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Old 04-24-2015, 01:52 PM
 
296 posts, read 361,977 times
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My husband and I have decided to start seriously looking for houses very soon in and around Tempe but we want to determine the best timing.

One of our challenges right now is that our lease on the property we are renting is very strict. Our lease ends on August 13, 2015. We are required to give 60 days written notice to our corporate landlord of intent to move out. We are required to pay to the end of our lease and there are no clauses for early termination or prorated rent. So we have to give official intent of moving by June 13th, but we also can not get out of our lease early.

From our understanding (please correct us if we are wrong) with mortgages we pay for the month past. So if we close in July we would pay for the interest from close to the beginning of August and then at the beginning of September we would pay for the first payment for the previous month. If this information is correct our absolute ideal closing date would be as close to the end of July as possible (but not in August when real estate law changes.) We are prepared for some overlap between mortgage/interest payments and rent, but the house would need to be amazing for us to consider a closing date earlier than the beginning of July (month overlap in payments in our estimation.) Have we got this straight?

We do understand that closing date is something that is negotiable. What we don't know is how negotiable that closing date is for houses in or near Tempe (180K to 240K). 30 days? Less than that? More? I know that this varies by seller, but we need to determine when we realistically can start making offers on houses if we want to close in July.
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Old 04-24-2015, 02:15 PM
 
4,619 posts, read 9,225,654 times
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30-45 days is typical. If the property is vacant the listing agent/seller will push for 30 days max. If the home is occupied and the seller hasn't found another home, 45-60 days can happen. You have a 10-day inspection period before your earnest money goes hard. Get a Realtor.
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Old 04-24-2015, 04:55 PM
 
Location: Chandler
1,533 posts, read 1,585,981 times
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Price range will play a huge factor too. $175-250,000 is hot, hot, HOT! Back to seeing multiple offers again.
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Old 04-24-2015, 05:34 PM
 
1,567 posts, read 1,940,379 times
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Not right now, some of the prices seem inflated. I think tax return season brought out a lot of buyers. We bought our house in November\December, we had no competition and prices dropped a lot from summer prices. Any realtor you ask will always say the best time is now, it's not.

If I remember right the Zestimate price for our house always drops in July\August so that might be an okay time too.
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Old 04-24-2015, 08:33 PM
 
498 posts, read 540,351 times
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Quote:
Originally Posted by AZPam View Post
Price range will play a huge factor too. $175-250,000 is hot, hot, HOT! Back to seeing multiple offers again.

LOL says the relator. Never a bad time to buy a house! Funny how houses I've been watching take 60 days to sell and if they do sell are let go below asking price. It's "brisk" as they say. So is swimming in an outdoor pool when it's -40.

Now seriously it is a good time to buy, not because the market is "HOT" (says a relator..which it's not) but the threat of higher interest rates is on the horizon and house selection is high and prices are still low. (lower than last year).

So take your time and find something you really like.
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Old 04-25-2015, 12:28 AM
 
Location: Phoenix
640 posts, read 950,155 times
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Quote:
Originally Posted by Wally Sconce View Post
LOL says the relator. Never a bad time to buy a house! Funny how houses I've been watching take 60 days to sell and if they do sell are let go below asking price. It's "brisk" as they say. So is swimming in an outdoor pool when it's -40.

Now seriously it is a good time to buy, not because the market is "HOT" (says a relator..which it's not) but the threat of higher interest rates is on the horizon and house selection is high and prices are still low. (lower than last year).

So take your time and find something you really like.
I'm not a realtor, I'm not in the market to buy a house, and not selling anytime soon so I don't have a horse in this race. But, you are saying it is a good time to buy a house, and AZPam was as well. So why is it ok for you to say buy now, but not a realtor? Just curious.
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Old 04-25-2015, 05:50 AM
 
498 posts, read 540,351 times
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Quote:
Originally Posted by phx1205 View Post
I'm not a realtor, I'm not in the market to buy a house, and not selling anytime soon so I don't have a horse in this race. But, you are saying it is a good time to buy a house, and AZPam was as well. So why is it ok for you to say buy now, but not a realtor? Just curious.

Read the second line in my post.
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Old 04-25-2015, 07:07 AM
 
9,675 posts, read 11,037,120 times
Reputation: 8386
Quote:
Originally Posted by Wally Sconce View Post
LOL says the relator. Never a bad time to buy a house! Funny how houses I've been watching take 60 days to sell and if they do sell are let go below asking price. It's "brisk" as they say. So is swimming in an outdoor pool when it's -40.

Now seriously it is a good time to buy, not because the market is "HOT" (says a relator..which it's not) but the threat of higher interest rates is on the horizon and house selection is high and prices are still low. (lower than last year).


So take your time and find something you really like.
Wally. I'm not a Realtor. But it is an absolute FACT that there are currently multiple offers happening at the $200K price points. No need to be so brash and "LOL". It's not as if AZPam is trying to convince the OP to buy from her.

Since 2009 and the false start of the housing recovery, there has been a bi-polar surge in sales. Hot, then not. I can see building going on EVERYWHERE and the model homes are busy with activity. Yes. The market is HOT right now. Click on Show Me the Data – Altos Research . It's forward looking. You will see housing has gone up $9 a square foot since the beginning of the year in Tempe. what that also says is the OP won't be able to find squat in that price point.

The reason? That's easy: Boomerang buyers ( google it). And there are a lot of them in AZ and this is JUST the 1st wave. I know you want to think AZ housing is going to crash because the Canadian dollar is so weak. Nope. As AZPam said, it is currently hot. I assumed this was going to happen one day (Boomerang buyers) and it is happening as we speak. The fear of higher rates is the other reason that activity is brisk. The Boomerang buyers got screwed leaving the PHX RE market and now they are getting screwed coming back in. Chin up, your home is going up in value (really).

It will be interesting to see what happens to people who want to rent. Boomerang buyers want to buy and will be leaving the rental pool. Maybe those homes will then come up for sale. I'm not so sure I'd be putting us so many spec homes if I was a builder.
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Old 04-25-2015, 08:12 AM
 
498 posts, read 540,351 times
Reputation: 883
Quote:
Originally Posted by MN-Born-n-Raised View Post
Wally. I'm not a Realtor. But it is an absolute FACT that there are currently multiple offers happening at the $200K price points. No need to be so brash and "LOL". It's not as if AZPam is trying to convince the OP to buy from her.

Since 2009 and the false start of the housing recovery, there has been a bi-polar surge in sales. Hot, then not. I can see building going on EVERYWHERE and the model homes are busy with activity. Yes. The market is HOT right now. Click on Show Me the Data – Altos Research . It's forward looking. You will see housing has gone up $9 a square foot since the beginning of the year in Tempe. what that also says is the OP won't be able to find squat in that price point.

The reason? That's easy: Boomerang buyers ( google it). And there are a lot of them in AZ and this is JUST the 1st wave. I know you want to think AZ housing is going to crash because the Canadian dollar is so weak. Nope. As AZPam said, it is currently hot. I assumed this was going to happen one day (Boomerang buyers) and it is happening as we speak. The fear of higher rates is the other reason that activity is brisk. The Boomerang buyers got screwed leaving the PHX RE market and now they are getting screwed coming back in. Chin up, your home is going up in value (really).

It will be interesting to see what happens to people who want to rent. Boomerang buyers want to buy and will be leaving the rental pool. Maybe those homes will then come up for sale. I'm not so sure I'd be putting us so many spec homes if I was a builder.
No, I don't think it's going to crash nor do I want it to. I keep hearing about the RE market is "BOOMING" yet I see ZERO evidence of it . . Prices and sales were higher last year. The market is flat.
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Old 04-25-2015, 08:28 AM
 
584 posts, read 1,335,145 times
Reputation: 476
One of the two zip code in Goodyear where i live inventory of older and new homes at 379 just 4,5 months ago now down at 261. Look at days on market and pending you would be shocked to see how fast homes are selling.

The amount of traffic increasing everyday in some of the main roads with out of state plates here in Goodyear will tell you there will be a lot more coming. People, housing, prices, commercial buildings and everything in between.
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