Buying a home in Scottsdale Arizona

Is This The Best Time To Buy A Home In Scottsdale Arizona?

The honest answer to this question is that regardless of location or market condition, there really is no “best time” to buy a home, and this includes Scottsdale, Arizona real estate. Many factors, such as interest rates, demand relative to supply, demographic projections, and even mass psychology, come into play in determining whether it is the best time to buy a Scottsdale Arizona condo or another type of home.

Most experts agree that the remainder of 2007 will consist of a readjustment to balance the supply of housing with the demand. Discount mortgages and “adjustable rate mortgages” (ARMs) led to a huge wave of refinancing in recent years. Increases in interest rates have created problems for many people with ARMs and have led to a large number of sellers. This, in turn, has caused house prices to fall in most markets.

This downward trend is also occurring in the Phoenix-Scottsdale region; however, a combination of a strong local economy, substantial job growth, and an influx of new residents has made this decline in Scottsdale Arizona real estate prices substantially less dramatic than in less desirable areas of the country. Far from the “housing market crash” that doomsayers have been predicting, what is being experienced here in Scottsdale is simply a normal market correction.

If you are selling in the Scottsdale area, consider not only what you will need to replace your current home, but also what the current market will support. Inflexibility and an unwillingness to trade lower can cause your home to stay on the market much longer than necessary. If you are determined to get the asking price, understand that it may take three months or more to find a qualified buyer who is willing to close the deal. Your best option may be to wait six months to a year before selling, and use that time to make sure everything in your home is in excellent working order.

For buyers, there has never been a better time to get Scottsdale Arizona property. Many buyers are highly motivated and will be more than willing to negotiate a favorable price. On the other hand, be sure to buy for the right reason: the days of “trading” properties for quick profits are over; The dramatic increases in home values ​​that prompted such practices (which were ethically questionable in any case) are unlikely to be repeated anytime soon. Scottsdale Arizona real estate is an excellent investment, but for the long term; Keep this in mind when buying a Scottsdale home or condo.