Asking Price vs Actual - Scottsdale (house, rent, art)

[nolagirl]

On average, does anyone know how much people are coming down off the asking price in Scottsdale. ie, if the seller is asking $500,000 - what are they really getting?

&, have prices started to come down due to the recent market downturn?

[sablebaby]

That is impossible to answer. First of all, Scottsdale is a big big place, and it's very different in each area. Each deal is different. There are many different variables in each deal. There could be more closing cost money, or appliances left, or whatever you can think of. It doesn't sound like you have a realtor helping you. You need to get one so they can actually look at whatever area you're interested in and see what the prices are. Thinking that you're going to get $100k off is probably not a reality.

I would give more real answers if I still had my license.

[nitram]

If you read today's AZ Republic you'll see an article, repeated by many other sources recently, that the market is dropping rapidly and you can get some smokin deals if you look hard enough. Actually you don't have to look very hard today.
A $500,000 house in Snobsville could easily be bought for 20% less than the overpriced asking price.. Especially if they are super motivated to sell.

[nevercoldcall]

Scottsdale is seriously overvalued, even now. You have to remember in 2006 it was the #1 market in the U.S. for interest-only option-arm loans, and with all those loans about to reset, there will be a HUGE amount of foreclosures.

[scottsdaleite]

I am a licenced realtor here, and I can tell you that you need to check the area before you make any assumptions. For example, the 85354 Zip code was up 14% last year, but during the first quarter of this year went down around 3%. the bottom of the market (under 400 k) is feeling some price pressure, The middle market - 500-1 mil - is feeling a bit more pressure . The million plus homes are not really under pressure. These are best estimates on my part.

My recent experience is that overall the market is down slightly over the first two quarters, but there is no fire sale for good homes in good areas - that is an overstatement.

Important is that the asking price is not really the issue. Just make sure you KNOW what comparable homes sold for before making a decision - that is the real issue, not the amount off asking

Hope this helps