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| Author | Messages | | CrownNCoke
Posts:810
 | | 09/18/2007 8:19 AM |
 Alert | | "Maricopa is a bust town" says ASU real estate expert (story in the Monitor)...... so glad I chose to rent out here before I moved here thank god I sold my house in chandler before the prices went tumbling down...Now I just need to find a place to live mmmmm maybe back to chandler...Advise to anyone would be to get out of this town its only going to get worse and worse wait about 6 to 8 months when the majority of the peps will lose there teaser price and have to for-close hundreds and hundreds of families will be leaving this town and local business will be will start to feel the effects and have to call it quits...sad but true!!!!!!!!! | |
The meeting of two personalities is like the contact of two chemical substances: if there is any reaction, both are transformed.
Carl Jung | |
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| | kjgreifer
Posts:0
| | 09/18/2007 9:12 AM |
Alert | <div class='NTForums_Quote'>Posted By CrownNCoke on 09/18/2007 8:19 AM
"Maricopa is a bust town" says ASU real estate expert (story in the Monitor)...... so glad I chose to rent out here before I moved here thank god I sold my house in chandler before the prices went tumbling down...Now I just need to find a place to live mmmmm maybe back to chandler...Advise to anyone would be to get out of this town its only going to get worse and worse wait about 6 to 8 months when the majority of the peps will lose there teaser price and have to for-close hundreds and hundreds of families will be leaving this town and local business will be will start to feel the effects and have to call it quits...sad but true!!!!!!!!!</div>
Sounds like a quote from Jay Butler..."Mr. Doom and Gloom" himself. He was calling parts of Chandler and Gilbert a bust in 2000-2001 because Motorola was laying off and home prices were declining in the area. HMMMM...last time I checked, Chandler was all but built out.
Markets move in cycles...Are we in the same hyper growth that we were 3 years ago? No. This is good news so the city can catch up with infrastructure around the city. Maricopa will get businesses and white collar jobs but don't let anyone fool you, we will always be a commuter city. | | | |
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| | Lano
Posts:274
| | 09/18/2007 9:31 PM |
Alert | | There was a story on the front page of the AZ Republic today about Goodyear making all the right moves for it's future, Widening the 1-10, creating a trucks only route, and bringing in a Major League Baseball team were all in the works. With all these good things happening they're still estimating it will be 10 years for the city to reap the benefits. We have'nt even begun to address our issues yet. No talk of eleviating the truck traffic, opening up our passage way to Phoenix, and bringing national business chains to our community. Right now, our reputation is cheap housing and a nightmare commute. We have to do better. We have to make people want to come here. | | | |
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| | GilaGuy
Posts:789
| | 09/18/2007 9:46 PM |
Alert | <div class='NTForums_Quote'>Posted By CrownNCoke on 09/18/2007 8:19 AM
Advise to anyone would be to get out of this town its only going to get worse and worse wait about 6 to 8 months when the majority of the peps will lose there teaser price and have to for-close hundreds and hundreds of families will be leaving this town and local business will be will start to feel the effects and have to call it quits...sad but true!!!!!!!!!</div>
That's actually fairly bad advice you have just spouted. Let's start with basic Western history. For as long as the West has been settled, it has been a boom-and-bust land. When the Natives were here, the booms and busts were based entirely on the weather. Dry years forced them to relocate their encampments, wet years created huge harvests, flood years caused death and destruction. This continued through the era of Mexican settlement, on through to the Manifest Destiny years. At that point, the boom-and-bust cycle was primarily pertaining to the mining industry. California was essentially carved out by the "forty-niners" who came in search of gold in 1849 (leading it to gain statehood in 1850, in what remains an astoundingly short period of time since it was purchased from Mexico as part of the Treaty of Guadalupe Hidalgo in 1848). But a few mere years later, the boom cycle began to fade and many new arrivals to the area fled to other locales.
Though times are different, the cycles here are still the same. Speculation, hyperinflation of land prices, and massive immigrant influxes are followed each time by a gradual leveling of prices, a shakedown of market forces where those on the "fringe" of the market or who have made poor purchases are removed from it, and near-panic by uneducated onlookers.
We just so happen to be in that part of the bust cycle now, where folks like yourself help encourage the panic by speaking in dire terms of the end of the world as we know it. Now, let's move on from history and discuss economic reasons why there's no need to panic.
So your house isn't worth as much on paper as you think it should? So what. Your home is a place to lay your head. A place to stay dry in winter, and to stay cool in summer. A place to tuck your children into bed, and a place where you tuck your money each month into equity where it will stay. (Compare this to renting, where you are throwing money at something that is not, and will never be yours...that is money you will never get back under any circumstances.) Each month as you pay something, anything, towards the principal balance, it is applied to the cost of your home and that money stays there. You are paying for small pieces each time. Let the economy do what it does, while you watch the portion of the home you actually own grow larger and larger and larger.
The key here is to think long-term. The economy is stumbling now, to be sure. Much of this has the same cause we've seen historically time and time again: greed. Those who purchased nine homes when they only needed one did a fine job of running the prices up for families who wanted to climb into the market but found themselves priced out. Now those families are able to watch as prices go lower, and are in better luck today (after the Fed lowered interest rates) than they were yesterday. Meanwhile, the speculator who bought nine homes cannot unload any of them, much less for anything resembling a profit. The economic system we live and breathe has a way of sorting these things out.
Those of us who are here have two choices. We can join the panic party and run amok, or we can look at the economic facts. Job growth in Arizona is still tremendously strong, and well above the national average. Folks continue to move here in droves from places like Detroit, New York state, and Illinois. As they come, and as the job growth continues (which will lead even more people to come), they will need places to live. With more cities in the Valley reaching "build-out" every month, Maricopa will one day be as attractive to them as it was to us when we moved here. The key is to think long-term, keep these facts in mind, and ride it out. Trust your economic system. Someday in the not-too-distant future, when things have rebounded and homes are being built south of Interstate 8, you'll be very, very glad you did. | | | |
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| | Colgate
Posts:602
| | 09/18/2007 9:55 PM |
Alert | | Don't know about anyone else, but my chin is up and I'm hanging in there! | |
Live every day as if it were your last and smile! | |
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| | kjgreifer
Posts:0
| | 09/19/2007 7:24 AM |
Alert | | Yes Goodyear is starting to do the right things, but it has taken a long long time. Goodyear was incorporated in 1946! Hopefully Maricopa won't take 61 years to make the right moves for it's future. | | | |
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|  | kjgreifer
Posts:0
| | 09/19/2007 7:28 AM |
Alert | The media makes people panic! Look back 4 years ago and there was not much news on the housing boom but now look at all the negative news. The housing market is all speculation...once the media stops reporting on all the negative aspects, homes will again start selling and prices rising. Most homebuyers are afraid to buy because they are thinking the prices will keep going down and of course don't want to buy too high.
As far as the bad loans, it looks like the government will be bailing people out. Loans will now be easier to get and some mortgage companies are aggressively marketing the subprime loan customers to get them to move into a fixed rate. They are lowering the closing costs and helping these people refi. | | | |
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| | LeonPotter
Posts:451
| | 09/19/2007 11:16 AM |
Alert | equity in your home?? I believe is overhyped. I can put money in the bank and it's equity. The interest paid to lenders is "thrown away" as equally as rent.It is money that will never be seen again. Each dollar that is paid toward the principal is applied to the balance you borrowed when you "bought" your home.
Maybe I was watching a different country's media 4 years ago, but I remember much being said about"it's different this time" NAR reported golden times as far as the eye could see. People wanted to get in before it went up further."the price of home always goes up". All these things were reported. In fact, I remember complaints that the media overhyped the market that encouraged speculation. Those involved just hissed at those doomsayers. The numbers of agents/brokers, mortgage brokers/loan officers increased drastically as home prices and commissions were reportedly going through the roof.
I don't believe lending requirements will ease anytime soon. I think those that survived got burned really bad and learned a valuable lesson.Things will be remaining challenging for those(buyers) that struggled to get in. They will struggle to hold on. The other side of the coin;opportunities abound as always. But,lenders/people will eventually "forget" the pain and the cycle will continue.
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You may remember this from the original 85239:
Proverbs 22:7
The rich ruleth over the poor and the borrower is servant to the lender. | |
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| | Sinbad
Posts:3036
| | 09/19/2007 11:38 AM |
Alert | I just finished reading this thread.. lots of thoughts out there.
Only one thing is for certain... Prices are down and Times are going to get hard.
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Just doing it one day at a time. Change is good and it should be looked upon as an improvment! not a problem.
______________________________________
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San Diego Super Chargers! GO!!!
Joined old forum March 2006
Post count: 3068 + these | |
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| | LeonPotter
Posts:451
| | 09/19/2007 11:47 AM |
Alert | <div class='NTForums_Quote'>Posted By Sinbad on 09/19/2007 11:38 AM
I just finished reading this thread.. lots of thoughts out there.
Only one thing is for certain... Prices are down and Times are going to get hard.
</div>
I'll agree with "prices are down" The second part is all a matter of perspective. | |
You may remember this from the original 85239:
Proverbs 22:7
The rich ruleth over the poor and the borrower is servant to the lender. | |
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| | GilaGuy
Posts:789
| | 09/21/2007 7:16 PM |
Alert | <div class='NTForums_Quote'>Posted By LeonPotter on 09/19/2007 11:47 AM
<div class='NTForums_Quote'>Posted By Sinbad on 09/19/2007 11:38 AM
Only one thing is for certain... Prices are down and Times are going to get hard.
</div>
I'll agree with "prices are down" The second part is all a matter of perspective.</div>
Indeed. If you are a buyer who threw up your hands in disgust at the hyperinflated prices two years ago, now is actually not a bad time at all for you to jump back in. It's all in the position we put ourselves in. Those who read the market and play it cautious will always have the least to worry about. ;-) | | | |
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| | CliffinAZ
Posts:405
| | 09/21/2007 7:48 PM |
Alert | My wife and I just bought a house out here in May after having moved to AZ a year earlier. Our lease for our Chandler apartment was up, and we had the choice for leasing another year (and having to move to a downstairs apartment because of my wife's health issues) or buying out here where a house was affordable. It's always easy to second guess things after the fact, in our case wondering if we should have waited longer, until prices went down more, to buy. I can toss that around in my head all day and not know the answer without a crystal ball. (E.g., what will interest rates do in the next year? Would it have been harder to qualify for a loan if we'd waited due to fallout from the subprime market?)
I guess for me, the bottom line is knowing that my wife and I bought a house that we can afford with a fixed loan, so really we should be ok if we're able to hang tight. Also, it does look like business continues to grow (look at all of the posts about smaller business that are going up over the next couple of years), albeit not at the unrealistic rate that was expected , and perhaps less than it would have if the city's current leadership had been doing a better job of managing things (what elections are for). I'm thinking that anyone who bought a house that they can afford should be ok if they are able to wait things out for a few years, until we're out of this current cycle. | | | |
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| | GilaGuy
Posts:789
| | 09/21/2007 9:26 PM |
Alert | <div class='NTForums_Quote'>Posted By CliffinAZ on 09/21/2007 7:48 PM
I guess for me, the bottom line is knowing that my wife and I bought a house that we can afford with a fixed loan, so really we should be ok if we're able to hang tight..... I'm thinking that anyone who bought a house that they can afford should be ok if they are able to wait things out for a few years, until we're out of this current cycle.</div>
You've made very wise observations there. I agree with you...if you purchased a home you can afford at a locked-in fixed rate, you have absolutely nothing to worry about. Yes, the market will still dip a bit...but the availability of loans is growing tighter by the day (notwithstanding the Fed's recent interest rate cut), so you jumped in at a perfect time for your situation. And really, you can take that knowledge with you and tuck it away, free of worry. That's a good feeling. :-)
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| | NY2Copa
Posts:124
| | 09/21/2007 9:57 PM |
Alert | | GilaGuy, you are my hero today! All your views and observations are exactly what I believe to be completely true. My house is where my children will grow up. Their friends are growing up here too. We stay, because equity is only equity IF one is looking to sell. Otherwise it's just my house!!!! I saw bulldozers and workers doing plenty of digging on the corner of MCG highway and Porter, Wal Mart's coming, which will only make 'my' town nicer and more convienient. Relax everyone .... this will get better, meantime, meet your neighbors, support our schools, raise your children and enjoy your lives. There will always be panickers, and negative people out there .... ignore it. | | | |
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| | GilaGuy
Posts:789
| | 09/21/2007 10:23 PM |
Alert | <div class='NTForums_Quote'>Posted By NY2Copa on 09/21/2007 9:57 PM
GilaGuy, you are my hero today! All your views and observations are exactly what I believe to be completely true. </div>
Thank you, my friend. :-)
I am glad to see you are one of the good folks keeping their chin up, and not letting all the talk of doom-and-gloom go to heart. My family and I will be right here alongside you in this town as it gets back to normal and grows. Together, all of us hardy folk will be just fine. Best of luck to you and yours! ;-) | | | |
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| | azsouthendzone
Posts:528
| | 09/22/2007 9:29 AM |
Alert | | Space Camp will be great for the kids as well, as long as none of the kids hijack a rocket to the moon. Maricopa will be great one day. | | | |
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| | Copa Conscious
Posts:379
| | 09/24/2007 10:10 AM |
Alert | Buying a home in Maricopa was a HUGE mistake. I can't wait to sell this place and get back to Tempe.
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| | Monkey!
Posts:285
| | 09/24/2007 2:23 PM |
Alert | | I love my house in Maricopa. Moved here at the end of May and aside from the periodic cow stank and traffic issues all has been good. I come from California and could not buy a shack in a crack neighborhood for what I got a brand new house for in a nice neighborhood here. It's all good! | | | |
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| | monika2127
Posts:0
| | 09/24/2007 10:48 PM |
Alert | | Its hard times for all not just here in maricopa. One thing for sure, if everyone continues to complain about how terrible maricopa is, good luck selling any homes or for that matter anyone buying here. We are our own worst enemies. Anyone can log onto this site...do you think maricopa has a good reputation with all this complaining? Wow, reading all this complaining under ANY topic makes it worth buying a home here...define home and think about it. | | | |
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| | JasonY
Posts:1933
| | 09/26/2007 9:46 AM |
Alert | | If the people don't talk about the issues then nothing will get discussed and fixed. Pretending everything is alright doesn't fix problems either. Hopefully with new city management, things will start to turn around.... | |
"Your village called.........they're missing their idiot" | |
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