Home Buying in 85326>Question Details

Jes, Home Buyer in 87002

I am trying to purchase a home in Buckeye, Az in the Sundance community because it seems to be the more house

Asked by Jes, 87002 Wed Aug 20, 2008

for the money than Goodyear, AZ which is not that far away. Do you think purchasing out there will give me a good return in less than 3 years? Or is it better to spend the same money for a much smaller house in Goodyear?

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7
We are back to the situation we were in before the run up in home prices -- at that time, people were faced with the choice of moving to the outskirts, to save money or staying closer in (but at a higher price point). To make the right choice, it is necessary to put together a cost/benefit sheet. Take out a sheet of paper, draw a line down the middle and list positives on one side, negatives on the other. Be honest with yourself and determine whether the lower payment outweighs the extra commuting time, etc. For some people, it does.

With regard to potential appreciation -- the outlying areas got hit first, the hardest and will generally recover the slowest. The more mature parts of town got hit last, and will generally recover first.

Final thought -- make sure you are considering all of your purchase options in Goodyear -- it is possible that there are foreclosure, bank-owned, spec or wholesale opportunities in Goodyear that might allow you to pick up some additional square footage at a price better than you expect.

Let me know if you need any assistance -- always happy to help.

Regards, Eric
Web Reference: http://www.JustAskEric.com
1 vote Thank Flag Link Wed Aug 20, 2008
Jes, Our home Forclosed out in Buckeye in the Sundance community Don't do it, I worked in Phoenix and the commute was hell!!!! Even to nearby surprise etc.... Depending on where you are going to live, move closer towards AZ!!!! Leveen is nice and we should have purchased there. Please take my advice Buckeye is not worth it!!!
0 votes Thank Flag Link Sun Jan 24, 2010
If you're thinking of "flipping" to make a profit in 3 years, you are taking a risk. You could lose thousands.
0 votes Thank Flag Link Fri Aug 22, 2008
Unfortunately, Jes, no one has a crystal ball. That probably sounds more snarky than I intend, but here's what I mean ... based on what has happened of late, there's a possibility the value of the home will drop a bit more before it recovers. And when it does recover, odds are that recovery will take place at a somewhat slower rate than the decline (since the current decline is following the quick timeline of the run-up.)

If your time frame for selling is three years, odds are you're not going to see a great return in either Buckeye or Goodyear. But that's just a best guess based on what we're seeing.

The question really becomes where do you want to live? If you're comfortable with driving the extra 10 to 12 miles one way every day from Buckeye (assuming you work in town), then take a look at Sundance. (And also keep in mind when it comes time to sell you'll have to find someone else who doesn't mind the extra miles.)

If you're not up for the elongated commutes, come back into Goodyear and look at some communities with somewhat comparable prices - Centerra, Rancho Mirage, Canyon Trails, etc.

Good luck with the search!
0 votes Thank Flag Link Wed Aug 20, 2008
Jes,
I am not sure about the return in this market, however location is key. Many people move far out and then realize that the commute isn't worth it.

I think you can find some awesome values much closer to the City. Of course this depends on your needs, how much you want to spend, or if it is an investment property.

Feel free to contact me if you have any questions!

Lucinda
0 votes Thank Flag Link Wed Aug 20, 2008
First of all we need to make sure that the local market has hit bottom, remains flat and then will appreciate. Three years is a short time for all three events to occur. In some areas we have hit bottom, in some areas we are flat and in some areas we are seeing price increases. This is why it is so important to understand that REAL ESTATE IS LOCAL and YOUR AGENT MATTERS.

Use the Old Fashion "Standard Rule" in real estate: Location, Location, Location!

With gas prices up - Location really matters!

I would buy in Goodyear over Buckeye simply based on location. There are a lot of other advantages too.

I hope this helps.

Free list of BANK OWNED HOMES in Buckeye, Goodyear, Avondale, Litchfield Park & Wadell go to: http://www.623ForeclosedHomes.com
0 votes Thank Flag Link Wed Aug 20, 2008
I don't know the local markets in either place, but three years is a very short time to look for positive returns anywhere. The closing costs need to be factored into the calculation, and will typically wipe out modest gains. Of course, if Buckeye and/or Goodyear are booming, you COULD come out ahead. Best of luck!
0 votes Thank Flag Link Wed Aug 20, 2008
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