Home prices falling??? Wait to buy? (Mesa, Tempe: house prices, buying, live in)

[Andre5140]

Hi folks.

I have been hearing (and seeing) that home prices in the Valley are falling. If this is true and I am in the market for a home, would it be wise to wait 6-12 months so they can fall even more?

I am in the market for my first home and currently live and work in Tempe. Is this a good place to invest in a home? I get the impression that this market is more stable than say a Gilbert/Queen Creek/Mesa since those areas are all housing and not much else.

Any thoughts on when/where to buy would be greatly appreciated!

I've also batted the idea of buying some land outside of the metro region and commuting. I currently live in an RV and wonder if setting it out on some land that I would own and then later possibly building my own home on it would be a good idea.

[Nice Nice Baby!]

Land is always a great idea. They don't make any more of that, but houses they continue to make more of.

[Andre5140]

Yeah for sure! I'm just curious about the commute. Hmm...

[HX_Guy]

From the latest Ive read, the pricing will keep dropping and level off about 4th Quarter 2008. In 2009, they expect house prices to begin appreciating at around 7.7%

[Andre5140]

Interesting. Yeah that sounds about right. Especially when my realtor has been telling me to place offers on these houses in Tempe 20-40k less than the asking price. These offers sound so low as to scare the owners into not taking me seriously.

Thoughts?

[sablebaby]

Originally Posted by Andre5140

Interesting. Yeah that sounds about right. Especially when my realtor has been telling me to place offers on these houses in Tempe 20-40k less than the asking price. These offers sound so low as to scare the owners into not taking me seriously.

Thoughts?

20-40k doesn't seem too low to me. Now if you went even lower than that I would be thinking something else, but that's me.

[Ponderosa]

Prices here, like in most of the country, are pretty much going sideways now. There is maybe a little downtrend but not much more than a % or so. Of course, with inflation that is an effective drop of 3-4% over the coming year. You also have to keep an eye on interest rates. Rising rates can cut your buying power, too. The nice thing about buying now is there is a good selection and you may get lucky and find that desperate seller and get a good buy.

[sheena]

Originally Posted by Andre5140

Hi folks.

I have been hearing (and seeing) that home prices in the Valley are falling. If this is true and I am in the market for a home, would it be wise to wait 6-12 months so they can fall even more?

I am in the market for my first home and currently live and work in Tempe. Is this a good place to invest in a home? I get the impression that this market is more stable than say a Gilbert/Queen Creek/Mesa since those areas are all housing and not much else.

Any thoughts on when/where to buy would be greatly appreciated!

I've also batted the idea of buying some land outside of the metro region and commuting. I currently live in an RV and wonder if setting it out on some land that I would own and then later possibly building my own home on it would be a good idea.

I'd wait at least 6 more months, look into south Tempe or Gilbert.

[Andre5140]

Thanks everyone!

I heard that Maricopa offers first-time home buying assistance.

Does Tempe offers assistance as well or is it just Maricopa County?

...or have I missed the boat on those now-expired offers?

Currently looking near McClintock and Elliot. Thoughts?

[sablebaby]

Tempe is in Maricopa County. All of the major phx suburbs are in Maricopa County (except for queen creek).