A New Hot Price Range in the Foothills – $400,000 – $500,000

The 400K – 500K price range in the 85718 and 85750 zip code is heating up! The buyers are scooping up the bargains and this has led to 25 homes that have closed escrow since July 1st.  The majority were sold in less than four months with more than a few that sold in less than a month!

The Number  of Homes that have sold with the following amenities:  (Remember there were 25 total)

Pool                                      16

One-story                           22

3 Car Garage                        6

Over 2,500 sq.ft.               12

10 yrs or newer                    4

Over 1/2 acre                         9

Short Sale                               1

Previously this price- range was not moving as well as the 300K – 400K price range, because in the lower price-range many buyers took advantage of FHA loans with as little as 3.5% down .They have to put down more  money in the higher price- range, typically 10% up to 417K loans and they need an even higher downpayment for loans above 417K.  Now both price- ranges are doing equally as well. This is proof that the Foothills market is coming back and  is turning away from being a Buyer’s Market. The deals are tremendous and the buyers are no longer waiting for prices to bottom in homes priced under 500K.  Seller’s still have to price their homes aggressively and pay close attention to curb-appeal and  to sparkling interiors to keep up with the competition.

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