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Old 03-29-2008, 05:27 PM
 
2 posts, read 6,242 times
Reputation: 10

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I came out here for a job about 2 years ago and bought a house in a newer neighborhood in Avondale. I have friends in the area and didn't do a lot of research because I figured if it was good enough for them it was fine for me. I bought a house in January of 2007 and got what I thought was a good price at the time. Since then I figure the selling price has dropped at least 15%.

This neighborhood has lots of renters, the HOA is strained, and the overall appearance has dropped. The increasing amount of graffiti and junk sales on Saturdays turns my stomach.

I feel now I was totally naive to the real estate situation out here and I rushed into a situation.

My job isn't working out and I want to move back to my home state in 2 years. If there are any residents of the west valley who could give me some insight on what they think the next 2 years will mean for me in selling my house I would greatly appreciate it.
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Old 03-29-2008, 07:22 PM
 
3,632 posts, read 16,193,263 times
Reputation: 1326
I'm somewhat optimistic about the market turning around, but I don't think Avondale will recoup for a while more. Some areas will do much better than others. But, if your area is going down in appeal (it already doesn't have much of a positive appeal) then it will be that much harder to recover. If you lived in a really nice, desirable area, then you *might* be able to recover in two years (but probably not by 15%). Others will say another 5-10 years to get back to 06-07 prices. No one knows for sure.
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Old 03-29-2008, 08:01 PM
 
Location: St Louis,MO
307 posts, read 955,932 times
Reputation: 85
Default Home state?

Where are you from?

Curious....
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Old 03-29-2008, 08:07 PM
 
2 posts, read 6,242 times
Reputation: 10
Default home state

my home state is Kansas.
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Old 03-29-2008, 08:13 PM
 
Location: St Louis,MO
307 posts, read 955,932 times
Reputation: 85
Default Kansas

Quote:
Originally Posted by bigskyjoe View Post
my home state is Kansas.
I have some family outside KCMO area...

I thought about relocating to that area; however, my wife is from East coast and I cannot convince her about the KC area (KCK or KCMO).

Our family lives in a smaller town about 60 miles from state line...

We've had nice visits in both summer/winter, seems like a nice area!
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Old 03-30-2008, 08:49 AM
 
Location: Buckeye, AZ
132 posts, read 594,091 times
Reputation: 35
where did u buy in Avondale. the prices were still bit high in beginning of 2007 so I agree with SABLEBABY that I don't think 2 yrs will help you even to even out.
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Old 03-30-2008, 01:02 PM
 
Location: Sonoran Desert
39,128 posts, read 51,416,088 times
Reputation: 28375
I don't think you are in a really good position. My crystal ball says prices on the new homes are near bottom now, so look at what a new home in your area same as yours would cost. Maybe you can get a bit more because you have decorated and have landscaping. Once the buyers return, prices are going to bounce a little as builders cut the incentives and try to regain profitability, most significantly at the low end. The 120K house will be a memory. Once that has worked through it's back to appreciation at about the inflation rate unless you are in a hot area that was underpriced for the sudden interest. Avondale is not going to be that kind of area, I don't think. If you are 15% down right now, you're looking at 3-4 years to get back to even IF the market stabilizes fairly soon. On the bright side, you could have bought in 2006 and then you would be much worse off.
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