Home Buying in 85255>Question Details

Homebuyer, Home Buyer in 85255

We're planning to buy a home a in 85255 or 85259 (2500 Sq. Ft for 450k). Is this good time to buy a home over there?

Asked by Homebuyer, 85255 Wed Mar 31, 2010

Also, which area is better 85255 or 85259? One has DCES and the other has Anasazi/MMS school.

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13
Dear HB:

This luxury area of Scottsdale and all of Scottsdale has buys that are unlikely to get better. There are other reasons also that make this the time to buy. 85255 and 85259 have the City of Scottsdale School Systems plus some top rated Charter schools.

There are four reasons that buyers should consider buying a home in Arizona now rather than later in the year. Much of this information is supplied by a RISMedia article dated March 24, 2010.

Buying a home is one of the biggest decisions an individual can make. So it’s understandable that one considering a home purchase may take their time to avoid rushing into such a large financial commitment. However, several factors might leave prospective home buyers who don’t purchase a property now wishing they had taken action sooner.

Per my recent blog on this subject, “Current market conditions have created a perfect storm of sorts that has made it an ideal time to purchase for first-time and trade-up buyers alike,” said James M. Weichert, president and founder of Weichert, Realtors. “Those who have the means and the desire to buy now but don’t, aren’t likely to see such a great opportunity again anytime soon.”

1. They won’t receive a sizeable amount of money from Uncle Sam.
For the past two years, the federal government has offered a home buyer tax credit to help stimulate the economy. But that financial incentive is set to expire soon. First-time buyers who aren’t under contract to purchase a home by April 30, 2010 will leave the $8,000 that is available to them through the tax credit on the table. Meanwhile, repeat buyers will miss out on the opportunity to collect up to $6,500 from the government.

2. They might not lock-in on the historically-low interest rates.
Thanks to measures taken by the Federal Reserve including the purchasing of mortgage-backed securities, interest rates have remained historically-low for several years. With the economy beginning to show signs of recovery, it is widely believed that the government will soon put an end to these stimulus efforts.

If that happens, many economists believe we will begin to see a sharp increase in interest rates which could result in a much higher monthly payment for those who wait. For example, an interest rate increase of 1% on a 30-year fixed mortgage of $300,000 could cost a buyer $188 more a month or $67,000 more over the span of the entire loan.

3. They might miss out on record home price affordability.
Home price affordability is at its most optimal level in decades. As a result, those who wait to buy will likely pay more for the home they purchase than what that same home would cost right now. In fact, home prices have already begun to rise slightly in some markets. Instead of getting a better bargain, waiting to buy a home might net buyers a higher purchase price, less appreciation and less house for their buck.

“There is no time to waste for anyone who wants to take advantage of this great buying opportunity. Particularly for those who have a home to sell first,” added Weichert. “If you are prone to saying ‘what if’ and wondering what could have been, you will thank yourself down the road for buying now.”

4. Free Grant Money still available for now in Arizona, however Scottsdale is not one of the qualifyin g zip codes.
For those buying a bank owned home in selected zip codes (see eligible zip codes for the state of Arizona free grant program: http://yourwayhomeaz.com/pdf/EligByZipCode.pdf ), the State of Arizona still has free grant money for up to 22% of the purchase price. This grant program to help move bank owned homes is funded by the Federal economic stimulus program. The City of Phoenix has their own program.

See my website for a free MLS search with no registration: http://www.arizonahomesland.com/freearizonamlssearch.html

If I can answer any more questions or show you some homes or land, feel free to give me a call. I would be pleased to help you.

Regards, Jeff

Jeff Masich, Realtor®
Arizona Homes and Land
http://ArizonaHomesLand.com
480-556-0940
JeffMasich@ArizonaHomesLand.com
HomeSmart Real Estate
1 vote Thank Flag Link Wed Mar 31, 2010
You originally asked your question in March. Now there is less inventory and homes are holding their price better in 85255. If you can find what you are looking for then I'd buy it. You may have to wait for it to come along.
0 votes Thank Flag Link Wed Jul 28, 2010
Rebate Realtor? Are you kidding me? First off, it's illegal. The term Rebate is defined by the ARS as being a Felony for the person receiving the money, not the person giving it. I should know, I've been in the business long enough to know a client doesn't work with you because you throw money at them. They work with you because you add value to the relationship.

Both ZIP codes are great. However, most homes in this SQFT you'll find are two story. You'll have to visit our site to search for listings. Please call or email me if you have any questions. Now is not the best time to buy. My bet is the market will go down again and home prices will drop another 10%.

Dan Reynolds
Designated Broker
Broker Executives, Inc.
Web Reference: http://evmls.com
0 votes Thank Flag Link Mon Apr 12, 2010
I think that both of these areas are great. If you would like to search for homes within these 2 areas feel free to visit the link below.
0 votes Thank Flag Link Mon Apr 12, 2010
I think 85259 is a better area and this is a great area to buy in now. Prices are back to 2001-2002 levels.
0 votes Thank Flag Link Thu Apr 1, 2010
I agree with Paul's answer.

The $350,000 to $400,000 range is a good price range.

The upscale and luxury market has more pain to experience.

Personal opinion based on supply (high) vs. demand (low).
0 votes Thank Flag Link Thu Apr 1, 2010
I think it's a great time to buy a home that is less than $350,000. I think the more expensive homes are still due for some serious market pricing corrections and it may be a good idea to continue gathering information so that when that great deal becomes available for sale, you'll be able to recognize it and make an informed decision. So, buy now on the less expensive homes, but it may be a good idea to wait to buy for the more expensive ones.

-----
PAUL WELDEN PLLC
480-241-0081
HomeSmart
Exclusive Buyer's Agent
0 votes Thank Flag Link Thu Apr 1, 2010
This is one of the best times to buy in years. I have been in the business for 15 years and I am a third generation Arizona native. I would be happy to assist you in finding a home if you are not working with another agent. My name is Richard Saba and I work at Realty Executives and my contact info is 602 509-4289. Thank you.
0 votes Thank Flag Link Thu Apr 1, 2010
Wow,

Nothing like writing a love letter for such a simple question.

The answer is yes.

Just be careful where you buy even in Scottsdale.

Good Luck,

Stew Keene - Home Smart Realty
Scottsdale and North Phoenix Area Specialist
GRI . ABE . CNE . CSSN . MRE . ePro . AHWD
Web Reference: http://www.stewkeene.com
0 votes Thank Flag Link Wed Mar 31, 2010
Only YOU can answer the question is it a good time to buy.

A home that you will create memories in that will last a lifetime.

Why don't you go and interview the schools that you are referring to.
Ask to see a classroom, talk to the administrative staff member, counselor and parents.
Find out first hand - don't rely on a website for an opinion.

As a professional buyer's representative there are many questions I would ask of you to help you understand your situation. Examples could include:

How long do you plan on living in the home?
Is it for investment purposes only?
Is it a second home?
Are you paying 100 cash or financing?
What would you do during your free time?
What is important to you about buying a home right now?
What will buying a home do for you?
And why is that important?

Here are the numbers:

85255
Homes between $400K and $500K 2250 to 2750sqft
35 ACTIVE (For Sale)
13 PENDING (Waiting to close)
11 CLOSED (Sold in March 2010)

The 85255 based on the numbers above would be a SELLER'S MARKET with the Seller's in control because there is less than a 3 months supply of homes on the market.

85259
Homes between $400K and $500K 2250 to 2750sqft
10 ACTIVE (For Sale)
4 PENDING (Waiting to close)
1 CLOSED (Average last 3 months)
The 85255 based on the numbers above would be a BUYER'S MARKET with the Buyer's in control because there is less than a 10 months supply of homes on the market.
Source: Arizona Regional MLS 03-31-2009 6:25pm

It seems the 85255 zip code is a much more desirable zip code based on the small sample size of data used.

** HERE IS A CURRENT LIST OF HOMES FOR SALE IN 85255 **

http://link.flexmls.com/rgl6sg6rwcm,12

LET ME KNOW IF YOU NEED ANYTHING.
Donald Keys
REALTY EXECUTIVES
Where the experts are
480-824-1699 Scottsdale Office
0 votes Thank Flag Link Wed Mar 31, 2010
It is. Prices have dropped about 3% and are showing signs of stabilization. As far as what you're looking for, it would be easy to find a two story home in that price range but I highly doubt you'll find a single level. Most homes over 2500 sqft go for the low 500k's and go fast if priced right. Give me a call or look up some listings the evmls.

I'll be happy to help you. I just closed on a 540k homes in Scottsdale, 2700 sqft, Mountain side lot not too far from 85255.
Web Reference: http://evmls.com
0 votes Thank Flag Link Wed Mar 31, 2010
As far as the schools it's hard to say as both areas have a lot of positives. Your best bet is going to http://www.greatschools.net and look at the ratings and read the reviews by the parents. This will help you make a decision about which schools have the best ratings. I know a lot of parents are very pleased with Grayhawk and Anasazi as well as Cocopah.

The price point that you are looking at is very popular at this time. It's the higher priced homes that are still having a hard time selling. With interest rates still so low and the home buyer credits going away after the end of April, people are looking to secure a home before that time. It's hard to say what will happen to the market in the next few months, I can only tell you from what I have seen presently, if a home shows well and is priced under $500,000, it will sell within a shorter amount of time. I specialize in working with buyers and have seen a lot of the inventory out there. There are certain areas in your price range that you can find a very nice home.

I know these areas very well as most of my business is in North Scottsdale. Please let me know if you need any help in buying a home and I would love to assist you.

Best regards,
Lorrie Feld, ABR, GRI, CDPE
Keller Williams Integrity First
480-570-1074
lfeld@azrealtygroup.com
0 votes Thank Flag Link Wed Mar 31, 2010
It is an excellent time to find great values on homes in the area!

Feel free to contact me directly and I will send you listings that fit your criteria!

lucindat@longrealty.com
602-799-6846
0 votes Thank Flag Link Wed Mar 31, 2010
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