Market Conditions in Arizona>Question Details

Mike, Other/Just Looking in 98056

When and best area to buy in AZ?

Asked by Mike, 98056 Sun Jun 24, 2007

Want buy a ~4B Plus Den ~3000SF home in or ~30 min from Scottsdale ~acre ~$400K-$600K, good schools a must. We live in Newcasle Wa, and are looking in AZ the past year. We have been down many times to look and each time its a differant market. The AZ paper stated home prices will be lower in two years. We can wait that long but would like to buy sooner. When and what area has the best vaule?

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18
Anywhere close to Scottsdale road north of Indian school is prime area. I personally like the Paradise Valley area. Its a bit expensive but you get what you pay for. I think it would still be within your price range as well. As for when, well if anyone new what time was the best time to buy there wouldnt be a best time to buy. If you can wait up to two years I would start looking now and buy when you find something that fits your taste. Given your extended time frame you can be picky and find what you want.
2 votes Thank Flag Link Sun Jun 24, 2007
Scottsdale is the area I actively work. $400-600K is a tough range for Scottsdale if you are hoping for an acre lot. Even the tear down properties for parcels that size start in the $600-700k range. Venturing out to either the West or Southeast Valley makes it more feasible. As other posters have correctly noted, no one knows whether prices will continue to fall in two years time or if we have already flattened out. What is evident is that we are in an excellent market for buyers right now with high inventory and low interest rates. Buyers who wait too long risk missing the opportunity, much like sellers who waited too long to sell after 2005 when it appeared as if our values would keep rising without limit. Further, even if prices fall a little more, you are in no better position if interest rates rise at the same time. Given how low rates continue to be, the one thing you can be sure of is that rates will eventually climb. One last thing that I have found very telling about the current market. Know who's visiting my open houses, writing offers and buying property right now? Realtors.
Web Reference: http://www.RayandPaul.com
1 vote Thank Flag Link Mon Jul 9, 2007
Mike,
Look into Prescott AZ. Prescott has one of the best schools systems in Arizona. Prescott sits at 5300 feet. It's got great weather and pine trees without the scorching heat of the desert summers. Home prices are good now but I don't think anyone can say what they will be in two years. The real thing to look at is the interest rate which is still very low. I don't see the interest rates being this low in two years. I think now is the time to buy. You are welcome to call me directly with questions.
0 votes Thank Flag Link Tue Jun 21, 2011
If money is no object I would have to say Paradise Valley. What's not to love.
0 votes Thank Flag Link Mon Nov 5, 2007
Yuma is not exactly the 30 minute commute to Scottsdale that the poster is looking for, Bill.
0 votes Thank Flag Link Fri Sep 7, 2007
Yuma Arizona is a very good choice for southern Arizona. If you are Border Patrol, Homeland Security and/or Military or DPS, Yuma is an affordable market with homes starting in the 280k"s and going up. My name is Bill Heick and I am licensed REALTOR@ with RE/MAX Territory Yuma. Call me 928-344-4848, for your re-location questions, find me here: http://remax-territory-yuma.com/
Homes here are selling at market value comparible to sold properties in the same area. Some sellers have been satisfied closing below asking price. There is no charge to ask questions, and answers are free. If you like the desert you can get quite a bit in Yuma. Take a look!...
http://www.remax-territory-yuma.com/propertydetail.html?id=912
http://www.remax-territory-yuma.com/propertydetail.html?id=949
http://www.remax-territory-yuma.com/propertydetail.html?id=958
Hope you have a chance to look at these. And if you are not coming to Yuma, Please tell all those who are...! This has been Bill Heick from RE/MAX Territory Yuma, reporting...have a smiling kind-a day!
0 votes Thank Flag Link Thu Sep 6, 2007
The best time to buy is when you have found what you are looking for, or as close as you can get.

As for areas? That's another can of worms. What are you looking for in a neighborhood? Schools? Shopping? Value? etc....?

Any REALTOR, or Lender can tell you that the time to buy is now. For a simple reason, Interest Rates are historical lows, and they wont last for ever. If you can afford the price of home, can you afford to get stuck with a high interest rate?

Also an acre in Scottsdale will fetch a pretty penny. So I advise you to rethink what it is that is most important to you and prioritize them. If you can live without something, or sacrifice something that is not as important, than you might find that an Acre in Scottsdale is too expensive or unfeasible. You might find that a bigger and less expensive home can be found in the West Valley, on an acre. You may have a 40 min drive to Scottsdale. But, if you don't mind the drive I suggest you look across the valley. Finding the right home or place should not be left for someone else to decide, You should have the final Say.
0 votes Thank Flag Link Sun Aug 19, 2007
Home prices will not be lower, particularly with the preferences you have. 4bd, 3000sq/ft and an acre is not available in a 30minute driving radius from Scottsdale. You need to determine what is most important to you, pick two out of the three: size, price, and location. You will never have all three unless of course money is not object. It is a buyers market right now, on average it is only a buyers market 10% of the time. Right now is the best time to buy, do not wait or your home options will be fewer. It seems like good schools are most important to you, if I were you I would have a realtor search for homes in x,y,z school district betwwen 400k and 600k, with 4 bedrooms. Depending on the area you may need to be open to a little less square footage, and possibley no done and you will definately not get an acre. If schools aren't as important and you need an acre and you don't mind driving you could find an acre if you don't mind driving at least an hour everyday and living in an area that is not developed. In the phoenix metro area a 1/4 acre is a huge lot. I hope you find this helpful, if you would like some recomendations on good schools or a realtor to help you out please let me know. I am a mortgage broker, so I can assist you if you have any financing questions. Hope you find what you're looking for. Best of luck.
0 votes Thank Flag Link Thu Jul 12, 2007
Be cautious about the hype in the media about real estate. Sensationalism sells and it seems that everyone has an opinion. This is a great market to buy a home - and - there is no need to speculate because we clearly know the market conditions right now. There is no crystal ball that will tell you what is coming in the next days, weeks, or years. You can also look back at past markets and say, "Gee, I wish I would have...", but that's not going to help you find a home now. The key is to define your goals, consult with specialists (lenders, tax accountants, Realtors, etc.), and set up an action plan that meets your needs.

The past few years of sky rocketing home prices, interest lists with new home builders, and investor flipping have created a perception in some that real estate is like the stock market. Buyers and seller were monitoring the market on a daily basis trying to predict when it was time to make a move.

Here is something to keep in mind - There is a fixed amount of land (with the exception of a few volcanos here and there) and an ever growing population. If you looked at home prices since the very first sale up to now, you would see that home prices have consistently risen. Corrections in certain markets do occur occasionally, but overall the trend is UP. (Simple supply and demand economics). I find it interesting that most new cars on the market today cost more than the first home my parents purchased when I was a child.

As you know, there is a generous inventory of homes for sale in the Phoenix area. It is common to get "stuck" looking for the perfect home. Having a time line and defined goals will help you navigate your way to your next home. Find a Realtor you are comfortable working with and you feel has your best interest at heart and stick with that person. The process will be much easier and more enjoyable if you work as a team with open and consistent communication.

I am confident you will know when the time is right and which home is right for you when you see it. Isn't it time to join us in the Valley of the Sun?
Web Reference: http://www.EdLankeit.com
0 votes Thank Flag Link Thu Jul 12, 2007
Mike,

I would prefer to listen to what your needs are and give you a list of homes in multiple different areas of the Valley. Anyone that is trying to get you to buy in a certain area could be accused of 'steering'. There are many areas of AZ that all have their qualities, positives and negatives. Do your research and buy where you want to buy...Listen to all the 'opinions' to narrow your search and then look in your selected few areas. If you need any more info, please feel free to visit my website at http://www.findmeahomeaz.com
Russ
0 votes Thank Flag Link Tue Jul 10, 2007
Hi Mike,
I know you mentioned the Scottsdale area but is there a particular reason you are looking in Scottsdale? I live and work in the Prescott area and find that area has many wonderful attributes including lower temps than the Scottsdale area. It has been named one of the best small towns to live in many times over the past few years. Check out the article in Money Magazine or Inc.com which named Prescott #13 in best samll cities. Next time you are in Arizona please drive up the hill to the "High Counrty" and check out Prescott.
0 votes Thank Flag Link Tue Jul 10, 2007
Mike:

Right now is the best time we have had in many many years to buy. Chandler, Gilbert area or anything east valley are the best for re-sale. I recently purchased a home that is 3000 square feet, four bedroom, plus den, formal living, dining, open greatroom, two and a half bath, three car garage, snail shower, granite, single level out the door for $463,000 in Beautiful Chandler Arizona. contact me and you can still get this any many other deals like this. No one knows when our market is "best" but the media will hurt us by thinking they can predict, if anyone ever tells you they know anything, they are not being honest, noone has a crystal ball.
0 votes Thank Flag Link Tue Jul 10, 2007
There are some great areas in the southeast valley like Chandler and Gilbert. It is definitely a buyer's market right now so there are many great opportunities. There are also quite a few excellent schools districts on this side of the valley and you have great freeway access that will take you anywhere you need to go. Since you aren't under a specific timeframe that you need to move, I would take a little time to find the right person to work with and also look around to decide which area is most desirable for you and your family. There are many great amenities all over the valley and the age of your children may dictate a little where you would like to be. It is a great time to buy here and there are many options available to you.
0 votes Thank Flag Link Fri Jul 6, 2007
Happy 4th Mike,
What did you like when you were here? When do you want to move? When do you see your family in Arizona? I must confess that I am not a fan when the newspapers try to "predict the future." Espically when it comes to real estate. The market changes all the time, as you have watched in the last year! I wish there was a crystal ball to know what the market will look like in 2 years!
Do you want to wait 2 years? What is your time frame? Truly, there are many good values out there! Making a big move like this is packed with emotion. Talking with different REALTORS will help you to make the right decision for you. You should be comfortable with the person who is working for you. They should be armed with all the resources that will help you make the best financial decision for you!
If I can be of service, please fell free to contact me.
Kind Regards,
Nancy
Web Reference: http://searchhomes.com
0 votes Thank Flag Link Wed Jul 4, 2007
Mike,
Save for the ACRE requirement, what you are looking for exists in many parts of the valley. On one of your visits, meet with Realtors from a couple different areas... the valley is BIG, and it is hard for one agent to specialize in all of it. The acre lots are either much more expensive, much further out, or in much older areas. The good schools are perhaps more critical, too. Lots of variables, as you know. Good luck, and feel free to ask me any further questions for help!
0 votes Thank Flag Link Tue Jul 3, 2007
Mike,

Since I do not work actively in the area that you are looking into I would like to answer the first part of your question.

The best answer for 'when' is one that depends on your situation. I take what the media declares as the end-all with a grain of salt. The bottom line is that if you can't wait, then don't! In general this is a great time to buy.

Will the prices go down in the next year or so? Here's the honest answer: No one knows! Therefore the more important question is whether or not you plan on staying in your new home for more than a couple years. If the answer is yes, than it doesn't matter what the market does in the meantime.

Being a third generation real estate agent there is one thing that I do know: With time your real estate investment is much more likely to appreciate than not.

In California from about 1989 to 1990 many ran around screaming that the sky was falling. Some sold their homes and moved out of the state but those who hung in there saw a fantastic rebound within only a few years.

Those who hurt the most from a leveling in the market are those who have to sell quickly or those who have over leveraged themselves with aspirations of being an overnight real estate mogul. You don’t sound like you fit into either of these categories.

Being from the Seattle and Bellevue area I know Newcastle well. I spoke with an agent friend of mine up there just before responding and with great discussion we decided that this is a great time for you to make your move.

The reason we came to this conclusion is that she was telling me that the market up there has been relatively balanced and has not seen too many losses. Meanwhile, here in AZ we have seen increased market times. Is it a buyer's market here? That severely depends on the specific area.

Best of luck!

-Nate
0 votes Thank Flag Link Tue Jun 26, 2007
Hi Mike: I would recommend looking in the Northwest Valley, particularly North Glendale and North Peoria. These areas offer wonderful amenities, great school districts, freeway access to anywhere in the Phoenix metropolitan area, and affordable pricing. Currently we are in a buyers market with many reduced prices and a lot of homes to choose from, which tends to make sellers more ready to negotiate. I was born and raised in the Phoenix metropolitan area and I think this is a fantastic place to live! If I can be of further assistance, please contact me through my web site.
0 votes Thank Flag Link Tue Jun 26, 2007
Hi, Mike ... there are a number of great areas in the Valley. One area that is definitely worth a look is Arrowhead Ranch over in Glendale. Less than 30 minutes to Scottsdale via Loop 101, close to most of the same amenities ... and you don't have to pay the extra cash to say you live in Scottsdale.

At the end of the day you can get far more home and land for your money in Arrowhead than you can in Scottsdale. And the schools, whether in the Deer Valley district or Peoria district, are among the best in the state.

You can check out the below web site for more information on Arrowhead and you're welcome to contact me offline.

After living in the Valley for 30 years, both in the east Valley and the west, I can tell you that I don't live and work in Arrowhead because I have to. It's because I love it up here.
0 votes Thank Flag Link Sun Jun 24, 2007
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