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Old 04-21-2021, 08:56 PM
 
9,797 posts, read 11,191,060 times
Reputation: 8508

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Quote:
Originally Posted by FirebirdCamaro1220 View Post
Oh yeah, because real estate only goes up, and never goes down.....
Watch PHX RE go up another 20% in the next year or two. Later, we will watch it "tumble" 10%. Yep, you were right, RE drops! In the end with the price dropping or not, you missed your PHX affordability window. As Detroit pointed out, $500K + for a not-so-nice house is here to say.
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Old 04-21-2021, 09:28 PM
 
Location: Live:Downtown Phoenix, AZ/Work:Greater Los Angeles, CA
27,606 posts, read 14,641,380 times
Reputation: 9169
Quote:
Originally Posted by MN-Born-n-Raised View Post
Watch PHX RE go up another 20% in the next year or two. Later, we will watch it "tumble" 10%. Yep, you were right, RE drops! In the end with the price dropping or not, you missed your PHX affordability window. As Detroit pointed out, $500K + for a not-so-nice house is here to say.
No it isn't. The higher prices go, the longer they will sit on the market. When houses sit on the market too long, sellers start cutting the price until they get a buyer
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Old 04-21-2021, 10:01 PM
 
9,797 posts, read 11,191,060 times
Reputation: 8508
Quote:
Originally Posted by FirebirdCamaro1220 View Post
No it isn't. The higher prices go, the longer they will sit on the market. When houses sit on the market too long, sellers start cutting the price until they get a buyer
Got it! So your plan is to wait until house prices drop a ton. Good luck with that approach.
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Old 04-21-2021, 10:07 PM
 
Location: Live:Downtown Phoenix, AZ/Work:Greater Los Angeles, CA
27,606 posts, read 14,641,380 times
Reputation: 9169
Quote:
Originally Posted by MN-Born-n-Raised View Post
Got it! So your plan is to wait until house prices drop a ton. Good luck with that approach.
My plan is to keep working and saving until I have $80k in cash. Probably be about 10 years, I'll continue to rent until then
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Old 04-21-2021, 10:08 PM
 
Location: Live:Downtown Phoenix, AZ/Work:Greater Los Angeles, CA
27,606 posts, read 14,641,380 times
Reputation: 9169
Quote:
Originally Posted by MN-Born-n-Raised View Post
Got it! So your plan is to wait until house prices drop a ton. Good luck with that approach.
And no, I don't expect them to "drop a ton". Those are your words, not mine
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Old 04-21-2021, 11:29 PM
 
9,196 posts, read 16,663,029 times
Reputation: 11328
Quote:
Originally Posted by FirebirdCamaro1220 View Post
My plan is to keep working and saving until I have $80k in cash. Probably be about 10 years, I'll continue to rent until then
And in 10 years, that will be way less than a 20% down payment. You’re spinning your tires.
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Old 04-21-2021, 11:36 PM
 
364 posts, read 619,207 times
Reputation: 1145
I hate to agree but it's true. Trying to wait out or time this RE market is folly. House prices are not going down especially in a hot market like Phoenix. I waited a long time and just watched them climb and climb. To anyone who sits back and says "they just cant go any higher!?" I have one word for you....California. No one 20 years ago would have ever thought a crap shack 1000sqft home in CA would cost $500kl....yet here they are. Also, not going down.
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Old 04-21-2021, 11:57 PM
 
Location: Live:Downtown Phoenix, AZ/Work:Greater Los Angeles, CA
27,606 posts, read 14,641,380 times
Reputation: 9169
Quote:
Originally Posted by Katera View Post
I hate to agree but it's true. Trying to wait out or time this RE market is folly. House prices are not going down especially in a hot market like Phoenix. I waited a long time and just watched them climb and climb. To anyone who sits back and says "they just cant go any higher!?" I have one word for you....California. No one 20 years ago would have ever thought a crap shack 1000sqft home in CA would cost $500kl....yet here they are. Also, not going down.
California has three things Arizona doesn't have, a ton of millionaires and billionaires, moderate weather, and unique geography that limits the amount of land that has that moderate weather.

Prices might or might come down, but they can't go up forever, as there is a finite supply of buyers who can or will pay top dollar.

Speaking of California, go to Fresno or Merced or better yet El Centro and you aren't going to pay $500k for a crap shack. And that's because people who can afford to throw that kind of money at a house that needs work don't want to live in the desert or the central valley
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Old 04-22-2021, 12:00 AM
 
Location: Live:Downtown Phoenix, AZ/Work:Greater Los Angeles, CA
27,606 posts, read 14,641,380 times
Reputation: 9169
Quote:
Originally Posted by DetroitN8V View Post
And in 10 years, that will be way less than a 20% down payment. You’re spinning your tires.
Ok, so I'll just freaking rent for the rest of my life then. Whatever

But that would imply that prices will be in the $800k-$900k range in 10 years. Lol Only way that happens in the valley is if building of new apartments and condos slows and on top of that if we landed a bunch of high wage employers like Google or Apple.

I don't see it happening in Phoenix
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Old 04-22-2021, 12:08 AM
 
9,196 posts, read 16,663,029 times
Reputation: 11328
Quote:
Originally Posted by FirebirdCamaro1220 View Post
Ok, so I'll just freaking rent for the rest of my life then. Whatever

But that would imply that prices will be in the $800k-$900k range in 10 years. Lol Only way that happens in the valley is if building of new apartments and condos slows and on top of that if we landed a bunch of high wage employers like Google or Apple.

I don't see it happening in Phoenix
Maybe not but maybe that $400k starter home is worth $600k in ten years. That’s highly feasible. If you’ll save $80k by then, you’ll still be well short of your 20% goal. The point is, 20% is nice but shouldn’t be a barrier to entry when you have so much to lose by sitting on the sidelines for the next decade.
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