New House in Chandler 85249 - Should I buy it now?? $350k (price)

[MightyHet]

Anyone think it's a good time to buy in Chandler right now? Zip code is 85249 and in the area of Chandler Heights and Lindsay? $96.50 a sq. ft. is a good price right?

[azriverfan.]

You need to provide a lot more information like the square footage at least. That area is Ocotillo. It has many new nice homes and the area is nice but it's a little further away from the "inner core" Also, it depends where you live in that zip code. The western border near Suns Lakes is much nicer than the Eastern border of the zip code. If it's in the eastern border, i would pass

[MightyHet]

Originally Posted by azriverfan.

You need to provide a lot more information like the square footage at least. That area is Ocotillo. It has many new nice homes and the area is nice but it's a little further away from the "inner core" Also, it depends where you live in that zip code. The western border near Suns Lakes is much nicer than the Eastern border of the zip code. If it's in the eastern border, i would pass

It's 3,000 sq. ft., 5 bedroom, 3 bath, 1 level, and has a pool. The crossroads are Lindsay and Chandler Heights. Seems like a decent price for $96.50 a sq. ft.

Why is the Eastern area of this zip code bad?

[Beena]

What does your realtor say? Oh wait....I just called her and she said 3% x $350,000....yes she thinks you should buy it.

[pynkpanther]

the growth has halted in that area, many stores are going out of business. BUT it's a good area. funny how the guy a year ago said there would be an increase in crime in chandler - no such thing. but it's still a good time to rent. prices have gone down, but not as much as other areas. there are lots of foreclosures, half-built houses not being finished and empty subdivisions.

[Captain Bill]

Originally Posted by AZ_Engineer

...
Wait a couple of years and buy that house for 40% off what it is selling for today.

I'm interested in knowing how you arrived at this forecast.

[MaxPower123]

Originally Posted by MG1

No way! $350,000 for Chandler? This is insane.

Get ready for increasing gang problems and crime. It's in the AZ papers everyday, about Chandler.

And there's an enormous housing bubble in the Phoenix area. You'll watch the value of your home decrease dramatically over the next several years. Watch and see, or instead, protect yourself and avoid buying. Rent for awhile.

Poor MG1, you probably live in an armed compound with large armed men escorting you around the metro area. Do you wear a bullet proof vest?

loveinarizona, you'll be fine in Chandler and you'll love it here.

[MaxPower123]

Originally Posted by Captain Bill

I'm interested in knowing how you arrived at this forecast.

I'm looking to buy a house in Chandler in a year or two and I would also like to know that.

[snowthedirtbub]

Thats where I live 85249 (although I think they changed it to 85286 now) and its a great area. Chandler has great schools, although overcrowded, and very little crime. We got plenty of stores nearby Bashas, Walmart, Costco, Target, Harkin Theaters, and plenty others. Its a great area.

[Captain Bill]

Originally Posted by MightyHet

Anyone think it's a good time to buy in Chandler right now? Zip code is 85249 and in the area of Chandler Heights and Lindsay? $96.50 a sq. ft. is a good price right?

The price/sf is low. However, that doesn't tell the whole story. In order to determine value of the house, one needs to know a lot more about that house and about the area. Your realtor should help you to determine the value of the home.

85249 is south of Ocotillo Rd and runs from 85248 at Arizona Rd over to Val Vista Dr adjoining 85298 of Gilbert.

The southern border of 85248, 85249 in Chandler, 85298 in Gilbert and 85242 (the western part of Queen Creek), are all on the northern border of the Gila River Indian Reservation. So there will not be any development south of there.

The western section of 85249 is pretty well developed, while the southern and eastern section is still under development. That development area spreads east to Meridian and Empire Blvd.

The development has slowed due to the housing situation, but as the housing market picks up it will continue to grow.

Attached at the bottom of this post is a pdf spread sheet that shows the current market stats for Chandler and for Chandler 85249 zip code area, in the below $399k price range.

Both Chandler and Chandler 85249 show a strong market in those price ranges. I didn't have time to go to the higher price ranges, but I know the months supply will be greater (weaker market) in those higher price ranges.

Both stats show the months supply of inventory to be below 6 months with a Pending to Sold ratio of greater than 1.

As to whether it's a good time to buy now, that is a question you'll have to answer for yourself - after studying all the data. Others can help you get the data, but you must be the untimate decision maker.