This housing market is unsustainable. Why? And when will things cool down again? (Phoenix: homebuyer, income)

[FirebirdCamaro1220]

Originally Posted by Sno0909

Great summary. Sadly, most people would rather complain instead of doing something.

Don't lenders look for job stability regardless of ability to pay? I mean just financially, I could qualify (with my fiancee as cosigner) for a mortgage of $500k, but I've only had my current job since December, and fiancee has only had her job 1 1/2 years

[enigmadsm]

Originally Posted by FirebirdCamaro1220

Don't lenders look for job stability regardless of ability to pay? I mean just financially, I could qualify (with my fiancee as cosigner) for a mortgage of $500k, but I've only had my current job since December, and fiancee has only had her job 1 1/2 years

My last two purchases they both stated I needed 1 year employment history at a current job. The second purchase though I had only been employed with the new company for 4 months (Started Job in November and closed on house in early May). I had to jot down my previous employers for the past 5 years though so I imagine since the salary was continuous and pay scale relatively unchanged they didn't balk at it.

[FirebirdCamaro1220]

Originally Posted by enigmadsm

My last two purchases they both stated I needed 1 year employment history at a current job. The second purchase though I had only been employed with the new company for 4 months (Started Job in November and closed on house in early May). I had to jot down my previous employers for the past 5 years though so I imagine since the salary was continuous and pay scale relatively unchanged they didn't balk at it.

Well, I got a $25k/year raise at current job, prior to that was grossing in the $60k ballpark for 3 years

[Sno0909]

Originally Posted by FirebirdCamaro1220

Don't lenders look for job stability regardless of ability to pay? I mean just financially, I could qualify (with my fiancee as cosigner) for a mortgage of $500k, but I've only had my current job since December, and fiancee has only had her job 1 1/2 years

They like 2 years. But as long as you are in the same industry, that is just as good. So, if prior to your new job, you were still in the trucking industry, then all would be fine.

[enigmadsm]

Originally Posted by FirebirdCamaro1220

Well, I got a $25k/year raise at current job, prior to that was grossing in the $60k ballpark for 3 years

even better!

[kell490]

Originally Posted by MN-Born-n-Raised

A keyword here is Trilogy (active adult) inside of Vistancia. It has the trifecta: on a golf course + mountain views + a pool. A couple of years ago, that would have fetched $795K-$850K. But in the Spring of 2021, I'm not surprised at all. That would cost $1.5M at the Trilogy in Rio Verde. Homes there are fetching $1.4M to $2.4M all day long (course+pool+mountain view).

Friend of mine said he looking at houses in Rio Verde that are listed at 1 million with no well using hauled water service. That surprised me this is what has always kept me from buying a desert acre house on a well with drought wonder how much water these wells can continue to pull from the ground. I guess there be a boom in water hauling business.

[MN-Born-n-Raised]

Originally Posted by kell490

Friend of mine said he looking at houses in Rio Verde that are listed at 1 million with no well using hauled water service. That surprised me this is what has always kept me from buying a desert acre house on a well with drought wonder how much water these wells can continue to pull from the ground. I guess there be a boom in water hauling business.

I've watched water trucks run up and down Dynamite / Pima. Though the Trilogy development has city water. I think the monthly sewer bill starts at $60 a month. Personally, I would not buy water from a truck even outside of a desert.

[DetroitN8V]

Originally Posted by FirebirdCamaro1220

Don't lenders look for job stability regardless of ability to pay? I mean just financially, I could qualify (with my fiancee as cosigner) for a mortgage of $500k, but I've only had my current job since December, and fiancee has only had her job 1 1/2 years

Why don’t you just get prequalified? You seem determined to find a reason why you wouldn’t get a loan. I think you’ll be fine. If not, it won’t be because of your employment as it sounds stable and it’s not like you weren’t working previously. I sense a very slight slowdown in the market. This could be your shot.

[Valley Native]

Originally Posted by kell490

Friend of mine said he looking at houses in Rio Verde that are listed at 1 million with no well using hauled water service. That surprised me this is what has always kept me from buying a desert acre house on a well with drought wonder how much water these wells can continue to pull from the ground. I guess there be a boom in water hauling business.

To each his own, but I would NEVER buy a home out in the desert, or anywhere where there's no established infrastructure. The majority of properties in those locations have septic tanks, and the availability of water is questionable. I also don't get the point of moving to one of the nation's largest metros, only to live on the fringes because they want tranquility, mountain views, and wildlife. And what kind of wildlife? Snakes, coyotes, javelinas, etc. The risk of wildfires is higher in those areas also. No thanks! I live almost in the middle of Phoenix and have Camelback Mountain in close proximity. That's enough "nature" for me. If I wanted to invest $1 million or more on property within the Phoenix metro, I'd look at areas like Biltmore Estates, some of the historic districts, or infills in the more upscale areas, including the newer condos.

[FirebirdCamaro1220]

Originally Posted by DetroitN8V

Why don’t you just get prequalified? You seem determined to find a reason why you wouldn’t get a loan. I think you’ll be fine. If not, it won’t be because of your employment as it sounds stable and it’s not like you weren’t working previously. I sense a very slight slowdown in the market. This could be your shot.

Our lease on our apartment doesn't even run out until December, I don't have 6 months worth of rent (almost $10,000) in savings to buy out my lease to move out early