale said. "I really strive in my business to reach out to the community."

Yale said his gay and straight clients are completely different. He noted that LGBT buyers usually don't have questions about school districts and often have more cash for a down payment.

Gay homebuyers are more open to a variety of floor plans, less concerned about the number of bedrooms and more interested in a home's potential for entertaining, Yale said.

"At the end of the day, the gay and lesbian community, we love our houses," Yale said.

Yale said he's noticed that gay homebuyers come in two types — those who want a move-in ready residence and those who see potential in a house and will do some work. "Those are really fun to work with," he said of the fixer-uppers. "They see that a house could be fabulous."

Schachter said that LGBT buyers can find a connection by working with gay real estate professionals. Both men said they consider it important for gay buyers to work with professionals from their own community.

The men said they increase their visibility in the community with their work with organizations like 1n10, the gay chamber and the local chapter of the Human Rights Campaign.

"I think it's paramount as a community that we support each other," Yale said. He estimated that 70 percent of his business is gay.

"You have a choice about where you spend your money," Schachter said. "If we want to support our own community, we need to support the people who support our equal rights." -E