News > When is the Best Time to Buy a Condo in Scottsdale?

published on 2015-09-07

Scottsdale has a lot to offer residents. The endless sunshine, golf courses galore, hiking trails, shopping and amazing restaurants all attract homebuyers from across the county, and the world. For those looking to truly live the carefree southwestern lifestyle full time, or looking for a part-time retreat, a Scottsdale condominium is a great solution. If you are searching for the best deal,  when should you buy?

Temperatures Soar, Prices Dip

There are condo deals to be had throughout the year, however there is a noticeable yet temporary decline in prices during the third quarter (July, August, September).  This pattern has repeated in the last few years. What accounts for this prime buying time? There are two main reasons that the third quarter is optimal for buying a condo in Scottsdale. First, there are simply less buyers when its over 100 degrees. Scottsdale tends to clear out in the warm summer months . Many part-time residents and visitors seek out cooler climates, while other potential homebuyers are juggling vacations and fluctuating summer schedules. Less condo buyers means less competition, and better deals, especially for luxury condos.

The second reason for the temporary dip in third quarter prices are the remaining condos that went unsold during Scottsdale’s typical busy real estate season. Just as people clear out of the area in the summer, many people flock to the area in the fall, winter and spring. This is when condo prices peak, but any condos that didn’t get sold in this time have then been on the market for several months and often become a burden to the seller. Leftover inventory along with fewer buyers makes for the perfect time to get a great deal on a Scottsdale condo.

Motivation is Key

When we look for great property deals for our condo buyers, we take into account the ideal third quarter situation and look for a few key attributes in combination with a motivated seller. If the condominium has been on the market for a while or is vacant, this can be a source of financial stress and strain on the seller. The seller may be willing to negotiate more, and quickly, to get the deal done to alleviate that strain. If the condo or townhouse has a cosmetic or fixable problem that has deterred other buyers and perhaps kept it on the market, consider the cost of repair. Repairing and remodeling are not always time consuming and expensive. Plus, if you get a great deal and make the repairs, you could help the value and equity of the home.

If a great deal is important to you, the bottom line is don’t shop and buy when everyone else does. If you can tolerate the temperature, purchasing a Scottsdale condo when its hot here could help ensure a great price in a highly desirable location. It’s also important to keep in mind that if this is a place you’ll call home, it’s only a great deal if it’s a condo you truly love. To find your Scottsdale condominium or townhome dream deal, contact us for more information.

 

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