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Old 04-03-2012, 08:42 PM
 
Location: Santa Fe, NM/San Diego/Phoenix
406 posts, read 532,265 times
Reputation: 187
Quote:
Originally Posted by ReadyFreddy View Post
I theorize that people having zero or neg. house equity is contributing to the divorce rate. The less assets you share, the easier it is to walk away. If you're starting over from scratch and all anyway, y'know?
So much for....."for better, for worse, for richer, for poorer, in sickness and in health, until death do us part".
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Old 04-04-2012, 11:59 AM
 
Location: Living on the Coast in Oxnard CA
10,007 posts, read 12,875,766 times
Reputation: 11464
Quote:
Originally Posted by ReadyFreddy View Post
I theorize that people having zero or neg. house equity is contributing to the divorce rate. The less assets you share, the easier it is to walk away. If you're starting over from scratch and all anyway, y'know?
I would hope that wouldn't be the case. Seems that other issues would be at fault with a divorce. People still need to have a home over their head. Seems that a decline is a great starting point to work harder at keeping a marriage together. From what I have heard that is what they did in the old days.

On a side note my parents have told me that a few homes in their neighborhood have sold and the sales price is up. I think in 2010 prices had plunged to under $100,000 near them with one home selling for $89,000 on there street back then. Last month a home on there street sold for $125,000, or so I was told anyway.
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Old 04-06-2012, 11:42 PM
 
360 posts, read 263,724 times
Reputation: 413
Thought I would give you a update on our recent trip to Phoenix house hunting. The first house we looked in Tolleson had 11offers the next day. We put offers on 3 houses, one in north Glendale it was an approved short sell that the buyer couldn't qualify, one in surprise and one in Marley park both regular sales.

The glendale house had multiple offers above asking price, they were only going to consider cash offers.

The surprise home was a flipper house and it was about 30k over nearby comps.

Our offer on the Marley park house was accepted out of multiple offers, we close in 30 days.

The market is definately moving, the challenges will be for the appraisals to keep up...we are very happy with Marley park even though we had to pay above the going comp prices for it.
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Old 04-07-2012, 12:10 AM
 
Location: USA
3,916 posts, read 5,904,693 times
Reputation: 2049
What you're experiencing is what az business magazine is saying...

Quote:
The inventory of single-family homes for sale under $250,000 (without a contract already) is less than 25 days of supply.
Short Supply, Rising Prices In The Phoenix Area Housing Market - AZ Now Biz

I know im tired of this foreclosure/short sale game. I just want to live somewhere where im not forced to show strangers my home or that i've been paying on an empty mortgage for 6 months. Another thing i've noticed is a sharp increase in rent prices...
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Old 04-07-2012, 07:38 AM
 
Location: Gilbert - Val Vista Lakes
6,066 posts, read 7,950,950 times
Reputation: 3656
Quote:
Originally Posted by shiphead View Post
What you're experiencing is what az business magazine is saying...

Short Supply, Rising Prices In The Phoenix Area Housing Market - AZ Now Biz

I know im tired of this foreclosure/short sale game. I just want to live somewhere where im not forced to show strangers my home or that i've been paying on an empty mortgage for 6 months. Another thing i've noticed is a sharp increase in rent prices...
When one rents, they can check to see what the original mortgage amount on a home was, or if, in the case of an investor, they paid cash. Look for the home where the owner has a lot of equity so they won't be a candidate for a short sale.

What I liked about that article is the first statement: "Are we actually seeing the start of a housing shortage in the Phoenix area?..."

We've had the shortage for some time now, and it only became severe around 7 months ago.

The public is still not aware of the shortage. Yesterday, an acquaintance in my community who noticed the signs on my 2 listings in the community called to ask how the RE market was doing. He was surprised to learn that it has turned around and is improving.
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Old 04-07-2012, 08:56 AM
 
Location: Dallas, Oregon & Sunsites Arizona
7,747 posts, read 5,642,151 times
Reputation: 2274
Prices are going up. Some of them are at almost half what the value was a couple of years ago.
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Old 04-07-2012, 09:51 AM
 
131 posts, read 165,832 times
Reputation: 191
It is what it is...But the good news is that prices are going up and inventory is going down.
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Old 04-07-2012, 10:03 AM
 
Location: Sonoran Desert
16,452 posts, read 19,341,559 times
Reputation: 8549
Quote:
Originally Posted by Steve Pickering View Post
Prices are going up. Some of them are at almost half what the value was a couple of years ago.
You have to keep in mind that the boom peak prices were way, way off the normal appreciation trendline. Those prices were unsustainable. Prices should eventually return to what they would have been at this time had the boom peaks never occurred. That is, roughly, 30-50% above what they are now. And one day, they will get back to and stay at what they were at the boom. But that will be due to wage inflation/affordability and not overheated demand. Right now, though, an imbalanced market is accelerating the return to normalcy.
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Old 04-07-2012, 11:23 AM
 
3,682 posts, read 2,973,970 times
Reputation: 2513
Quote:
Originally Posted by jdahunt View Post
Our offer on the Marley park house was accepted out of multiple offers, we close in 30 days.

The market is definately moving, the challenges will be for the appraisals to keep up...we are very happy with Marley park even though we had to pay above the going comp prices for it.
Good for you jdahunt! Assuming you bought in Surprise, I figured you were going to buy in Marley Park. I'm also not surprised you had to pay over asking.
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Old 04-07-2012, 11:34 AM
 
202 posts, read 147,114 times
Reputation: 98
Quote:
Originally Posted by MN-Born-n-Raised View Post
Good for you jdahunt! Assuming you bought in Surprise, I figured you were going to buy in Marley Park. I'm also not surprised you had to pay over asking.
Congrats Jda. I hope everything works out smoothly for you guys!
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