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The Condo Mania Team

News > Should I Buy a Condo Now or Wait?

published on 2023-03-18

The real estate bubble hasn't exactly popped in Scottsdale for the first few months of 2023. It's more like a slow fizzle of air release, which is technically a good thing for the health of the market. The large price increases home and condo owners have seen in the last few years has been wonderful for sellers but at some point prices become unaffordable to new and trade-up buyers, which, similar to a stock market crash, could cause an extreme price drop. So what should we all hope for? Potential buyers hope for a crash, and sellers want the frenzy to continue. But for big picture people, a "normal" environment is best for the health of the housing market. With 4 months of inventory we are approaching a "normal" market now, which means in some cases, sellers will get a better price and in some cases the buyer can take advantage.

Condo Prices in Scottsdale Still Steady

The average condo price in Scottsdale is slightly higher than a year ago. Median prices show a slight drop. But whatever stat you use, there's no bubble popping. Instead, owners are staying put, and condo inventory is staying low. And our team is seeing that very situation - some listings with competition are having to lower their prices. The totally remodeled condos or townhomes in a desirable area get multiple offers. Lower supply is keeping the buyers from gaining full control and dropping prices in a big way.

Should Buyers Wait to Buy?

Everyone's situation is different. Second home buyers that want to spend the winter and spring in Scottsdale have noticed pricey hotel rooms, so the chance of missing out on another season of warm weather may keep some buyers looking now. First time buyers are missing out on equity building all while paying the apartment tax and having to deal with landlords. And then there's the difficulty of trying to time the market. Do you feel lucky? Though there are more bets on a market drop, inflationary forces and low inventory could keep home prices rising, albeit at a slower pace than in years past.

Let's Make a Deal

The solution to that fear of paying too much? Get a good deal. Finding a desperate seller can save you thousands, but you may end up with a condo that needs a little updating or doesn't have that mountain view. Look for condo communities with more inventory than normal. And we can help you find condos that have long days on market or special situations that may make the seller more motivated to drop their price by 5-10%. Whatever your motivations are to buy, we can tailor our search and negotiation process to fit.

 

Though not guaranteed, information and statistics in this article have been acquired from sources believed to be reliable.

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Information Deemed Reliable But Not Guaranteed. The information being provided is for consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. This information, including square footage, while not guaranteed, has been acquired from sources believed to be reliable.

Last Updated: 2024-05-21 05:14:02