Looking To buy in Arizona (Glendale, Peoria: bank owned, sale, foreclosures)

[westchester]

should I go down now or wait a little longer.this would be a retirement home that i won't need for 10 years...buy it now and rent it....now or next year...looking to spend around 300-400...what will i be able to get thanks

[Bummer]

Originally Posted by westchester

should I go down now or wait a little longer.this would be a retirement home that i won't need for 10 years...buy it now and rent it....now or next year...looking to spend around 300-400...what will i be able to get thanks

That's a tough question to answer, Westchester.

Where in Arizona . . . City or Suburb or Remote? What type and size home? How much land do you want and/or need.

Good Luck

[KarmaPhx]

$300k will get you a very nice house in most of phoenix, but the size and everything will depend on the area and such.

[olegk]

I have been hunting for the house 1 year already…This IS question of the questions.. I definetely see some upswing in bank owned properties. Because of TARP money (our money) banks not willing negotiate a significant price drop on present moment. It is partially seasonal (spring) activity, I think. I have seen it one year ago and buyers who bought houses then very sorry by now. I would wait till end of the summer. Do you homework and watch sale pricess on houses. The market is mess. Nobody able to tell you when to jump in. Housing an stock markets driven by “fear and greed”. Keep it in balance.

[AZHomes]

I'm wishing all the buyers I spoke with months ago would have bought a home then. The market was soft and easy to contract an easy home. Now, it's like my buyers have to compete for homes and bid upwards on the price just to contract something. I agree, homes have dropped quite a bit, but I'm banking on the next flood of foreclosures to start in the next month or so.

[andrzejn]

You can get very nice house in your price range. Since you not going to be using as your residence I would suggest vacation rental. Check out site like vrbo.com. With vacation rental property there are less chances of tenants destroying property. In regards if this is a good time to buy: prices most likely will still will go down but I have clients that are making over 15% return on their investment in the slow economy. Personally I would suggest Arrowhead area in Peoria/Glendale because is within 30 minutes from anything that this town has to offer.

[Ponderosa]

I wouldn't. Not because of the prices, because prices are good. But because you are too far away from retirement. I have property in other places that I bought with the same idea. It's hard to manage it. It requires trips out to deal with this and that. If you have renters, you would not even be able to stay in the place. A lot can happen in ten years, too. Your life can change and what seemed like a good idea back then is not so hot anymore. Prices will likely go up substantially in 10 years particularly in the price ranges below where you are interested. Even so, you'd be better to invest your money in something that had a return equivalent to the historic rate of appreciation on an AZ property (whatever wage growth is +/-) then sell that asset and pick out a house when the time comes. They'll still be building them.

[firsttimeowner]

And what has more of a garenteed rate of appriciation in your view that property which is dirt cheap right now?

[Arizona1]

Originally Posted by Ponderosa

I wouldn't. Not because of the prices, because prices are good. But because you are too far away from retirement. I have property in other places that I bought with the same idea. It's hard to manage it. It requires trips out to deal with this and that. If you have renters, you would not even be able to stay in the place. A lot can happen in ten years, too. Your life can change and what seemed like a good idea back then is not so hot anymore. Prices will likely go up substantially in 10 years particularly in the price ranges below where you are interested. Even so, you'd be better to invest your money in something that had a return equivalent to the historic rate of appreciation on an AZ property (whatever wage growth is +/-) then sell that asset and pick out a house when the time comes. They'll still be building them.

I agree, it's really tough to find good reliable renters who won't trash the place and will actually be reponsible to pay the rent on time. Things have changed in alot of years.

[andrzejn]

Originally Posted by Arizona1

I agree, it's really tough to find good reliable renters who won't trash the place and will actually be reponsible to pay the rent on time. Things have changed in alot of years.

Thats why I would do vacation rental instead of "regular" rental. You get your money before hand and chances of trashing the place are less likely.