Is this the best time to buy a home in Scottsdale Arizona?

Honestly, 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. A number of factors come into play when considering the purchase of a Scottsdale Arizona condo or other type of home.

• interest rates
  
• demand relative to supply
  
• demographic projections
  
• mass psychology
  

Most experts agree the market will adjust this year; balancing the housing supply with the demand. Discount mortgages and "adjustable-rate mortgages" (ARMs) generated a surge of refinancing, however, interest rate increases became burdensome for many, resulting in a glut of sellers and falling housing prices.


This downward trend is happening in the Phoenix-Scottsdale region, however, less dramatically. Far from a "collapse of the housing market", Scottsdale is simply experiencing a normal market correction. The reduction in Scottsdale Arizona real estate prices have been buffered in comparison to less desirable real estate markets by :

• a strong local economy
  
• a substantial job growth
  
• an influx of new residents
  

Sellers in the Scottsdale area should consider what is needed to replace their current home, and what the current market will bear. Inflexibility and an unwillingness to negotiate may keep your house on the market far longer necessary. Understand that it may take three months - or longer - to find a qualified buyer if you are not prepared to negotiate. In this case, you may want to wait six months to a year before selling.


On the other hand, there hasn't been a better time to buy Scottsdale Arizona property. Many sellers are highly motivated and are happy to negotiate a favorable price. Just be sure you are buying for the right reason: the days of "flipping" properties for quick profit is over. It is unlikely the dramatic run-up in home values that led to such practices - questionable from an ethical standpoint in any event - will be repeated any time soon. Scottsdale 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.