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Old 11-11-2011, 01:25 PM
 
Location: Victoria Woods, CA
464 posts, read 375,113 times
Reputation: 247
Default Best area in Phoenix for a residential flip...

...that we can readily rent out if it does not sell quickly.
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Old 11-11-2011, 02:49 PM
 
1,027 posts, read 1,138,926 times
Reputation: 1354
Is there such a thing these days? The whole market--sales and rental--seems awfully sluggish.
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Old 11-11-2011, 08:45 PM
 
Location: Santa Fe, NM/San Diego/Phoenix
406 posts, read 536,713 times
Reputation: 187
Quote:
Originally Posted by blisterpeanuts View Post
Is there such a thing these days? The whole market--sales and rental--seems awfully sluggish.
What news are you reading?
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Old 11-12-2011, 09:44 AM
 
Location: Ohio
42 posts, read 48,196 times
Reputation: 22
How bout Fountain Hills?
I was just on VRBO and everything listed for FH's is booked from Dec to April pretty much.
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Old 11-12-2011, 10:46 AM
 
Location: Oxygen Ln. AZ
8,420 posts, read 10,423,909 times
Reputation: 4595
Hard to flip a house when the market is flat or still declining. You would have to buy something well under the market and put some money in it and then hope the home has not declined another 10 %. I would only buy another house if we were fixing/renting and holding.
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Old 11-12-2011, 11:13 AM
 
Location: In the Deem Hills of NW Phoenix
798 posts, read 705,157 times
Reputation: 840
It's hard to find a single family home to flip these days, because there is so little inventory to pick from in the Phoenix area. There is fewer than 4 months inventory on homes under $100K, and the further below that, down to 1.87 months. This means there are more buyers than sellers. Which leads to multiple offers, and homes going for more than list price. Word on the investor street is that homes are even sometimes going for more than market value at Trustee Auction on the courthouse steps. The market is being in a large part driven by active investors with cash, and they all want that elusive easy-to-flip or rent out deal.

It was much easier to flip 2 or 3 years ago when you could buy a house that nobody wanted because it was ugly, put some new paint and carpet in, and sell it for $20K more than you bought it for. At today's already-low prices, most investors are going for the buy and hold (to rent out and sell years down the road).

Some investors are making money today flipping, but many of them are doing multi-family or older homes, which is not a niche for all investors. Some are also taking their chances making lowball offers on Short Sales, however sellers' agents are getting savvy that the sellers' banks aren't likely to accept less than close to fair market value. On the average homes, for every lowball investor offer there are 5 serious offers.
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Old 11-12-2011, 11:15 AM
 
Location: In the Deem Hills of NW Phoenix
798 posts, read 705,157 times
Reputation: 840
"Is there such a thing these days? The whole market--sales and rental--seems awfully sluggish."

That's not what my buyers are experiencing.
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Old 11-12-2011, 09:11 PM
 
Location: Gilbert - Val Vista Lakes
6,066 posts, read 8,037,599 times
Reputation: 3657
Quote:
Originally Posted by S. Chris Webb View Post
"Is there such a thing these days? The whole market--sales and rental--seems awfully sluggish."

That's not what my buyers are experiencing.
He's obviously not talking about Phoenix, because my buyers are experienced the same thing yours are. And look how many posters on this forum are reporting the same thing.

A home came on the market the other day, and on the day it came on, they had 6 offers. Two were all cash, below list. The sellers didn't even consider them. My buyers offer and another were well over list price and higher than the others that were over.

The other high buyers offer was selected, (not signed yet) but within a couple days it was discovered that the buyer couldn't show proof of funds for the down payment. So the listing agent contacted me and accepted my buyers offer. It was a short sale, and the listing agent was sharp enough to verify the buyers pre-qual, and discovered their inability to make the down payment.

Lowballs won't get it today.
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Old 11-14-2011, 08:09 AM
 
Location: Avondale and Tempe, Arizona
1,614 posts, read 1,457,507 times
Reputation: 1270
Look at the faster-growing areas in the suburban west valley.

Goodyear, Surprise, Verrado, northern side of Avondale to list a few of them.
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Old 11-14-2011, 10:18 AM
 
1,027 posts, read 1,138,926 times
Reputation: 1354
Quote:
Originally Posted by Captain Bill View Post
He's obviously not talking about Phoenix, because my buyers are experienced the same thing yours are. And look how many posters on this forum are reporting the same thing.

A home came on the market the other day, and on the day it came on, they had 6 offers. Two were all cash, below list. The sellers didn't even consider them. My buyers offer and another were well over list price and higher than the others that were over.

The other high buyers offer was selected, (not signed yet) but within a couple days it was discovered that the buyer couldn't show proof of funds for the down payment. So the listing agent contacted me and accepted my buyers offer. It was a short sale, and the listing agent was sharp enough to verify the buyers pre-qual, and discovered their inability to make the down payment.

Lowballs won't get it today.
No, I'm talking about Phoenix. I'm glad to hear house sales are doing so well, but I was referring more to renting which I have found to be sluggish in my own, limited, personal experience.

The WSJ says investors are buying more homes in Phoenix this year. Is that a sign of a strengthening market, or just a sign that more bottom feeders are out there, gambling their money?
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