Is this the best time to be buying a Phoenix home or Scottsdale condo?
The honest answer to this question is that regardless of location or market condition, there is really no such thing as the '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 affect the market for Scottsdale homes. When determining whether or not it's the best time to buy a Scottsdale Arizona condos or Scottsdale new homes for sale you need to look at all of these factors.
Most experts agree that the remainder of 2007 will consist of a readjustment towards balancing the supply of housing with the demand. Discount mortgages and 'adjustable-rate mortgages' (ARMs) led to a large wave of refinancing over the past several years. Rises in interest rates have created problems for many people with ARMs, and has led to a large number of sellers. This in turn has caused housing prices to fall in most markets.
This downward trend is happening in the Phoenix-Scottsdale region as well; however, a combination of a strong local economy, substantial job growth and an influx of new residents have made this reduction in Scottsdale Arizona real estate prices substantially less dramatic than in less desirable areas of the country. Far from the 'collapse of the housing market' 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 what the current market will bear. Inflexibility and an unwillingness to negotiate downward may result in your house staying on the market far longer that it needs to. If you are determined to get your asking price, understand that it may take three months - or longer - to find a qualified buyer who is willing to close on the deal. Your best bet may be to wait six months to a year before selling, and to use that time in order to make absolutely certain everything about your home is in excellent working order.
For buyers, there has never been a better time to obtain 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 you are buying for the right reason: the days of 'flipping' properties for quick profit is over; it is unlikely that the dramatic run-ups in home values that made such practices (which were questionable from an ethical standpoint in any event) will be repeated any time soon. Scottsdale Arizona real estate is an excellent investment, but it is a long-term one; keep this in mind when shopping for a home or a condo.
