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Thread summary:

Buying: flooded market, zero closing costs, insane HOA, condo conversion, honest realtor, integrity

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Old 10-27-2007, 02:55 PM
 
343 posts, read 35,631 times
Reputation: 44
As inventory builds up, so do the prospectful new buyers. People are still moving here and houses are filling up with renters. Something will have to give because I'm hearing WAY too many people sitting on the fence wanting to jump but just don't know when. Fed cutting rates generally take 12-18 months to take hold on the economy and we are seeing mortage rates come down ever so slightly. The feds will decide again on a rate cut Wednesday, Halloween. They want to keep people borrowing to move the economy along. No need to rush, but now is a good time to see what you like.
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Old 10-31-2007, 04:35 PM
 
35 posts, read 70,306 times
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THX for all the info, this is a real good thread!
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Old 10-31-2007, 04:43 PM
SMG
 
Location: Gilbert
347 posts, read 483,365 times
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Quote:
Originally Posted by sierraAZ View Post
... Nobody whose livelihood depends on sales can be honest about them. Not a realtor, not anybody in any sales field. OK, perhaps some have a bit more integrity than others.
That may be one of the most ignorant comments I have ever read. Millions of people whom you do not know are in the sales field...you want to bluntly categorize all of them?
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Old 10-31-2007, 10:41 PM
 
3,632 posts, read 10,870,725 times
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Quote:
Originally Posted by Captain Bill View Post
Calling all realtors and salespeople dishonest is an insult and completely untrue. A generalization like that against any profession is absolutely uncalled for.

I happen to take pride in being straight forward and completely honest with my clients. That means telling them what they need to hear, rather than what they want to hear. It means turning down their business rather than promising that I can sell their home at an inflated price they think their home is worth.

The NAR has a Code of Ethics that is a very high standard, and which I comply with out of respect for my profession and my fellow colleagues; for the protection of my clients; and for my own protection.

Bill
I agree. Aren't ALL businesses in sales in one form or another?? Hello? We make money when someone buys something from us (or the company we work for). If no one buys, we will eventually lose our jobs.
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Old 10-31-2007, 11:03 PM
 
2,039 posts, read 4,325,395 times
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Quote:
Originally Posted by Captain Bill View Post
Unless one is an investor, the rule in real estate is to "buy and hold". Buying and holding real estate is a great way to build wealth.

Buying to turn in one or two years is a risk that only experienced investors should take. The average home buyer should plan to buy a property as a "home" and live there for 6 or more years. 6 years is the national average.

The best time to "sell" is when the market is going up, and the inventory is low. One should not wait for the "top" because when you see it's the top it will already be on the way down.

The best time to "buy" is when the market is down, and the inventory is high. That is the situation today. One should not wait for the "bottom" because the only way to recognize a bottom is after the prices have risen. So, after the prices have risen, and people recognize that the bottom has passed, there will be more competition from other buyers.

While we do not know when the market will turn around, we do know that if buyers wait until the market does turn around, the ones who wait will pay a higher price. The average buyer will not know that the market has turned around until they find they have to pay a higher price for the home they're looking for.

There are a lot of bargains out there today, and the smart buyers are buying them now because they have very little competition. If you are going to buy a home and keep it for the normal holding period of 6 years or longer, then you should not be affected by any further slide in the market. Over the period of 6 years you will most likely see an average of 3%+ per year increase in value. If you stay in your rental, you will see no increase, and you have no interest tax write off.

Because it's a buyers market right now, you have the advantage of being able to take your time to look and find the right area, the right property, and negotiate the right price.

We're getting a lot of people from Canada buying property in our area now. On Sunday my Canadian buyer signed a contract for a home listed at $1,295,000 and is paying cash. (They can't write interest off their taxes) He said that with the increase in the value of their dollar, that property here is very cheap for them now. He is recommending to all his friends that they come here to buy. (We had competition for this house. There was another offer and we had to negotiate hard to get the deal.) A home just two houses away and listed at $1,395,000 sold the same weekend.

Last week I sold another home in the same master community listed at $339,000 to a young couple who felt that this was the best time to buy -- home prices are low and interest rates are low.

I'm working with 5 other buyers who are taking their time to find the exact right property for them. We'll find them soon.

The smart ones are buying now because they know that with the continuous influx of people relocating to Phoenix that the market will turn around and they will have bought "near" the bottom. The're not concerned with trying to time the "bottom" because they know they can't.

If you listen to what the TV media is saying, and the people who are repeating what that media is saying, you will always miss the top and the bottom. One can not time the market, except with some exceptional luck.

When the news becomes no longer "sensational" (the bubble has burst -- sub-prime lenders are going bankrupt -- foreclosures are up, etc) the press will stop reporting. They will not report good news because it is the sensationalism that attracts viewers and increases their ratings.

Interview a couple of realtors and choose one that you feel comfortable working with. The agents who contribute to this site are here to provide information for people to use. Check out the profiles of the agents on this forum and visit their web sites. You'll be able to find one that you'll be comfortable with.

Bill
Spoken like a true realtor!
Look around. Take your time (you have months to follow the market) and if you find something you love in an area you are sure of, go for it. I suggest the east valley or FAR west valley. Alice Proski is a great realtor and is a buyers only realtor. If I remember correctly, you are from San Diego. You're certainly within a days drive. Most people from California seem to stick around. I'd say go for it. Good Luck!
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Old 11-01-2007, 12:28 AM
 
25,085 posts, read 8,543,127 times
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If I were going to purchase a house in the near future I would wait and see what the market is like next year. Interest rates may go down. There are so many people trying to sell their houses now, but they have no buyers. The prices are going to have to come down. I don't thing the fires in CA will have much impact on the market most of those people like CA have good insurance and the resources to rebuild. Even if u wait and prices don't drop, they are not going to increase by much. Afterall it is still a buyers market. Good luck with your decision.
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Old 11-01-2007, 09:37 AM
 
35 posts, read 70,306 times
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Quote:
Originally Posted by sun queen View Post
If I were going to purchase a house in the near future I would wait and see what the market is like next year. Interest rates may go down. There are so many people trying to sell their houses now, but they have no buyers. The prices are going to have to come down. I don't thing the fires in CA will have much impact on the market most of those people like CA have good insurance and the resources to rebuild. Even if u wait and prices don't drop, they are not going to increase by much. Afterall it is still a buyers market. Good luck with your decision.
Yes I know that the market will come down, I keep seeing people that will not sell there house less than (say) $220,000. even though its appraised at $200,000 and they bought it at $135,000 back in 2000. its like people just cant let go or (I don't want to say it) greedy.

I would love to pounce on some of these deals but I have extremely bad credit. I lost my job but still had bills... credit card, need money... I don't wannna get in to it. I want to know If there are any good credit repair places/ agencies that help you an a personal level and is reasonable in pricing. one of the reasons why I moved out here was getting a better job and giving my son a nice house and a front/back yard to grow up in.
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