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View Poll Results: Is a possible housing value correction coming to Phoenix
Yes there will be a correction 50 42.37%
No prices will always go up in Phoenix forever. 18 15.25%
I hope they go down because I want to buy a house 18 15.25%
There will be a correction eventually but it will be "A SOFT LANDING"-ALAN GREENSPAN 32 27.12%
Voters: 118. You may not vote on this poll

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Old 03-18-2020, 03:19 AM
 
Location: Houston, Tx
1,507 posts, read 3,419,720 times
Reputation: 1527

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I'm sorry,
I tried to warn about a correction. Now, I'm afraid that the coronavirus scare may provoke the price correction that I was afraid of. Home values in Phoenix are inflated right now and with those most recent scare I'm worried that this might be it.
I WOULD DISCOURAGE ANYONE WHO IS THINKING OF BUYING A HOME OR IS IN THE PROCESS OF BUYING. ESPECIALLY IF YOU ARE PUTTING DOWN ONLY A SMALL DOWN PAYMENT. YOU MAY QUICKLY FIND YOURSELF UNDERWATER. A DEVALUATION IS HIGHLY PROBABLE.....

 
Old 03-18-2020, 05:13 AM
 
Location: Phoenix, AZ
6,408 posts, read 9,019,092 times
Reputation: 8507
Quote:
Originally Posted by jd433 View Post
I'm sorry,
I tried to warn about a correction. Now, I'm afraid that the coronavirus scare may provoke the price correction that I was afraid of. Home values in Phoenix are inflated right now and with those most recent scare I'm worried that this might be it.
I WOULD DISCOURAGE ANYONE WHO IS THINKING OF BUYING A HOME OR IS IN THE PROCESS OF BUYING. ESPECIALLY IF YOU ARE PUTTING DOWN ONLY A SMALL DOWN PAYMENT. YOU MAY QUICKLY FIND YOURSELF UNDERWATER. A DEVALUATION IS HIGHLY PROBABLE.....

How many different forums are you copy/pasting the same comment and inserting a different city?
 
Old 03-18-2020, 07:51 AM
 
Location: Houston, Tx
1,507 posts, read 3,419,720 times
Reputation: 1527
Default Just 2 Phx and las vegas

I posted on 2 forums. This is a matter of fact and it applies very directly to the Phoenix and Las Vegas housing markets. How can anyone deny that??
I dont wish to see a housing crash . I really dont wish this on anyone but the people who haven't completed their purchase yet. They may benefit from knowing that the Phoenix housing market is very volatile and has crashed a few times in the past. It looks like we are headed for another correction.
Perhaps an unsuspecting buyer may be saved from a perilous fate if they are deterred from making the poor decision of buying a house with little down payment today. You know, kind of like the yellow caution signs you see on the road. They are there to warn you of a danger ahead.

Quote:
Originally Posted by Bondurant View Post
How many different forums are you copy/pasting the same comment and inserting a different city?
 
Old 03-18-2020, 08:30 AM
 
Location: Chandler, AZ
4,073 posts, read 5,179,870 times
Reputation: 6170
Sounds like SOMEONE is a speculator looking to find some deals while people are panicking and driving that fear.
 
Old 03-18-2020, 08:45 AM
 
4,222 posts, read 3,756,471 times
Reputation: 4593
Quote:
Originally Posted by jd433 View Post
I'm sorry,
I tried to warn about a correction. Now, I'm afraid that the coronavirus scare may provoke the price correction that I was afraid of. Home values in Phoenix are inflated right now and with those most recent scare I'm worried that this might be it.
I WOULD DISCOURAGE ANYONE WHO IS THINKING OF BUYING A HOME OR IS IN THE PROCESS OF BUYING. ESPECIALLY IF YOU ARE PUTTING DOWN ONLY A SMALL DOWN PAYMENT. YOU MAY QUICKLY FIND YOURSELF UNDERWATER. A DEVALUATION IS HIGHLY PROBABLE.....

Can you share some actual data on how it's inflated here? No offense but this sky is falling talk lately is happening everywhere, what is so unique in Phoenix?
 
Old 03-18-2020, 09:13 AM
 
Location: northwest valley, az
3,424 posts, read 2,935,370 times
Reputation: 4919
Quote:
Originally Posted by jd433 View Post
I posted on 2 forums. This is a matter of fact and it applies very directly to the Phoenix and Las Vegas housing markets. How can anyone deny that??
I dont wish to see a housing crash . I really dont wish this on anyone but the people who haven't completed their purchase yet. They may benefit from knowing that the Phoenix housing market is very volatile and has crashed a few times in the past. It looks like we are headed for another correction.
Perhaps an unsuspecting buyer may be saved from a perilous fate if they are deterred from making the poor decision of buying a house with little down payment today. You know, kind of like the yellow caution signs you see on the road. They are there to warn you of a danger ahead.
I can't imagine anyone coming to a random Internet forum, and taking advice from a "real estate agent"(if you actually are one..)

You've posted nothing but negativity and gloom and doom, here and in other places, and certainly no one who comes here regularly want to see more of that krap..

if you really are a "real estate agent" than do your job and help your "actual clients"..
otherwise take you gloom and doom elsewhere, because no one here wants to see it over and over, as you continue to post your un asked for negative opinions, and gloom and doom perspective..
 
Old 03-18-2020, 09:27 AM
 
Location: az
13,979 posts, read 8,146,416 times
Reputation: 9479
Quote:
Originally Posted by locolife View Post
I'm not disagreeing that a rental price correction may happen but the prices you're quoting seem higher than average, maybe these are for luxury units?


I have a friend that recently moved to Camden in downtown Phoenix and is paying around $1200 per month on a 1 bedroom, I thought for sure it was going to be much higher than that. Sure, the high-rises are closer to 2000 but you pay a premium to be there. I've got another buddy who has been renting in midtown for 2 years now and pays exactly $1000 for a 1 bedroom unit that includes a garage. Phoenix still feels like a huge bargain compared to what my friends in Denver and Boston are paying.

My wife was going to a yoga studio on Saturdays in downtown Phx. The studio is on the ground floor along with some other business. The rest of the building appears to be new apartments. I asked at the apartment office how much a one bedroom studio rents for and was told $1400. I was also told they have a 90% occupancy rate.

I was surprised. I assumed a one room studio would go for at least $1600 given the location.
 
Old 03-18-2020, 09:40 AM
 
4,624 posts, read 9,302,210 times
Reputation: 4983
Quote:
Originally Posted by KurtAZ View Post
Sounds like SOMEONE is a speculator looking to find some deals while people are panicking and driving that fear.
I'm certainly going to take advantage of some deals if they do present themselves, I'd be crazy not to be "greedy when others are fearful" ~ Warren Buffet. I think the OP just wants to see house prices go down so that he can appear to be "right" on an internet forum. As if he predicted a global pandemic
 
Old 03-18-2020, 10:21 AM
 
3,109 posts, read 2,987,544 times
Reputation: 2959
Look at how well real estate took off after 9-11. Perhaps, the airlines are saying this is worse, but I don't think it is. I have even seen a bit of rebellion here with people gathering at the local commuter pier and watching the sunset with a cold beverage from 711, as always.
 
Old 03-18-2020, 10:27 AM
 
Location: az
13,979 posts, read 8,146,416 times
Reputation: 9479
Quote:
Originally Posted by asufan View Post
I'm certainly going to take advantage of some deals if they do present themselves, I'd be crazy not to be "greedy when others are fearful" ~ Warren Buffet. I think the OP just wants to see house prices go down so that he can appear to be "right" on an internet forum. As if he predicted a global pandemic
Yeah, there will always be those who panic. You might be able to get a good deal now.
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