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Old 09-05-2012, 04:25 PM
 
46 posts, read 65,701 times
Reputation: 25

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Quote:
Originally Posted by Potential_Landlord View Post
Good point. In the long run, local Phoenix median incomes must support our rising home prices. The last thing we need is a doubling of prices while at the same time real incomes fall, as seen in the last boom-bust cycle. So far the recent rise in home prices is sustainable only because interest rates and prices have come down significantly. What we need now is rising real median incomes to underpin the market. In other words, the money has to go from Wall Street to Main Street. Or, take Bell Road, the massive road intersecting all of the North Valley. Imagine that all the people living there have 4 years of 3% real income gains, which we have not seen since the 1980s or 1990s btw. What do you think that would do to local home prices? That's where we have to go, the sooner the better.
BTW - a fitting word for today's Labor Day by President Eisenhower in 1956: "Labor is the United States. The men and women who, with their minds, their hearts and hands, create the wealth that is shared in this country - they are America."
This isn't going to happen in Phoenix, or anywhere else in the country any time soon.
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Old 09-06-2012, 12:58 AM
 
Location: East Central Phoenix
8,053 posts, read 12,328,827 times
Reputation: 9849
I've always said that a house is an investment ... but by that, I don't mean it should be a flipping opportunity for investors wanting to make a quick buck. A home is an investment by a homeowner to live in and maintain so that it appreciates in value over the years. People should WANT home prices to increase because this creates equity. You should want your neighborhood to be aesthetically pleasing as well. I actually prefer the older homes with better construction located in green areas with lots of trees & grass. I never will understand the craving to buy the cookie cutter stucco slabs with ugly rock yards in far flung exurbia just for the cheaper prices. You get what you pay for, so you should want your home to be something to be proud of, and part of your nest egg (so to speak).
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Old 09-06-2012, 08:10 AM
 
45 posts, read 69,466 times
Reputation: 71
Lots of people prefer desert landscape over non native grass and trees that waste water.....
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Old 09-06-2012, 03:55 PM
 
Location: Mesa, AZ
363 posts, read 932,063 times
Reputation: 237
Closed last Friday on a refinance. We purchased in November of 2011 however the mortgage rates droped significantly and we could not pass up a NO closing fee refinance. In any event, the value of our home increased from $260,000 to $305,000. Home was built in 2007 and is located in East Mesa. Figured this will help as it just took place...
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Old 09-06-2012, 05:17 PM
 
357 posts, read 714,187 times
Reputation: 427
I signed papers today, close is supposed to be tomorrow - although after all the ups and downs with this experience I'm not too confident with this very last part going smoothly. As a first time home buyer people aren't joking about this process being stressful! Anyways, ended up with a nice, big townhome in Old Town Scottsdale area (no Scottsdale bashing please). I'll detail my full experience once it's all official with the government and keys are in hand.
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Old 09-06-2012, 06:02 PM
 
Location: Mesa, AZ
363 posts, read 932,063 times
Reputation: 237
Closing can be a pain in the back part, however if you stay on top of things and return the requested affidavits and memos... it can be smooth sailing. Also, a good real estate agent and mortgage broker make the biggest difference in the world when it comes to being approved and closed. jm2c.
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Old 09-06-2012, 07:12 PM
 
2,775 posts, read 5,748,296 times
Reputation: 5104
Quote:
Originally Posted by liz451 View Post
I signed papers today, close is supposed to be tomorrow - although after all the ups and downs with this experience I'm not too confident with this very last part going smoothly. As a first time home buyer people aren't joking about this process being stressful! Anyways, ended up with a nice, big townhome in Old Town Scottsdale area (no Scottsdale bashing please). I'll detail my full experience once it's all official with the government and keys are in hand.
Government?
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Old 09-06-2012, 08:50 PM
 
Location: Mesa, AZ
363 posts, read 932,063 times
Reputation: 237
Probably she ment the county registrar's office... unless she bought a DEA/Treasury repossessed home
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Old 09-06-2012, 09:38 PM
 
Location: Rural Michigan
6,341 posts, read 14,745,691 times
Reputation: 10551
Quote:
Originally Posted by matyoka View Post
Probably she ment the county registrar's office... unless she bought a DEA/Treasury repossessed home
Could also be an reo from a failed bank... The FDIC took over the bank that owned my current home a couple days before closing, I expected a hassle, but the sale was seamless.
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Old 09-07-2012, 08:47 AM
 
357 posts, read 714,187 times
Reputation: 427
I meant county registrar's office. I find them all inept (city, county, state, federal) though so I just lump them all in as "government" . Things seemed to not go nearly as smoothly as everyone promised, I'm very lucky that I have a lawyer as a mother who has bought and sold much real estate and helped quite a bit when others were dropping the ball as far as suggesting possible solutions, explaining how certain things worked, my rights, etc. Yes my realtor did that as well but parents you know are your true advocates!

Last edited by liz451; 09-07-2012 at 09:01 AM..
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