Desert Ridge - Home buying (Phoenix: short sales, foreclosures, how much)

[phoenix_new]

Hi
I am planning to buy a home near to Desert Ridge market place.

Is it worth buying home in this location ? specially after stores like Macy's backing out from this area.

How much is the right budget for a 3 bed room home in this area ?

[synapse]

Desert Ridge is still pretty stable and the marketplace is always busy - CityNorth is a dissappointment, sure, but it's not too surprising in this economy. If you don't mind being relatively far north of central Phoenix, I think Desert Ridge - particularly neighborhoods like Aviano - are still pretty good. Three bedroom - I would imagine that would be around $350 - $400 K.

[observer53]

Originally Posted by synapse

Desert Ridge is still pretty stable and the marketplace is always busy - CityNorth is a dissappointment, sure, but it's not too surprising in this economy. If you don't mind being relatively far north of central Phoenix, I think Desert Ridge - particularly neighborhoods like Aviano - are still pretty good. Three bedroom - I would imagine that would be around $350 - $400 K.

I'll admit I'm not too familiar with the neighborhoods north of the 101 by DR-- but even in this economy, the houses are that high???

[phoenix_new]

thanks,,, my price range was 200-250K,, can this be a sufficient amount for a 3 bed room

[andrzejn]

Originally Posted by phoenix_new

thanks,,, my price range was 200-250K,, can this be a sufficient amount for a 3 bed room

There are about 30 available 3bd homes for 250K or less in the area

[phoenix_new]

my next question will be , Is it worth spending this much amount in this relatively new area ?

Thanks

[azdr0710]

well, don't spend more than the recent comps, of course....look around and haggle hard if you find a seller who needs to sell quickly.....the vultures are now starting to feed after circling for the last few months....the bottom may have been hit, some say, but others disagree...

Desert Ridge is a large area full of short sales and foreclosures...lots of cookie-cutter houses, but it's not a bad area and is a rather convenient location and will be even a better location in a few years as it becomes more "central"...has a decent rep, except for all the pink-tile roof look-alikes.....

again, haggle hard and don't pay more than the comps at all....lots of choices up there....take your time

[phoenix_new]

Thanks for your detailed reply !!!!

This will be the first home that i will buy, if seller is asking 250K, then how shall i negotiate ?


My point is how do i decide whether this home is worth 250K or 225K ?

[markas214]

Originally Posted by phoenix_new

Thanks for your detailed reply !!!!

This will be the first home that i will buy, if seller is asking 250K, then how shall i negotiate ?


My point is how do i decide whether this home is worth 250K or 225K ?

Recent closed sales on comparables houses.

[azdr0710]

your realtor should be able to easily give you the "comps" on recently sold similar houses....compare apples with apples, of course....he/she should be able to advise you on how to make an initial offer....remember, of course, the seller usually pays the commission....get an inspection done after an offer is accepted and you can still negotiate after that if things look bad.....

if your realtor is professional, he/she will help you out and not just be looking for their commission