Best time of year to purchase in a 55+ community in Gilbert or Chandler? (Phoenix: for sale, mortgages)

[Paul91]

Hi all. My wife and I moved to the east valley (Queen Creek area) about 1.5 years ago. We're considering making the area our permanent home, and are interested in moving to an Active Adult community in Gilbert or Chandler. No rush, but we want to buy sometime in the next 1-2 years.

I've been watching the market, and inventory was very low over the summer (no surprise there) but it's been increasing over the past several weeks.

I'm thinking spring may be the best time to buy, when the snowbirds are leaving... because some of them may be leaving Phoenix forever.

What do you think is the best time of year to buy in a 55+ community?

Thanks!

[PhureeKeeper]

Best time to buy would typically be between May 15th and October 1st. The "snowbird" part of the population will have left AZ for the summer and there should be more inventory for you to choose from.

These are all hypotheticals as someone has to be selling.

[Jkgourmet]

If you are going to get a mortgage, I'd say that the best time to buy would be right now.

Ultimately, the BEST time to buy is when you and your wife find the house that you want. Start looking now (what have you go to lose except a few afternoons?), and when you find 'the one', you'll know.

[BuckeyeBoyDJ]

Besides "Sun Lakes" in Chandler there really aren't any 55+ communities in Chandler and Gilbert. Both are suburban family towns. Mesa to the north of those cities offers more 55+ communities as well as Apache Junction a little farther east.

[Pink Jazz]

Originally Posted by BuckeyeBoyDJ

Besides "Sun Lakes" in Chandler there really aren't any 55+ communities in Chandler and Gilbert. Both are suburban family towns. Mesa to the north of those cities offers more 55+ communities as well as Apache Junction a little farther east.

And in fact, Sun Lakes isn't even part of Chandler; it is an unincorporated community and census designated place.

And yes, there are 55+ communities in Gilbert and possibly Chandler. Trilogy at Power Ranch by Shea Homes in southeast Gilbert immediately comes to mind.

[Paul91]

Thanks for the feedback!!

Originally Posted by PhureeKeeper

Best time to buy would typically be between May 15th and October 1st. The "snowbird" part of the population will have left AZ for the summer and there should be more inventory for you to choose from.

These are all hypotheticals as someone has to be selling.

From what I've seen by watching the MLS this summer, the volume of houses for sale is minuscule during the hot months. I'm guessing that most of the houses sell by late spring, and the snowbirds don't generate new listings here from their summer home.

Originally Posted by Jkgourmet

If you are going to get a mortgage, I'd say that the best time to buy would be right now.

Ultimately, the BEST time to buy is when you and your wife find the house that you want. Start looking now (what have you go to lose except a few afternoons?), and when you find 'the one', you'll know.

I agree Jkgourmet. I will be working for about 10 more years, but who knows where the interest rates and home prices are going to go. We've been looking on-line for a while, but aren't quite ready to pull the trigger and contact our Realtor just yet.

Originally Posted by Pink Jazz

And in fact, Sun Lakes isn't even part of Chandler; it is an unincorporated community and census designated place.

And yes, there are 55+ communities in Gilbert and possibly Chandler. Trilogy at Power Ranch by Shea Homes in southeast Gilbert immediately comes to mind.

Yup, I've seen listings in SunLakes, Sunland, Springfield, Solera, and Sunbird in Chandler (even if they are in unincorporated areas, it seems like Chandler to me), and Trilogy in Gilbert. Trilogy in Queen Creek would be fine, too.

Thanks for your thoughts!

[MN-Born-n-Raised]

Originally Posted by Paul91

I agree Jkgourmet. I will be working for about 10 more years, but who knows where the interest rates and home prices are going to go. We've been looking on-line for a while, but aren't quite ready to pull the trigger and contact our Realtor just yet.

A couple points come to mind. A great time to buy is when you have cash AND mortgages are more expensive (as opposed to record low levels). Super cheap money causes home prices to rise. Many people afford "payments" (that is how they look at the price of a home: a payment)..

Also, people buy because they have a sense of urgency. If they fear rates are going up, they may pull their decision in. That is what happened. Currently, buyers are on pause because rates rose. They now don't have that sense of urgency that they better decide now. New home construction inventory as well as rising rates stopped those buyers from a hurry up and buy mentality.

Because of this ^^, my gut says you don't have to be in a hurry. If I was hedging my bets, I'd wait for about a year from now. While others call for prices to rise in the next year, I could easily see some prices pull back some. Look at this site Show Me the Data – Altos Research . It''s forward looking (meaning the data is from ASKING price not selling price). Type in your town and see what people that are listing their homes perceive the market conditions. Some of the gains are factually being reduced. My crystal ball says this could continue.

That all said, demand is projected to rise as a whole inside of the Phoenix area for the next 20 years. So longer term, we are in good shape to see gains. But I'm not so sure I see gains in the next year or so. I bet we see some more drops.

[Jkgourmet]

Originally Posted by Paul91

Thanks for the feedback!!



From what I've seen by watching the MLS this summer, the volume of houses for sale is minuscule during the hot months. I'm guessing that most of the houses sell by late spring, and the snowbirds don't generate new listings here from their summer home.



I agree Jkgourmet. I will be working for about 10 more years, but who knows where the interest rates and home prices are going to go. We've been looking on-line for a while, but aren't quite ready to pull the trigger and contact our Realtor just yet.



Yup, I've seen listings in SunLakes, Sunland, Springfield, Solera, and Sunbird in Chandler (even if they are in unincorporated areas, it seems like Chandler to me), and Trilogy in Gilbert. Trilogy in Queen Creek would be fine, too.

Thanks for your thoughts!

If you are open to a location farther away, don't forget the new Del Webb community, Sun City Anthem at Merrill Ranch. That one would allow you to purchase new construction.

[wit-nit]

The market typically increases during the cooler months then levels off for the hotter months then starts it's climb again. I doubt there will be much fluctuation up and down now for a few years.
OP you buy the house when you feel you want it and then you start your negotiations for that selling period. If the house you want is a nice in demand type of house priced in the right medium then you jump on it right away. If it's a dog fixer upper then that's a different story.

[Paul91]

Thanks for the Altos Research link, MN-Born-n-Raised. We're not in a hurry to buy, which is a nice change for us. We have the luxury of finding the right house at the right price and location this time.

Jkgourmet, thanks for mentioning Merrill Ranch, but we're in San Tan Valley now and want to move closer to town.