Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Arizona
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 08-28-2007, 09:54 PM
 
Location: Tucson
42,831 posts, read 88,162,128 times
Reputation: 22814

Advertisements

Quote:
Originally Posted by ArizonaBear View Post
Maybe down Tucson way but here in the Phoenix area prices are definitely crashing in the outlying areas and are showing signs of distress in in the Tempe/S Scottsdale/Arcadia area.

And; the market is 'correcting' itself in Bullhead City, etc.

What may also be propping up Tucson is you guys' proximity to Safford where the mines are coming back online.

Another joker in the deck is with the impending legislation yanking the business license of of a company for knowlingly hiring an illegal immigrant--------many of the latter group 'sense' this is the real deal and are fleeing to other states------or back to Mexico. Some of these individuals are putting up their property up for sale.
Tucson is in a little better shape than Phoenix, I believe, because the builders didn't go all-out crazy here and the percentage of subprime loans is lower, but it's still not a pretty picture. House prices are totally disconnected from the wages here, but it wouldn't be the first place, would it... And inventory started climbing up again: Paper Economy - A Real Estate Bubble Blog (http://www.paperdinero.com/Inventory.aspx - broken link) This site can be used for other cities as well. I'm reading this one, too, Bubble Markets Inventory Tracking , so I have a pretty good idea of the situation in Phoenix. But then again, the problem is mainly in the outskirts. There are break-downs by zip codes and some are fine, even appreciating... Location, location, location is always right, even in the worst of times. If very few are to be sold, they'll be best ones or the least expensive ones.

Yeah, "knowingly" hiring illegals is such BS... Sure, the employers are gonna admit it... And what's the whole charade about this anyway?! If you REALLY don't want illegals, you REALLY cut their employment. It's not like they come on vacation here. But who's gonna do the jobs they do at their wages... nobody. I've had people arguing with me on this account, but at least for the time I've been living in this country I haven't seen anybody lining up for their jobs.
Reply With Quote Quick reply to this message

 
Old 08-28-2007, 10:43 PM
 
3,632 posts, read 16,167,194 times
Reputation: 1326
Quote:
Originally Posted by Matthew Pellerin View Post


Sounds like someone had a bad experience, but no fair making generalizations.
No, it's experience working in the RE field around a lot of different people. There's definitely some good people in RE, but there are many bad apples.
Reply With Quote Quick reply to this message
 
Old 08-29-2007, 12:37 PM
 
Location: North Phoenix, Arizona U.S.A.
8 posts, read 31,065 times
Reputation: 13
Yeah, I have to agree. I guess there's bad apples in every profession, and it doesn't help that it is soooo easy to obtain a real estate license.
Reply With Quote Quick reply to this message
 
Old 08-29-2007, 04:16 PM
 
7 posts, read 24,431 times
Reputation: 11
I spoke with the builder's sales rep yesterday and we got everything straightened out. They lowered the price to what the new advertised price is so I am all good with that. One thing they did have to change was the free ugrades I initially received which were totalling 6K (I know, not much). Due to the strict new guidelines for securing loans after the sub-prime fallout, the builder started paying 2 points towards closing costs since they are unable to finance closing costs into the loan like they were used to doing. As a result, they could either give me the upgrades for free still or use the 2 points towards my closing (about $3900) which I decided to take since I wanted to have some $$ in my pocket to buy some electronics, furniture, etc. Originally they were going to pay my closing costs, but after the loan applications became more strict they couldn't get me to qualify for the current loan while including the closing costs in the loan. Long story short, I didn't get the full 20K reduction, but did get a good chunk of that and since I was all ready to go and had already became emotionally attached I am going to buy. My interest rate is very low (6.125%) and the payment it is about the same or most likely less than I would pay to rent.

They did not hesitate to give me the new price so I may have assumed they were blowing me off to get me to sign at the original price because of the market and maybe their commission. Funny thing is, I am actually 2 wks late on my closing because of a issue with a cracked granite countertop that had to be replaced. I was very upset about that, but now that I think about it, I would have already signed at the original price and not had a way out. Call it karma, luck or whatever. Overall I am happy with the home and price now. Can't say that is was smooth as I would have liked, but seems to have worked out. Unless something bad happens, I'm signing tomorrow morning.

BTW the builder is Trend Homes and their mortgage company is Home Show Mortgage.
Reply With Quote Quick reply to this message
 
Old 08-29-2007, 04:22 PM
 
Location: Pinal County, Arizona
25,100 posts, read 39,261,360 times
Reputation: 4937
Quote:
Originally Posted by djb2002 View Post
BTW the builder is Trend Homes and their mortgage company is Home Show Mortgage.
Congratulations! And, good work

Enjoy your new home
Reply With Quote Quick reply to this message
 
Old 08-29-2007, 06:31 PM
 
Location: Mesa, Az
21,144 posts, read 42,134,028 times
Reputation: 3861
+1 in congratulations
Reply With Quote Quick reply to this message
 
Old 08-29-2007, 06:50 PM
 
Location: Tucson
42,831 posts, read 88,162,128 times
Reputation: 22814
Quote:
Originally Posted by djb2002 View Post
I spoke with the builder's sales rep yesterday and we got everything straightened out. They lowered the price to what the new advertised price is so I am all good with that. One thing they did have to change was the free ugrades I initially received which were totalling 6K (I know, not much). Due to the strict new guidelines for securing loans after the sub-prime fallout, the builder started paying 2 points towards closing costs since they are unable to finance closing costs into the loan like they were used to doing. As a result, they could either give me the upgrades for free still or use the 2 points towards my closing (about $3900) which I decided to take since I wanted to have some $$ in my pocket to buy some electronics, furniture, etc. Originally they were going to pay my closing costs, but after the loan applications became more strict they couldn't get me to qualify for the current loan while including the closing costs in the loan. Long story short, I didn't get the full 20K reduction, but did get a good chunk of that and since I was all ready to go and had already became emotionally attached I am going to buy. My interest rate is very low (6.125%) and the payment it is about the same or most likely less than I would pay to rent.

They did not hesitate to give me the new price so I may have assumed they were blowing me off to get me to sign at the original price because of the market and maybe their commission. Funny thing is, I am actually 2 wks late on my closing because of a issue with a cracked granite countertop that had to be replaced. I was very upset about that, but now that I think about it, I would have already signed at the original price and not had a way out. Call it karma, luck or whatever. Overall I am happy with the home and price now. Can't say that is was smooth as I would have liked, but seems to have worked out. Unless something bad happens, I'm signing tomorrow morning.

BTW the builder is Trend Homes and their mortgage company is Home Show Mortgage.
Glad it worked out for you! Thanks for sharing.
Reply With Quote Quick reply to this message
 
Old 08-29-2007, 08:07 PM
 
Location: Buckeye, AZ
132 posts, read 593,102 times
Reputation: 35
I agree with everyone. The market is correcting itself and builders are giving away big DISCOUNTS so they close the deal instead of getting stuck on a house unsold. I would NEGOTIATE cause we did. We had $10,000 earnest money and we were prepared to walk away - that is alot of money for us but we knew they would give us a DISCOUT. THe good news is we got our Dream Home got a BIGGER Discount than we expected. So NEGOTIATE...builders know what is going on in the market
Reply With Quote Quick reply to this message
 
Old 08-31-2007, 01:01 PM
 
Location: North Phoenix, Arizona U.S.A.
8 posts, read 31,065 times
Reputation: 13
I am so happy to hear that everything worked out for you! Especially since Trend is my least favorite, large scale, builder in the valley.
Reply With Quote Quick reply to this message
 
Old 08-31-2007, 02:52 PM
 
Location: Oxygen Ln. AZ
9,319 posts, read 18,747,810 times
Reputation: 5764
So glad you are getting your new home. Have fun shopping for new furniture and stuff!
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Settings
X
Data:
Loading data...
Based on 2000-2020 data
Loading data...

123
Hide US histogram

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Arizona

All times are GMT -6.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top