Housing? Where is it going? (Phoenix, Chandler: for sale, real estate, foreclosures) - Arizona (AZ) - City-Data Forum

maverick974 · 05-10-2010, 06:33 PM

Well, with all the controversy over 1070, there haven't been hardly any threads about housing.
I'm still awaiting my house to sell here in Oregon. I've been watching the housing market. My uneducated feeling is that it seems like it has perhaps leveled off but I don't know. I'm looking at homes 200K and under.
I'm looking at somewhere in the east valley. I have mixed feelings on housing. Of course I want to be able to buy the most house for the money but I also realize the economy relies heavily on housing and the economy won't likely get better until housing improves and unemployment goes down.
Do you feel housing will drop more or do you feel it is improving and why do you feel that way?
Just curious.
Until my house sells, none of this really matters but I'm still interested in keeping up on it.

Thanks in advance for your opinions.

AzScorpion12 · 05-10-2010, 06:51 PM

I feel the housing will drop even further, especially with all the people who are walking away from their mortgages who are able to pay for them. Just because they're underwater they're not willing to stick it out and let the market correct itself so they're just bailing out now. I'm sure it's tough to keep paying a mortgage when your value keeps going down but they had no problems buying the house thinking they were going to make a profit.This is an investment,no different than the stock market and they shouldn't be able to just walk away dragging everyone else's value further down. 60 minutes did a piece on this just last night,here's a few clips from last night show.

Mortgages: Walking Away - 60 Minutes - CBS News

Extra: The Case For Walking Away From Your Mortgage - 60 Minutes - CBS News

gtbguy · 05-10-2010, 06:55 PM

Quote:

Originally Posted by maverick974

Well, with all the controversy over 1070, there haven't been hardly any threads about housing.
I'm still awaiting my house to sell here in Oregon. I've been watching the housing market. My uneducated feeling is that it seems like it has perhaps leveled off but I don't know. I'm looking at homes 200K and under.
I'm looking at somewhere in the east valley. I have mixed feelings on housing. Of course I want to be able to buy the most house for the money but I also realize the economy relies heavily on housing and the economy won't likely get better until housing improves and unemployment goes down.
Do you feel housing will drop more or do you feel it is improving and why do you feel that way?
Just curious.
Until my house sells, none of this really matters but I'm still interested in keeping up on it.

Thanks in advance for your opinions.

I'm fairly active in buyng real estate and just bought a home in Queen Creek. I think anytime now is a great buying opportunity. There is a chance we could see the maket get a bit lower but I don't expect a huge drop. I would guess maybe 5% less to go but I don't think we"ll an additional 10% drop from the current pricing. I do agree stick with the east valley, you can't go wrong if you are looking for properites below $200K

As for 1070, I have a different theory and that is by chasing all the illegals out the cost of housing will get more expensive than I know I will pay. Americans dont' build houses and if they did the houses would be very expensive. So, if I were you I would buy now becuase these prices will probably NEVER be seen again.

maverick974 · 05-10-2010, 07:25 PM

Quote:

Originally Posted by gtbguy

I'm fairly active in buyng real estate and just bought a home in Queen Creek. I think anytime now is a great buying opportunity. There is a chance we could see the maket get a bit lower but I don't expect a huge drop. I would guess maybe 5% less to go but I don't think we"ll an additional 10% drop from the current pricing. I do agree stick with the east valley, you can't go wrong if you are looking for properites below $200K

As for 1070, I have a different theory and that is by chasing all the illegals out the cost of housing will get more expensive than I know I will pay. Americans dont' build houses and if they did the houses would be very expensive. So, if I were you I would buy now becuase these prices will probably NEVER be seen again.

Well, I'd love to buy now. I've had my place for sale here near the Oregon coast for about 18 months now. My money is tied up in this place. The moment this sell, I'm heading to Phoenix.
I've got 6 waterfront acres with 2 homes on here. It's a cool place but for various reasons, it's just time for me to move on. I've been here 22 years now.
Mod Cut: No Advertising.

Howard Roark · 05-10-2010, 09:29 PM

BTW: I'm biased toward renting a cabin May through October near Flagstaff and keep a winter Phoenix address in a few years. My bones need dry weather. But I prefer cool dry!

Quote:

Originally Posted by Howard Roark

Sounds good! Six acres, near Oregon coast so must be cool all year. Two homes on it and all for $259k? You're nuts to be selling for so low.

maverick974 · 05-10-2010, 10:18 PM

I've lowered the price a couple of times. Everyone that sees it loves the place but I am located pretty far out in the sticks. 35 minute drive to the nearest town of 8000 people. The nearest large town is Eugene. An hour away. With the price of gas, that seems to be the problem.
The right guy will come along soon.

Southern Phoenician · 05-11-2010, 06:42 AM

I'm relocating to Chandler and buying a house. You have to look closely at the neighborhood you are buying in.

We weren't able to find a resale that meets our requirements so we went with a spec home. I looked at 4 different homes/neighborhoods and asked when the neighborhood was built, etc. Almost all were started during the peak 2005/2006 time frame and they were "closing out" the neighborhood. That made me uncomfortable. I ended up choosing a Fulton home where there is still plenty of building going on so a much smaller pocket of homes are now overpriced. All homes on my street are brand new and closing the same week as we are. I do think things are leveling off; I started looking in January and all of the resales I had interest in sold. Try not to be the most expensive in the neighborhood, buy in a neighborhood that is either building now or was built before 2003.

Captain Bill · 05-11-2010, 07:21 AM

People are still coming in here and buying up homes because the prices are very low. If prices go lower then they will be even more attractive to out of town buyers; and I believe even more buyers will come in.

Those new buyers should help keep the supply demand balanced.

aoeu00 · 05-11-2010, 11:35 AM

But who are the bulk of the buyers? Is this a good thing? We can't say for sure. The problem with this valley is when you compare it to the rest of the country, house prices look superb! So, these people just move here without a job and "hope" to land something. This exasperates the unemployment problem.

I think the job market is a huge factor. Almost everyone I talk with is making less these days, either from their own businesses or through their employers (compensation cuts). I fall into the huge compensation cut category, too.

Having said all that, I actually think it's a "decent" time to buy if you have great credit, a (apparently) stable job, etc. I mean, if you need a home and can afford to own a home, it's not a bad time to buy, especially if you plan to live in it for a long time.. Even if the market drops another 10-20% from today's prices, in the LONG run, prices will go up again.

smokemaster · 05-11-2010, 11:41 AM

According to Freddie Mac, there are four reasons why prices will continue downward:

1. Expiration of tax credit.
2. Unemployment is too high.
3. Interest rates will go higher.
4. Banks are starting massive foreclosures again. B of A was taking back only 7500 homes per month, and by their own admission, that will increase to 45,000 per month by the end of the year.
HAMP was a farce.