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Old 08-02-2012, 11:27 PM
 
Location: Scottsdale, AZ
11 posts, read 10,574 times
Reputation: 21
Hi All. I don't post much, but I read a lot on this forum and love this thread. The feedback here on the local RE market is invaluable.

I moved here late last year from Texas (job transfer) and have been looking around to buy a condo for the last several months and it's not been a pleasant experience. The market is insane and it changes daily. I've made offers on at least 7-8 properties and lost all of them to cash offers, either Canadians or investors.

I'm beginning to think maybe I should continue to rent for another 6 months. Can anyone offer a little advice? Thanks.
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Old 08-03-2012, 07:15 AM
 
188 posts, read 188,656 times
Reputation: 108
Quote:
Originally Posted by evrluv View Post
Hi All. I don't post much, but I read a lot on this forum and love this thread. The feedback here on the local RE market is invaluable.

I moved here late last year from Texas (job transfer) and have been looking around to buy a condo for the last several months and it's not been a pleasant experience. The market is insane and it changes daily. I've made offers on at least 7-8 properties and lost all of them to cash offers, either Canadians or investors.

I'm beginning to think maybe I should continue to rent for another 6 months. Can anyone offer a little advice? Thanks.
I wouldn't rush into things. It's a home, not a stock... you'll find one eventually. Before I purchased my condo in 2008, it took me about 1 1/2 years to get where I was.

There really is substance to the saying 'all good things come to those that wait'.
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Old 08-03-2012, 08:20 AM
 
131 posts, read 132,199 times
Reputation: 78
Well I start looking for a house this week, will be looking in Scottsdale north of Shea and into Phoenix area near Desert Ridge. Was wondering if everything is still crazy with people snapping up houses faster then they can be put on the market. I am in the 300-400k range.
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Old 08-03-2012, 08:58 AM
 
203 posts, read 262,420 times
Reputation: 198
Quote:
Originally Posted by imartin26 View Post
Well I start looking for a house this week, will be looking in Scottsdale north of Shea and into Phoenix area near Desert Ridge. Was wondering if everything is still crazy with people snapping up houses faster then they can be put on the market. I am in the 300-400k range.
It depends upon what your expectations of what you think you will get in the 300-400k range (insomuch as sq. ft, updates, etc.) in this area.
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Old 08-03-2012, 09:25 AM
 
131 posts, read 132,199 times
Reputation: 78
3 or 4 bedrooms, 2+ baths, 2000+ sqft, pool.. not to concerned about upgrades, I like to do most of that stuff myself. Checking in that area I see about 15-20 houses in my range but just not sure how fast houses are being bought up in these areas at that price range. Going to go out with my realtor this weekend and start looking just would like to see what other people have seen as far as length of time houses are staying on the market.
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Old 08-03-2012, 01:22 PM
 
Location: Gilbert - Val Vista Lakes
6,066 posts, read 8,164,764 times
Reputation: 3666
Quote:
Originally Posted by imartin26 View Post
3 or 4 bedrooms, 2+ baths, 2000+ sqft, pool.. not to concerned about upgrades, I like to do most of that stuff myself. Checking in that area I see about 15-20 houses in my range but just not sure how fast houses are being bought up in these areas at that price range. Going to go out with my realtor this weekend and start looking just would like to see what other people have seen as far as length of time houses are staying on the market.
The days on market are on the mls sheet for every listing. Your Realtor can provide that exact information for you for the specific type of house and area you're interested in.
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Old 08-03-2012, 01:24 PM
 
188 posts, read 188,656 times
Reputation: 108
the good news (for homeowners at least)... is that the numbers keep going up... finally! every week it seems like the perceived value of homes (at least in my area) are creeping up.
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Old 08-03-2012, 05:22 PM
 
366 posts, read 277,918 times
Reputation: 428
Quote:
Originally Posted by evrluv View Post
Hi All. I don't post much, but I read a lot on this forum and love this thread. The feedback here on the local RE market is invaluable.

I moved here late last year from Texas (job transfer) and have been looking around to buy a condo for the last several months and it's not been a pleasant experience. The market is insane and it changes daily. I've made offers on at least 7-8 properties and lost all of them to cash offers, either Canadians or investors.

I'm beginning to think maybe I should continue to rent for another 6 months. Can anyone offer a little advice? Thanks.

Heres my advice that worked out perfectly and did not cause me to get into a bidding war.

Constantly check for new listings...you can do this on your own with Redfin and Zip Realty....I always saw the new listing before my realtor sent them to me.

When you see one you really like go look at it asap....and if you like it put an offer on it asap.

IMO...the offer is the best play you can make to not over pay but yet get what you want.

Lets say they are offering $175,000..you should already have a good understanding where its going to come in appraisal wise...comps can help with that and lets say its only showing $170,000

I would offer $180,000, contingent to the appraised value....the cash buyers I"ve come up against never offer above market price....they expect to pay a little under by offering cash.

In both of my buys the seller took my offers over the cash buyers because they wanted the extra money.

In both cases the houses appraised for less(one by 11k and one by 8k).....almost exactly where I thought they would be.....on one house I gave a few extra thousand but on the second not one cent more.....both were accecpted by the seller....but you better be able to live with the full offer price if it comes in high...so far that hasn't been the issue in Phoenix.

The best part of doing it this way is that you elimate everyone from the negotiations except you and the seller and stops the bidding war.....the few times I realized I was going to be part of the bidding war I walked away..not worth it...hope this helps.
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Old 08-04-2012, 12:02 PM
 
Location: Scottsdale, AZ
11 posts, read 10,574 times
Reputation: 21
Quote:
Originally Posted by sarichter View Post
I wouldn't rush into things. It's a home, not a stock... you'll find one eventually. Before I purchased my condo in 2008, it took me about 1 1/2 years to get where I was.

There really is substance to the saying 'all good things come to those that wait'.
I agree with that saying and would rather take my time, but prices are moving up so fast. I'm concerned that what I can afford today will be out of my reach in 6 months. I wonder if or when the housing market here will level out and prices will stop jumping up so quickly. Does anyone have an educated guess?
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Old 08-04-2012, 12:12 PM
 
188 posts, read 188,656 times
Reputation: 108
Quote:
Originally Posted by evrluv View Post
I agree with that saying and would rather take my time, but prices are moving up so fast. I'm concerned that what I can afford today will be out of my reach in 6 months. I wonder if or when the housing market here will level out and prices will stop jumping up so quickly. Does anyone have an educated guess?
That's the position I took and then the bottom fell out of the market They will level out when the prices come back to a normal level (equivalent to other cities of our size and amenities). Phoenix was undervalued for a VERY long time and that 'gold rush' with prices really put the exclamation point on that idea! Once investors stop flooding the market with cash, prices and sales will level out. I would think between $120 and $140 per square foot would be a 'normal' level in the city limits. In the suburbs, I don't know because I never had any interest in suburbs so I can't guess.
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