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09-28-2008, 11:14 AM
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Senior Member
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Join Date: Jan 2008
Location: Phoenix!!!!
1,189 posts, read 876,702 times
Reputation: 360
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Quote:
Originally Posted by NiceJohn
If you wait longer, price will drop more, you will save significantly. Do not use judgmental word like no brainer. Thank you.
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So would you have to think long and hard about renting for $1450 a month or buying the same place for $389k in a declining market? Even with 20% down, your mortgage payment would still be more than the rent. Yes, I call that a no-brainer. Call me crazy.
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09-28-2008, 11:16 AM
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Senior Member
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Join Date: Jan 2008
Location: Phoenix!!!!
1,189 posts, read 876,702 times
Reputation: 360
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I can't imagine any bailout will include spec. houses, investment properties, builders or already foreclosed house. The ones we all see in various neighborhoods are way past the point of no-return when it comes to any bailout.
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09-28-2008, 01:37 PM
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Senior Member
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Join Date: Jul 2007
613 posts, read 561,028 times
Reputation: 166
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Quote:
Originally Posted by twiggy
I just think the real issue will be credit but are you watching what's in the bail out plan to help homeowners. This will paint a different picture if it passes. We might want to see what it does. It is designed to give more purchasing power and avoid people having to sell for any less than they already are. There will be more people able to buy and sell if this goes through, and it will change the market quickly. I'm watching what they added to it as I type. I will have to say, this will change a few things. I'll have to wait and see before I predict another down trend.  
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The one thing which will not change is that people will still be upside down on their mortgage no matter what the new payment may be. This is one reason people are mailing back the keys now and bailing out, so I don't expect these people to stay in their houses since "bailing" is now considered "OK" by a large segment of the population.
My bet is that housing will keep going down for a long time because of economic factors as well as buyers not qualifying under the new regs.
altus2006
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09-28-2008, 05:46 PM
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Senior Member
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Join Date: Feb 2008
170 posts, read 153,533 times
Reputation: 31
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What is the impact of 700 billion bailout on the housing price? and interest rate?
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09-29-2008, 01:23 AM
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Senior Member
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Join Date: Feb 2008
170 posts, read 153,533 times
Reputation: 31
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According to the expert online, housing price will go down till next year at least. Renting may make senses now.
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10-06-2008, 10:49 PM
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Member
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Join Date: Sep 2008
Location: Scottsdale
89 posts, read 50,276 times
Reputation: 28
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Quote:
Originally Posted by NiceJohn
According to the expert online, housing price will go down till next year at least. Renting may make senses now.
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And this is on average throughout the US...they're saying 2012 for AZ...
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10-06-2008, 10:52 PM
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Member
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Join Date: Sep 2008
Location: Scottsdale
89 posts, read 50,276 times
Reputation: 28
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Quote:
Originally Posted by Rick Lee
So would you have to think long and hard about renting for $1450 a month or buying the same place for $389k in a declining market? Even with 20% down, your mortgage payment would still be more than the rent. Yes, I call that a no-brainer. Call me crazy.
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Exactly...
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10-07-2008, 11:23 AM
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Senior Member
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Join Date: Feb 2008
170 posts, read 153,533 times
Reputation: 31
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I agree renting is a good idea for now. One thing, Houses in some well established areas won't drop much. With energy crisis, people will live close to the employers, parks and shopping centers. For Examples, Tempe, Chandler and Tempe.
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10-07-2008, 03:54 PM
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Member
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Join Date: Oct 2008
16 posts, read 12,860 times
Reputation: 13
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If you're concerned about buying in a particular area, give me an idea of where you'd like to be and I'll create a market analysis of that area for you. The prices will continue to fall as along as the buyers sit on the fence, because the sellers will have no choice but to lower the price, but this will only last so long.
I think we're rounding out towards the bottom, but that should not be an indicator when deciding whether to buy or not. Right now homes are at bargain prices. Sure, the prices may continue to fall, but not that much. We're already at 2004 pricing and they aren't adding any more land in Arizona, so the prices will eventually return to a steady increase.
Home ownership is designed to be a long term investment, not a short term investment, so you need to be able to understand that there will be down times where your initial investment may be worth less than you originally put into it. This is normal.
Don't be one of those people who waits too long and then misses the opportunity because you purchased on the upswing. Always buy on the down-swing. That's where you get your discounts.
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10-07-2008, 03:57 PM
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Member
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Join Date: Oct 2008
16 posts, read 12,860 times
Reputation: 13
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Quote:
Originally Posted by altus2006
Why don't you move into a rental that you can lease on a short term basis. You do not seem ready to take any risks on a house and the chance of losing some money (or a lot of money) on a house right now is great.
altus2006
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Losses aren't incurred until you sell the asset. Real estate increases in value over time. Renting is a quick way to throw away hard earned money, but if you don't have the cashflow (which is always king) then you may have to rent.
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