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housing trend in north scottsdale

I own 22217 N. Los Caballos drive, 85255. I am wondering if the rates are going up a little, would that drive the prices down a little? Is now a better time to sell a house in thta subdivision or next year assuming the current or expected trend?
  • August 08 2013 - North Scottsdale
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Answers (11)

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  • November 24
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Profile picture for burncard98
WOW real estate agents are saying the market is hot??  No......way!  No time is better than today to buy?!  WOW!

If you look at things like "statistics" and "history" you'll see that rising rates have a detrimental effect on housing prices.  Why is that?  The obviously answer is that rates effect affordability.  Rates go up, affordability goes down.  Way to counteract that?  Lower prices.

Additionally, demand was AGAIN driven by artificial sources.  44% of homes were purchased by investors and without returns, SFR rentals are not historically money makers.  What we are seeing is that typical home buyers are not running up to buy now that prices have bubbled 60% in 3 years.  We have removed the primary artificial driver in the price spike..... guess what happens next?

Not to mention, every single house I look at is losing value.  Flat?  Please show me flat.  Show me a single neighborhood that isn't experiencing significant price decreases.  We haven't even begun to see the massive exodus of speculators trying to save their rear ends from asset depreciation. 

http://www.zerohedge.com/news/2014-10-02/peak-housing-20-mark-hanson-warns-bubble-correction-could-be-doozy

You'll see there are a lot of things in there that real estate agents won't refer to like "facts."  Remember, to become a Real Estate agent means you take a test.  You're not an economist, you don't need a degree from a ranked business school (yes, I do have that.....with honors).

  • October 03
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Values are almost flat over the past 5 months, especially in N. Scottsdale areas w/$500k+ homes. However, January to March are usually the best months to sell these types of homes. There are many snowbirds in town and many do purchase in cash. At the start of next year we will see mortgage insurance increase in price greatly and supply and demand should come into balance. I expect Jan-June to be the best months to sell in 2014.
  • November 08 2013
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85255 is one the hottest zip codes in N Scottsdale to date. Surrounded by DC Ranch, Silverleaf, Greyhawk, McDowell Mountain Ranch ... along with some custom home developments with hardly any inventory to choose from. I have been showing homes in there and there is slim pickings! If you have a nice home in Los Gatos you could easily sell it for top dollar right now. Location, location, location... and you have the location. Supply & demand... right now there is low inventory & high demand.  Even if interest rates go up some people still need to move and they want to move to this zip code. 2nd home buyers are increasing in this area. You are in a good position. As a former appraiser I'd love to see your home and offer you a free CMA if you choose to contact me. 
  • November 04 2013
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Mike, you might want to recheck that price per square foot amount you quote.
  • September 16 2013
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Average price per square foot for Scottsdale AZ was $2,487, an increase of 999.9% compared to the same period last year. The median sales price for homes in Scottsdale AZ for Jun 13 to Aug 13 was $380,000 based on 1,337 home sales. Compared to the same period one year ago, the median home sales price increased 27.3%, or $81,500, and the number of home sales increased 39.9%. There are currently 3,313 resale and new homes in Scottsdale on Trulia, including 10 open houses, as well as 1,203 homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process. The average listing price for homes for sale in Scottsdale AZ was $829,348 for the week ending Sep 04, which was unchanged compared to the prior week.

Scottsdale is trending up and up. Sellers, if you need to go then you'll be able to move fast, but if you can stay a little longer you'll see some steady climbs in appreciation. Give me a call and I'll get you a Free Market Analysis on your Arizona Home Value!
  • September 16 2013
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No one really knows what the market will be like in one year nor in 10 years for that matter.  If you look at history of Real Estate it does go in cycles and right now we are Hot! Hot! in 85255 because inventory is down and buyers are out.  Even though interest rates are going up...they are still better than just a decade ago; and Scottsdale sees more than our share of cash buyers from other parts of the country. If you are wanting to move but are waiting for prices to go back down or interest rates...it may be awhile.   
  • September 10 2013
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Profile picture for SharRundio
We're starting to see some slowing in many areas of the valley but in 85255 the listings are holding steady as are the sold numbers.  The pending numbers, however, are down pretty significantly over last month (or last quarter) and the days on market is up which may indicate some slowing in the near future.  Likely not enough to put downward pressure on prices but certainly some leveling off seems to be occurring.  If you'd like to see or track more of this information feel free to reach out to me via my Zillow profile.  

Have a wonderful weekend!
  • August 10 2013
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Your community of Los Gatos is a very nice area and you should have no problem getting current market value for your home. Current rates whether going up or down a little should have no affect on pricing of your home. Until unemployment rates go way down, interest rates will yo-yo a little but again not enough to effect your home value. I feel now is a great time to put your home on the market, prices are up but past problems from 2007 will keep them from jumping much higher in the term. Good Luck to you. If you need aany further assistance just click on my photo and contact me.
  • August 08 2013
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I believe it's difficult to predict the future!  That said, Michael Orr, of the Cromford report, has recently shown that in the last 25 years in this market, rising rates did not slow price appreciation.  Instead, simple supply/demand is what drives prices.  We are now in a period of low inventory relative to demand, and until that changes we'll see prices rise.

Los Gatos is a wonderful neighborhood, I know it well.  If you have further questions about the market or listing your home, please get in touch!

Ben Walter
Realty ONE Group
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  • August 08 2013
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The is the strongest seller's market we have seen in a long time.  If you are considering selling, now is the time to do it!  I work in this area and would be happy to meet you and you sell your home.  Feel free to call me directly or email me.
  • August 08 2013
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