Home Buying in 85242>Question Details

Dave Schudi, Real Estate Pro in 85142

I'm looking at a home in Queen Creek just a few miles from Gilbert. It's a 4br, 3ba, one story on 2/3 acre

Asked by Dave Schudi, 85142 Sun May 11, 2008

custom home w/pool and landscaping. Also has huge RV gate and RV garage. Total of 6 garages. It's been hard to find relevant comps. Home is listed for 625,000. There are lots of actives as well - the listing price seems to be consistent with comparable properties, but sales prices of homes are all over the board. How can I find the true market value of this home? We are thinking that 550K is a solid price, we love the property - but want to be sure not to overpay in this volatile market. Advice?

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5
You should beware if this is a short sale, it depends on how much this property means to you and if there are more out there.. Any questions you can call or email me.. Hope you find your dream home...
0 votes Thank Flag Link Thu Aug 6, 2009
Hi Dave and Gina,
I see your post if from May 2008--over a year ago. Hopefully you waited to buy. Wait another year to buy, save another 20% on the price. Good Luck
0 votes Thank Flag Link Fri Jul 17, 2009
Beware of proffesional bloggers. Call 602-750-5033. Just the straight skinny. Nothing more... Nothing to sell...

Danny
0 votes Thank Flag Link Thu Jul 16, 2009
Thanks Brad!

Yes, I am working with a realtor and using comps off the MLS. There are just not enough comps to make a solid decision. Advice from people with experience working in this market and in Queen Creek would be fantastic. To Brad's point, "In my opinion, prices still need to drop quite a bit." So, if your not getting a "killer deal" in Queen Creek right now, is it best to just wait the market out a bit longer and keep looking?

Are there any suggestions on ways to get a seller that wants to hold onto their higher price to come down in line with the list prices on short sales and foreclosures if there aren't enough comps to compare to?

Thanks!
0 votes Thank Flag Link Sun May 11, 2008
Gina - are you working with an agent? Hopefully your comparable sales stats are coming from the Arizona Regional Multiple Listing Service and not public websites. ARMLS will give you the true stats.

Without seeing the property or the comparable sales ... it's tough. But, did the other sales have something great that made them sell for more? Something that took the value down? Of course, larger homes/larger lots/estate lots can be tricky because there are fewer out there to do comparable stats on ...

Overpaying is the consistent question buyers face in this market. In my opinion, prices still need to drop quite a bit. Areas like south Gilbert and Queen Creek or even more volatile because of the distance from freeways, shopping, entertainment and employment centers. However, custom homes aren't a dime a dozen like most homes on the market so their value may hold a little better.

Good luck!
Web Reference: http://easyrealestateaz.com
0 votes Thank Flag Link Sun May 11, 2008
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