Jody, Home Buyer in Buckeye, AZ

is buckeye az considered a depreciation area 85396?

Asked by Jody, Buckeye, AZ Mon Jan 28, 2008

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5
James Wehner, Agent, Scottsdale, AZ
Tue Mar 11, 2008
All of Maricopa county has been deemed a declining market, which includes Buckeye, AZ. Buckeye is a very large city on the outer western parts of the Phoenix metro area. It has seen rapid appreciation as well as the adverse rapid depreciation. Homes in the outer most parts of the Phoenix metro area have been hit hard with their percentage of depreciation.

What part of Buckeye are you looking in? If considering a purchase for primary or investment, you'll have to add an additional 5% to the norm for down payment due to Fannie Mae deeming Maricopa a delcining market. Most purchases for primary residence require 5% down payment minimum and 15% down for investment.

There are many REO/ bank owned properties in Buckeye, as well as short sale/ pre-foreclosures. What are you considering?
Web Reference:  http://www.jameswehner.com
0 votes
Manny Caball…, , Arizona
Tue Mar 11, 2008
Fannie Mae has declared Maricopa County a “Declining Market”, This would include Buckeye

So to answer your question, it is a big ‘YES’

Sorry

Manny
0 votes
Joe Bourland, Agent, Avondale, AZ
Thu Feb 14, 2008
The average sales price in Buckeye in Jan 2006 was $303,628, Jan of 2007 was $316,519. This last month it was $253,936. That is nearly a 20% decline from year over year.

This does not mean any particular house is worth 20% less at this point but it does give you a good idea of where the market has moved.

http://www.BuckeyeHomeSource.com
Web Reference:  http://www.JoeArizona.com
0 votes
Donald Keys, Agent, Phoenix, AZ
Tue Jan 29, 2008
Here is a quote from an e-mail that I received from one of the lenders I work with:

"We (Maricopa County) have officially been deemed a soft market or area of depreciation.
What we will see is an adjustment of the LTV (loan to value) lowering the requirements by 5% in some loan programs.
Example: if you have a loan program that allowed a loan to value of 95% it would adjust to 90%. This would require the buyer to come in with 5% more in down payment.
This will tighten up the market some and require the buyers to have some down payment either in cash reserves or coming from the sale of a home."

This will dramatically effect buyers ability to purchase a home because they need 5% more down payment then just a few months ago. Example: If you were to sell your home for $200,000 a buyer would need a minimum of $10,000 down (cash).

This will not effect VA or FHA loans.

Talk to a local mortgage professional for more information on our current market.

Talk to a professional REALTOR if you really need to sell your home.

If you don't have to sell, just sit tight and enjoy your home. If you do have to sell then I can refer you to one of the top 3 agents that work specifically in Buckeye.

Donald Keys
Professional REALTOR
http://www.DonaldKeys.com
Web Reference:  http://www.623MLS.COM
0 votes
Michelle Wel…, Agent, Boise, ID
Mon Jan 28, 2008
I believe Buckeye has been hit harder than other areas due to its distance from Phoenix and its inventory. I sold my personal home about a year ago and things were tough then. If you are interested in learning more about Buckeye and the surrounding area, I can give you the name of the agent who sold my home. Are you specifically talking about Verrado when mentioning zip 85396?
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