Real Estate in Phoenix & Surrounding (Surprise, Queen Creek: foreclosure, work, new home)

[LBear]

With the foreclosure rate hitting all-time records, is there any good home deals out there? I read there are new homes (1 year old) that are being foreclosed on & that they are selling for 35% under what they sold for 1 year ago.

For those out in Phoenix, is this true?
If so, where can I find these homes?

[Captain Bill]

A lot of this is going on in Queen Creek, Surprise, Maricopa and other areas where there was a lot of overbuilding.

While you can buy a new home in these areas for a bargain price, you must consider your objectives.

Are you looking for a home to live in? If yes, then you need to determine where you will work and how long you expect to be in the home. If you're going to work near Surprise then you would consider buying there. Home prices are still declining in the harder hit areas and it will be tough to sell within a few years and recoup your money.

If you're looking to invest, then you have to sit down and consider your investment objectives and exit strategy prior to buying an investment strategy.

[DrewIzzo]

Word to the wise. When prices are too good to be true | Inman News


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