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Old 10-30-2012, 05:24 AM
 
Location: Gilbert - Val Vista Lakes
6,069 posts, read 14,773,863 times
Reputation: 3876

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Quote:
Originally Posted by Friend of Sonic View Post
I'm glad to hear things might even out a little-- I might have to resume the search in 2013 for a home. I miraculously got in on a shortsale in March, but unfortunately the bank who has the loan on the home is too crooked to do the right thing for the seller. HUD is on their case, and we're doing what I can only surmise as a "proper" shortsale packet, since Metlife never bothered to correct any of us. Trying to get a home earlier in 2012 was way too discouraging-- it was near impossible, so I just gave up, outside of this short sale.

I did however get chinese for lunch, cracked open my fortune cookie, and saw a wonderful fortune.

"Good news of a long-awaited event will arrive soon."

If that's not about the short sale, hopefully that's about the Phoenix Suns reaching the finals...
Confucius say, "Good things come to those who wait"
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Old 11-02-2012, 08:34 PM
 
384 posts, read 595,769 times
Reputation: 837
The caution that buyers need to adhere to is not getting into the mindset that they are chasing a snowball down a hill that will only get bigger and bigger unless they pull the trigger and buy. That kind of desperate buying frenzy is what helps to jump start artificially inflated markets.

The Phoenix market was so beaten down it was due for a bounce, especially with historically low interest rates.

I have noticed recently that there are a growing number of sellers who are listing their homes considerably higher than comparable sales and other listings in their area. I guess they all figure they will meet that one buyer who is completely uninformed.
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Old 11-03-2012, 11:01 AM
 
Location: Rural Michigan
6,343 posts, read 14,676,901 times
Reputation: 10548
Quote:
Originally Posted by cy_flembeck View Post
The caution that buyers need to adhere to is not getting into the mindset that they are chasing a snowball down a hill that will only get bigger and bigger unless they pull the trigger and buy. That kind of desperate buying frenzy is what helps to jump start artificially inflated markets.

The Phoenix market was so beaten down it was due for a bounce, especially with historically low interest rates.

I have noticed recently that there are a growing number of sellers who are listing their homes considerably higher than comparable sales and other listings in their area. I guess they all figure they will meet that one buyer who is completely uninformed.
Or they're offering the *one* chance to buy in a given neighborhood. The subdivision I live in hasn't had *any* properties sold in a year. The news says the values have went up "34%", but from what? 2011 pricing? 2000 pricing? 1987 pricing?

It's really hard to value properties when there are shorts out there from a year ago still trickling through as "comps", even though they were never really on the open market.

In the neighborhood where my rentals are - just going back to January, there are model-match homes that closed from $76k, to $148k. These are the same floor-plan, within a couple of blocks from each other. One is a trashed-out short-sale that was on the market for less than 24 hours, one is a nice, well-maintained & fully-rehabbed home. To be honest, I'm not certain that I could make the $76k short look as good as the rehabbed home, even with a $74k budget... and it's a moot point, because I couldn't have bought the $76k home anyway.. it appears to have been an "insider" deal, that closed and flipped immediately again at $100k (with multiple offers!?!)..

If you're trying to *sell* in that neighborhood, you're looking at a sale of a dump at $100k with *multiple offers*, and your buyer is looking at the "comp", which is the same house, selling at $76k right before that... if you do get a buyer at $148k, their banker in going to give them problems with the loan.

If you're a buyer, you're looking for more $76k "deals".. and it ain't happening unless you're an insider..

I'm glad I don't have to buy or sell right now...

Last edited by Zippyman; 11-03-2012 at 11:18 AM..
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Old 11-03-2012, 12:02 PM
 
Location: Casa Grande, AZ (May 08)
1,707 posts, read 4,339,621 times
Reputation: 1449
All I can add to this discussion is my Casa Grande view, which I havent provided too much of late - a year ago there were 85 SFRs listed for sale according to my search criteria that I ve run daily for years in my zip code. Today there are 195!!!! Yes, listing prices are way up from that year ago bottom - but the supply is getting very high down here again....prices will have to compensate lower, or sellers will just have to pull the properties off the market until a later date.

Still, this is not as bad as the 400+ properties we had listed in CG a couple of years ago.....
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Old 12-09-2012, 08:51 PM
 
2,806 posts, read 3,175,870 times
Reputation: 2703
This article from the Phoenix Business News proves again my pov that the Phoenix RE market in particular and the US RE market in general are a stinking deal. While I think the China frenzy is now close to that of Japan in the 1980s and will crash and burn at some point just as much, the valid conclusion is that for foreigners it is super cheap to buy into the Phoenix RE market. For the same place in Germany in proximity to a Fortune 500 company we would have to pay 5 times as much in PITI as here. You read correct- 5 times! It is unreal. Now, if we get a decent economy with higher median wages going here, it would be perfect...

Chinese buying up US homes - Phoenix Business Journal
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Old 12-10-2012, 09:32 AM
 
2,773 posts, read 5,722,192 times
Reputation: 5089
Quote:
Originally Posted by Potential_Landlord View Post
This article from the Phoenix Business News proves again my pov that the Phoenix RE market in particular and the US RE market in general are a stinking deal. While I think the China frenzy is now close to that of Japan in the 1980s and will crash and burn at some point just as much, the valid conclusion is that for foreigners it is super cheap to buy into the Phoenix RE market. For the same place in Germany in proximity to a Fortune 500 company we would have to pay 5 times as much in PITI as here. You read correct- 5 times! It is unreal. Now, if we get a decent economy with higher median wages going here, it would be perfect...

Chinese buying up US homes - Phoenix Business Journal

The article you refer to is alarmist nonsense from Fox: "Chinese buyers lead foreign investment in US housing market." However, the only data provided was from the NAR (which should always be questioned) and stated that Canadians, not the Chinese, are the largest foreign buyers. Moreover, why is foreign investment a bad thing?

I'm no bull or bear on US real estate, but pointing to some 5th grade level "news" report from Fox to "prove" that Phoenix and the US markets (as if they are all the same) stink, is quite the stretch to say least.
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Old 12-10-2012, 09:36 AM
 
175 posts, read 491,496 times
Reputation: 141
I would not be so jumping for joy. I'm from Canada and the Chinsese have been buying in the Vancouver area for a few years now and pumping up prices so high, the locals can no longer afford homes. Average prices in Vancouver are about $750,000 and Chinese investors bought many of them to rent out a loss thinking they would apprecite in the future.
All of a sudden they have shifted their investment stategy and homes sales have dropped over 30% year over year.
The chinese are no longer buying and Vancouver Housing Bubble is busting, probably experiencing something like Arizona did in 2007-2009.
Yes short term if the Chinese are buying with their corrupted money, home prices are goingto skyrocket, but when they leave, it's not going to be pretty.
Slow and steady always wins the races.....
Check out what is happing right now in the Vancouver area....
https://vancouverpricedrop.wordpress...cember-3-2012/
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Old 12-10-2012, 01:02 PM
 
654 posts, read 1,495,592 times
Reputation: 733
Quote:
Originally Posted by miran View Post
I would not be so jumping for joy. I'm from Canada and the Chinsese have been buying in the Vancouver area for a few years now and pumping up prices so high, the locals can no longer afford homes. Average prices in Vancouver are about $750,000 and Chinese investors bought many of them to rent out a loss thinking they would apprecite in the future.
All of a sudden they have shifted their investment stategy and homes sales have dropped over 30% year over year.
The chinese are no longer buying and Vancouver Housing Bubble is busting, probably experiencing something like Arizona did in 2007-2009.
Yes short term if the Chinese are buying with their corrupted money, home prices are goingto skyrocket, but when they leave, it's not going to be pretty.
Slow and steady always wins the races.....
Check out what is happing right now in the Vancouver area....
https://vancouverpricedrop.wordpress...cember-3-2012/

The Chinese are smart they leave before the ship sinks, don't blame them for the RE problems. How ever I don't think there is a bubble in Vancouver but it is in for a big correction, as unemployment is high and gloom is on the horizon for BC. The BC Interior and Okanagan has already taken a big hit in RE prices as people no longer are interested in BC vacation property (Kelowna). Everybody went south to Arizona.

The BC government is about to take a drastic swing to the left which will take a big swipe at the economy and foreign investment. The No Damn Prosperity party is saying no to any new industry development. Unemployment is already on the rise and the mass exodus to Alberta continues.
Phoenix is not in the same situation as BC/Vancouver.
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Old 12-12-2012, 06:04 AM
 
Location: LEAVING CD
22,974 posts, read 26,996,167 times
Reputation: 15645
Quote:
Originally Posted by cy_flembeck View Post
The caution that buyers need to adhere to is not getting into the mindset that they are chasing a snowball down a hill that will only get bigger and bigger unless they pull the trigger and buy. That kind of desperate buying frenzy is what helps to jump start artificially inflated markets.

The Phoenix market was so beaten down it was due for a bounce, especially with historically low interest rates.

I have noticed recently that there are a growing number of sellers who are listing their homes considerably higher than comparable sales and other listings in their area. I guess they all figure they will meet that one buyer who is completely uninformed.
We've kind of seen that out here and for what it's worth it looks like the market has slowed unless it's a distress sale of one sort or another. Those $130k 2000+sqft houses are still selling quick and trickle on the market still so that's not helping either.
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Old 12-13-2012, 04:36 PM
 
2,806 posts, read 3,175,870 times
Reputation: 2703
Quote:
Originally Posted by Burning Madolf View Post
The article you refer to is alarmist nonsense from Fox: "Chinese buyers lead foreign investment in US housing market." However, the only data provided was from the NAR (which should always be questioned) and stated that Canadians, not the Chinese, are the largest foreign buyers. Moreover, why is foreign investment a bad thing?

I'm no bull or bear on US real estate, but pointing to some 5th grade level "news" report from Fox to "prove" that Phoenix and the US markets (as if they are all the same) stink, is quite the stretch to say least.

No - Phoenix does not "stink" it is a "stinking deal". Guess that idiom does not exist? Hey, I'm a foreigner and English is my second language. What I wanted to say is compared internationally, Phoenix RE prices are super-cheap. No wonder that foreigners buy into it. I agree it's good. I also take Fox News as purely contrarian. When they say something is bad, it's usually good and vice-versa.
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