You have to laugh at the "thinking" of agents on here, saying its a good time to buy.
Look at the history of this thread: over half a year ago, I said it wasn't a good time to buy, the other agents said it was. Since then, prices have dropped. Now they say its a good time to buy, without ever addressing the obvious irony of posting that opinion!!!
Wrong then, wrong now, if you buy north scottsdale today, watch your value drop for the next year.
I hope for your sake you didn't follow all those agents advice or you are out 100's of thousands of dollars by now!
I rent a condo in 85255 (at Grayhawk). A year ago, the kind of unit I live in was selling for around $300,000. Now, much better units at the complex next door are listed at $225. In other words: a >30% decline is a reasonable estimate.
Will all the agents who held forth and tried to give their terrible misinformed advice now step out of the business and go back to waiting tables or dog grooming?
It is simply amazing, that 2 years into what will be the biggest housing crisis ever, with supply/demand at 11 months, rents falling, the state budge in shambles meaning state layoffs next year, job losses, high vacancy rates, dropping prices with clearly no economic reason to stop, these agents can say it is a great time to buy with a straight face. either they simply know nothing abouvt economics, or... well IQ?
I concur with there being no time like the present to buy a home in the 85255 zip code although you may have to adjust your search paremeters as pricing in this zip code tends to run considerably more.
I wish you the best of luck with your home search!
As with the stock market - don't try to time the bottom. Look at historical data... the market got seriously overheated by 2005 and peaked in the summer of 2006. Look at average prices in 2004 and add 2-3% inflationary rise per year. That is where real-estate values should be. Do your math and pull the trigger when the sales price for the zip code you are looking at falls in line with those 2004+ infl price point.. As with the stock market - corrections can cause prices to swing too far the other way... If you snooze too long - you will loose....
That is a tough question since no one has a crystal ball. Is it a good time for you? Does it fit your needs to buy now? In my humble opinion your home is your castle - not an investment, not an ATM but the place you raise your family and create memories. I agree with Laura that it could get worse. But what if you wait and prices go up - then you will be kicking yourself.
Buy when it fits your families needs. Work with an agent you trust. Be an educated buyer. Buy what you can afford. We need some comon sense to enter our global economy so we can find our footing again.
Best wishes in your decision making. Feel free to contact me if I can be of any help.
Big Land & Homes
Realtor, e-Pro, CNE, Certified Short Sale Specialist
Now with the economic storm we are having many people fall into this. However, not all investors into these mortgage backed securties and such are willing to harbor the loss so currently not many peopel have been helped. Now I'm not saying for or against Bailout but since it happened the Banks have taken theirs and frankly kept it. Now to stave off a wave (Tsunami) of future defaults we have to address the issue at the individual level as well. I don't believe it is just for the "bad" mortgage borrowers but rather the great borrowers who put in some cases their entire lot of equity (hundreds of thousands) only to see it disappear due to the foreclosure wave etc some people are in some cases 64% upside down. The perseption of the consumer is such that even to work out a new payment means being trapped in their home forever. So a principle reduction is necessary here. Why do I say they need help? I don't think the individual will fall for this, just like the banks didn't....they over spent themselves and got in trouble for it...government came in and "bailed" them out and continue to find ways to do so. We need banks - they need to afford to extend credit. But we need consumers too - we need them confident again that they can have a roof over their heads, feed their families, and support the economy by spending money (on things they can afford, yes a budget is necessary folks).
If we cannot restore consumer confidence we will NOT see a turn and as people get pushed more into survival mode rather than living a life things won't change and actually will get worse.
Lender owned properties represent 68% of pending sales in the last 30 days according to our MLS. Banks were never meant to be property owners nor do they want to be. So they price the homes to sell and yes folks they sell. The market is the market and when you are ready to buy there is a reason to do so.
1) you are an investor and you are preparing your retirement (my grandma bought 8 homes starting at age 50. From 78-85 she suffered alzheimers and that rental income paid every penny of her care all those years and left each of her 5 daughters enough proceeds to each have a home free and clear.
2) you don't want to throw money away on rent. Truthfully - in some circumstances renting is better for now. If you are risk advertant then stew for a few months to see what roles out from our government. But if you are highly qualified now could be the best time to be aggressive on some offers and realize you will take a loss (up to 10% as a projection) before you see a gain but the plan would be to stay in the home long term.
Real estate is cyclical. On the local level Arizona has become more affordable and we will see the return of jobs/employers yet the bumps are not over. We have no natural disasters to worry of, great weather so our turn to recover is a better outlook.
While I have much more to say, I"ve said to much. To Trisha - simple - have a very informed Buyers agent represent your interests. If they interview you well then they will advise you on all your options - not just tell you to buy, buy, buy. They will help you look at all your choices and guide you to successfully achieve the goal you set out to accomplish. They will also remain available whether you buy now or years from now. Great Realtors do exist! We can be just a phone call away.
All my best
Laura Myers PLLC, e-Pro, GRI
Keller Williams Arizona Realty
9500 E Ironwood Square Dr Ste 101
Scottsdale, AZ 85258
I personally live in 85255 and my office in the zip code, so I am very familiar with the area. I have lived in the 85255 since 2003. I believe it is a great area of town. If you would like me to email you listings in the area and give you the scoop on different neighborhoods, restaurants, shopping, schools, please let me know.
Have a great day,
Currently there are over 200 lender owned homes in Scottsdale. Phoenix has over 2000. There is even a link for Vacant Land foreclosures.
You can also search the entire MLS. It's a fun site to check out. You'll be shocked at all the homes that are available. The deals are fantastic too.
CALL BILL SNYDER OF LIBERTY PROPERTIES FOR LISTING OF DESPERATE SELLER AND BANK REPO'S , SHORT SALES @ OFFICE 928-373-2455 WEB SITE - BILLSNYDER.HOMESANDLAND.COM E-MAIL RLTYBILLSNYDER@AOL.COM
The question you need to ask yourself is "what am I waiting for". If it is price there are no guarantees. This home may not be on the market in a few months and that the seller may not take a different offer. If you are not concerned about this particular home than you need to think about what you are currently spending on housing cost. Is worth paying a few months of rent/mortgage to get a few thousand off the price?
There is always an unknown in every venture. The people you read novels about and are successful make decisions. It is a great time to buy a home. Interest rates are great and the market is soft, waiting a few months will only make you that much unsure later and you will wait again until the home, interest rates, or market has passed you by.
I did a quick search of the ARMLS, for that Sq Ft, Price range, and zip. I could find nothing close to what you are buying. The highest taxes came in was at $2800.
Are you Buying this property from a private party ?( FSBO)
If you gave us a more specific address, maybe we could give you a more specific comp, and opinion of value
If you are looking at that property in Ironwood Village, then buy it today. It's a screaming deal.