House for under $200,000?? (Phoenix, Tucson, Buckeye: real estate, foreclosures, rental homes)

[_Charles_]

This is the calm before the storm. Repos in the Valley are about to go into overdrive. 1st Quarter of '08, there will be killer deals all over the place.

[MotleyCrew]

Charles. Could you post the source for your information? Is this from the NAR? Thanks.

[sierraAZ]

Originally Posted by MotleyCrew

Charles. Could you post the source for your information? Is this from the NAR? Thanks.

Well, it only makes sense. Even Phoenix was a bit late to the party (Tucson even more so) and the unveiling of the events is somewhat delayed. Both inventories are going up again... Well, Phoenix's never went down, I believe. It's pretty darn close to population-adjusted all-time high.

Bubble Markets Inventory Tracking: Metro Phoenix Inventory (Sales)

Here's the ARM reset schedule:

bubbleinfo.com - Statistics 2007 - ARM Reset Schedule (http://www.bubbleinfo.com/statistics-2007/2007/3/15/arm-reset-schedule.html - broken link)

Oh, forgot the stats from the NAR!

[joulees]

I'm from out of the country - so the answer may seem obvious to locals, but when a house is listed at $200,000 - is that what the seller is expecting to get, or is there generally a lot of room to negotiate. It's not uncommon where we currently live to get above asking price.

[sablebaby]

Originally Posted by joulees

I'm from out of the country - so the answer may seem obvious to locals, but when a house is listed at $200,000 - is that what the seller is expecting to get, or is there generally a lot of room to negotiate. It's not uncommon where we currently live to get above asking price.

That is usually what they want to get. You can offer a little less and see what they say.

[sierraAZ]

Originally Posted by joulees

It's not uncommon where we currently live to get above asking price.

It wasn't uncommon here, either, while this whole mess was being created. Now the chance of getting the (keyword) first asking price is slim to none (if they get any offers). The stats about what percentage of the asking price the sale price is are totally worthless because it takes into account the last listing price, which has been reduced numerous times. Of course, if a house is priced right to begin with and is in a good condition, it may not need price reduction, but most likely still won't get a full offer.

[Gretchen B]

Full price offers are very rare, unless a home is significantly underpriced when it hits the market. There have been a couple up in my area, and they sell within a day or two. Other than that, most homes (even ones that are well-priced) are on the market for quite a while and most sellers are usually willing to negotiate on the price.

Joules - have you thought about using a realtor, especially since you're from out of the country? A realtor can inform you about neighborhoods and pricing trends. It won't cost you a thing - they can show you all the houses that are on the market, plus help you negotiate the best price.

[joulees]

Originally Posted by Gretchen B

Full price offers are very rare, unless a home is significantly underpriced when it hits the market. There have been a couple up in my area, and they sell within a day or two. Other than that, most homes (even ones that are well-priced) are on the market for quite a while and most sellers are usually willing to negotiate on the price.

Joules - have you thought about using a realtor, especially since you're from out of the country? A realtor can inform you about neighborhoods and pricing trends. It won't cost you a thing - they can show you all the houses that are on the market, plus help you negotiate the best price.

For sure - once we are ready to make the move we will use a realtor. At this point though we won't be moving until at least spring/summer 2008, so right now we are just doing research.

[Gretchen B]

Originally Posted by joulees

For sure - once we are ready to make the move we will use a realtor. At this point though we won't be moving until at least spring/summer 2008, so right now we are just doing research.

Good idea. Just keep watching the area on Realtor.com. Get some of the Relocation Guides from the various Chambers of Commerce, and "read" the local newspapers online. Arizona Local News - Phoenix Arizona News - azcentral.com That way you'll have a good idea of the various areas when you're ready to start looking.

[MotleyCrew]

I just received an email blast from Taylor Woodrow and they are having a huge inventory sale. The smallest house was under $156,000 and the homes are on really large lots. I did not see where the exact location was, but I am assuming it is Queen Creek or southern Phoenix someplace.