Another Queen Creek question.. (Phoenix, Mesa: real estate, mortgage, loan)

[thegirlinaz]

I know there have been several questions like this before (I have read through many threads), but I am going to post anyways, so I apologize if I am repeating the same thing.

My boyfriend and I are looking to buy our very first home. We are young and don't have a whole lot of money, so we are considering moving to queen creek. I have done much research and found I want to live north of hunt hwy (like Cambria or Pecan Creek) so I don't have to deal with traffic as much. I work in East Mesa and he works in Sacaton. (the commute will be like an hour during rush hour, right?)

So my question is, is this a good time for a first time home buyer if we are planning on living there minimum 5 years? Do you think more commercial buildings will be built in the next few years?

Any advice would be helpful, this is such a large decision and a huge investment, I just want to know your positive or negative thoughts.

[mortimer]

thegirlinaz

> ... considering moving to queen creek. ... I work in East Mesa and
> he works in Sacaton. (the commute will be like an hour ... right?)

For your work locations, you're one of the few people for whom Queen Creek is likely to work. Those working in Tempe, Phoenix, Chandler have a much harder time of it. Depending on where in East Mesa it should be less time than an hour - maybe much less.

As always, the best idea is to go to the house location at rush hour and drive to the work location. If you have to get up at 4 am to do this, it's worth it. Then, do it again for the evening commute. Pick the worst time and if you can't live with it, don't buy the house.

> ... is this a good time for a first time home buyer if we are planning on living there minimum 5 years?

It's a good time if you have at least 5% to put down and you can afford the mortgage on only one salary. If not, you are overextending yourself and it's not a good time.

> Do you think more commercial buildings will be built in the next few years?

Yes, but what's that got to do with a purchase of a house?

[IMoveU]

It's a great time; you and your boyfriend are indeed fortunate to have jobs that keep you out of the commute so many in that area have to endure. There are some down-payment and financing incentives offered by a few home builders in the area along with some spectacular price incentives. Also, FHA has just increased loan limits to $346,500 and are allowing seller contributions through a program called Nehemia. There is not a viable 100% financing option that I'm aware of (unless underwritten by a builder) because of the current "declining market" 5% additional downpayment requirement from FHA.

Queen creek will continue to build out commercially although it will be slow until consumer confidence starts to pick up again which will bolster commercial developer confidence.

In the mean-time you may have a bit of a drive for mall-type shopping (San Tan Village, etc.) and entertainment. On the positive side...Az is a growth state and until that changes real estate will be a great long-term investment.

[filly girl]

Originally Posted by mortimer

thegirlinaz

> ... considering moving to queen creek. ... I work in East Mesa and
> he works in Sacaton. (the commute will be like an hour ... right?)

For your work locations, you're one of the few people for whom Queen Creek is likely to work. Those working in Tempe, Phoenix, Chandler have a much harder time of it. Depending on where in East Mesa it should be less time than an hour - maybe much less.

As always, the best idea is to go to the house location at rush hour and drive to the work location. If you have to get up at 4 am to do this, it's worth it. Then, do it again for the evening commute. Pick the worst time and if you can't live with it, don't buy the house.

> ... is this a good time for a first time home buyer if we are planning on living there minimum 5 years?

It's a good time if you have at least 5% to put down and you can afford the mortgage on only one salary. If not, you are overextending yourself and it's not a good time.

> Do you think more commercial buildings will be built in the next few years?

Yes, but what's that got to do with a purchase of a house?

Now is an excellent time to buy. If you qualify for an FHA loan you can have your 3% downpayment and up to 3% closing costs paid for through a program called AmeriDream or Neimah. (downpayment assistance programs). Additional costs would be your home inspection costs. If you have questions regarding future building plans for the city of Queen Creek, contact the city's Planning Dept. Ask what the 3 year general plan is for the location you are concerned about. Moderator cut: solicitation

[azjack]

" If you have questions regarding future building plans for the city of Queen Creek, contact the city's Planning Dept."

The Town of Queen Creek is probably not where they are looking to buy. It is the unincorporated Queen Creek area of Pinal County where most of this new housing is. Its infrastructure is woefully behind and will not improve substantially during a recession.

Purchasing a house there now is an extremely risky proposition.