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View Poll Results: Shuld I buy or rent if only in Tucson if only going to be living there for 3 yrs
Buy 3 30.00%
Rent 7 70.00%
Voters: 10. You may not vote on this poll

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Old 09-14-2010, 09:45 AM
 
15 posts, read 22,067 times
Reputation: 21

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I will be moving to Tucson for possibly 3 yrs (very small chance it will be longer), and am trying to decide whether to buy or rent. Would it be stupid to buy in today's market if I might have to sell after 3 years? I know that nobody can predict whether the market will go up or down, but can those of you who are more familiar with the real estate market in Tucson/vail comment on whether I might be able to at least break even after 3 years? I'm looking to buy in areas close to Davis-Mothan.

Thx
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Old 09-14-2010, 09:57 AM
 
15 posts, read 22,067 times
Reputation: 21
Cannot edit poll: My grammar is not that bad

Poll should read

Should I buy or rent if only living in Tucson for 3 yrs?
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Old 09-14-2010, 10:08 AM
 
Location: Southern Arizona
9,601 posts, read 31,704,817 times
Reputation: 11741
Quote:
Originally Posted by Emo74 View Post
Cannot edit poll: My grammar is not that bad

Poll should read

Should I buy or rent if only living in Tucson for 3 yrs?
BUY, Emo . . .

No telling what may happen in 3 years, however, the "pride of ownership" plus the tax advantages make owning worth the risk.

WELCOME and Good Luck!
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Old 09-14-2010, 08:05 PM
 
Location: Cape Cod/Green Valley AZ
1,111 posts, read 2,799,667 times
Reputation: 3144
Emo, I'd be cautious about buying, especially for such a short time period. Remember, home ownership isn't just a mortgage. Consider the added expenses of property taxes, insurances and maintenance. The tax advantages of ownership are rather limited when you actually calculate their bottom line value.
Furthermore, home prices will likely remain flat for some time to come.

I'd speak to someone who is knowledgeable in financial matters, not a realtor (remember, it's in the realtor's interest to sell you a home) before making a commitment to purchase a place to live.

Best of luck,

Rich
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Old 09-14-2010, 09:31 PM
 
Location: Tucson
42,831 posts, read 88,170,643 times
Reputation: 22814
It makes no sense to me even under the best of circumstances, much less in this shaky market. You're looking at 6% RE agent's fee at the time of selling and 3-4% closing costs now. That means you need at least 10% appreciation in 3 years to at least break even! Not likely to happen...Even if some desperate soul pays your closing costs now, you still need 6% appreciation and that's without making ANY improvements!
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Old 09-14-2010, 11:29 PM
 
Location: West of the Catalinas East of the Tortolitas
4,922 posts, read 8,574,783 times
Reputation: 8044
For a short term residence, I'd rent as well. If you know you're going to be moving in three years, the way the market is right now, you'd practically have to list the house for sale 6 months after you move in. That's a bit of an exaggeration, but this market is so sluggish and down, it will take a long time for you to sell, and it's even possible that your value could decrease in that time. This is an awfully risky time to be buying for the short term. For the long term? Absolutely. But, for your situation, I'd suggest renting.
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Old 09-16-2010, 01:46 PM
 
15 posts, read 22,067 times
Reputation: 21
Thanks to all would posted or PM. We have decided that the best thing for use is to rent in the Vail school district for the first six months and get a really good feel for the areas. And then buy once we have an idea about different housing areas who knows after military retirement tucson may suit me.
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