Question Details

Kevin, Home Buyer in California

I am relocationg to Phoenix/Scottsdale this fall (2008). Is it smart to buy this fall? Or wait a year?

Asked by Kevin, California Wed Aug 20, 2008

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I believe that there are opportunities in any market, but you must be educated about the area, so that you do know a good value when you find it. The answer to your question really has more to do with where you are personally, with your financial and tax situation, as well as how long you plan to own the home. With the number of homes on the market, you have more selection now, and with interest rates dropping yesterday, you have potentially more buying power.

At the same time, many of the homes on the market (in some areas, and in some price ranges) are short sales or foreclosures, which can required some flexibility in your purchase timing. Banks have been pricing their REO properties to sell, which has had a dramatic impact on our real estate markets, to the benefit of the buyer.

In some areas of Scottsdale, homes are selling much more quickly. In the past couple of weeks, one of the buyers that I'm working with lost out on a home in a multiple offer situation. Other homes that she has been interested in have also gone under contract quickly. We are continually monitoring homes coming to market, so she can be one of the first to see, now that she knows first-hand the market value in her desired area.

If you are interested in tracking the Scottsdale market, I've posted some Altos Research reports on my web site, that break the market down by zip code. These reports are updated weekly and will help you learn more about the current real estate market for various parts of town.
0 votes Thank Flag Link Tue Sep 9, 2008
If you can find a great deal by all means now is the time. There are great deals on nice homes that dont need any work and better deasls if you want to do some work. The key is to find something you fall in love with, if you can wait you dont have to settle. Start looking and see what pops up. Good luck on your move.
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0 votes Thank Flag Link Wed Aug 20, 2008
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