its miller time
Posts:0
 | | 08/15/2007 6:40 PM |
 Alert | | The housing market that is. We've found one at The Lakes for 180k with a pool. It is a 2-story 2200 sq feet. I'm just scared that the home prices are still falling. So is the time to buy in '08? | | | |
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fragile_anatomy
Posts:214
| | 08/15/2007 6:42 PM |
Alert | | Time to buy is NOW. Its a "buyers" market. Get what you can for now and hang onto it. the interest rates are a bit high right now but get what you can afford and hold on for the ride. | | | |
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GilaGuy
Posts:789
| | 08/15/2007 6:51 PM |
Alert | It depends on what you're concerned about. Home prices will likely be stagnant for the next two years. I'd lay even money that the Fed will cut interest rates a tiny bit this winter, so that might be worth waiting for.
But, (and it's a big but, no pun intended) you need to make sure you can actually qualify for a loan. The days of easy credit are long gone, and even folks with above-average credit are having trouble meeting the criteria now. I figure it's only going to get more difficult to find a loan as time goes by, so that might be worth taking into account. | | | |
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CrownNCoke
Posts:810
| | 08/15/2007 6:51 PM |
Alert | | wait 5 to 10 months... | |
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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garden glow
Posts:698
| | 08/15/2007 6:56 PM |
Alert | | listen to GG and CNC...good advice! | |
ANYONE HOME?
Residential Yard Clean-ups and Maintenance
for more info go to the
Business Section under Landscaping-Maintenance
Click Here for our website. | |
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vinny
Posts:668
| | 08/15/2007 7:05 PM |
Alert | Posted By CrownNCoke on 08/15/2007 6:51 PM
wait 5 to 10 months...
yup, after the adjustable rates refresh this fall there will be even more foreclosures and more houses available, along with less people able to get financed. supply will be way higher than demand. i bet you see some houses in copa for under $100,000 by the end of 2008.
here are some that are dropping like rocks already, plus the builders have new inventory that is costing them money to keep. prices have no where to go but lower
http://homes.realtor.com/prop/1086455438
http://homes.realtor.com/prop/1086536490
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Follow your bliss. Happiness is a conscious decision | |
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Sinbad
Posts:3046
| | 08/15/2007 7:15 PM |
Alert | | very low see the azcetral article | |
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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Joined old forum March 2006
Post count: 3068 + these | |
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its miller time
Posts:0
| | 08/15/2007 7:17 PM |
Alert | | Thanks for the good advice. We checked our credit and our BK should be falling off in 07. I just had it deleted from Transunion. So we are going to clean up first and than try to get good rate. | | | |
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its miller time
Posts:0
| | 08/15/2007 7:19 PM |
Alert | Posted By vinny on 08/15/2007 7:05 PM Posted By CrownNCoke on 08/15/2007 6:51 PM
wait 5 to 10 months... yup, after the adjustable rates refresh this fall there will be even more foreclosures and more houses available, along with less people able to get financed. supply will be way higher than demand. i bet you see some houses in copa for under $100,000 by the end of 2008. here are some that are dropping like rocks already, plus the builders have new inventory that is costing them money to keep. prices have no where to go but lower http://homes.realtor.com/prop/1086455438 http://homes.realtor.com/prop/1086536490
Under 100k would be NICE!! | | | |
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GilaGuy
Posts:789
| | 08/15/2007 7:27 PM |
Alert | Posted By its miller time on 08/15/2007 7:19 PM
Under 100k would be NICE!!
Under 100k would indeed be very nice for many buyers, but I'm not sure they'll necessarily go that low.
One of the things that separates this particular market (the Phoenix area in general) from a lot of other places is the availability of jobs and job growth. We still have plenty of jobs open, which lures people here in greater numbers each year. And of course, all of those people need places to live. This will provide a small amount of continual demand that other areas may not necessarily have. And having at least some demand in what may be a looming recession is a very, very good thing.
By the end of 2008 there may be some very small houses that have been unoccupied for two and half years (and are therefore in disrepair) that will be available for $100k, but I don't think that will be a widespread thing. I guess we will see. | | | |
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DingDong
Posts:259
| | 08/15/2007 7:40 PM |
Alert | | I agree, wait wait wait...and you will be rewarded. I think 2008 will be a bit shocking to the industry as a whole. | |
DingDong
Senior Member
Joined: July 2005
" Yeah, definately yeah. " | |
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vinny
Posts:668
| | 08/15/2007 7:42 PM |
Alert | i agree. the job market is still strong, and that will help draw. but also keep in mind there are now thousands of construction workers, contractors, realtors, and other real estate related people that are or will lose their job. i know of many people that quit their day jobs to become realtors and contractors. they will all be looking at getting back to their old jobs and taking thousands of jobs off the market.
i too am in the construction industry, and have seen the crunch on the engineering end. with no more developments going up places like fulton, shea, centex and so on no longer need the people they have to do permit drawings, engineering, land hunting , etc. i think the inflated housing market really drove a lot more of the local economy than many realized. hell, can't even just limit it to housing since most these new areas also got new theaters, big box stores and such.
it took an army to build this area so fast, but the war they were fighting is coming to an end, that leaves a lot of soldiers with nothing to do.... | |
Follow your bliss. Happiness is a conscious decision | |
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GilaGuy
Posts:789
| | 08/15/2007 8:02 PM |
Alert | Posted By vinny on 08/15/2007 7:42 PM
it took an army to build this area so fast, but the war they were fighting is coming to an end, that leaves a lot of soldiers with nothing to do....
This is a very good point, a friend of mine and I were discussing just this fact earlier today.
In general, the troops that made up the army which built this town (and Buckeye, and Queen Creek, and everywhere else that boomed) come from the relatively unskilled labor force. They will leave construction and head back to look for other jobs. Since there are still some available unskilled jobs out here, it'll be better for them than it would be in California, where those jobs just plain don't exist right now.
Another advantage is that many of the folks who are attracted to Arizona are folks with job skills such as in tech support or engineering. Mid-wage jobs in those fields still abound out here, at least for now. There are not very many high-wage jobs of that nature out here, but the cost of living is commensurate with the mid-level wages so that at least works well.
But I must agree with you...there are a great many jobs that are tied (loosely or otherwise) to the recent construction boom. Realtors, folks who work for lenders, folks who handle the construction supply chain...unfortunately a lot of them will be feeling some pain as all this shakes out. | | | |
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DingDong
Posts:259
| | 08/15/2007 8:09 PM |
Alert | | I think the pain has been felt by the builders, suppliers and work force. I am thinking more in the over supply of housing, the market as a whole and the millions of foreclosures/ defaults coming in 2008-9 I think it will be an eye opener. It will allow all the circling buzzards to swoop in and get a great deal on homes / property. ( I'm still circling ) | |
DingDong
Senior Member
Joined: July 2005
" Yeah, definately yeah. " | |
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azcarcarrier
Posts:306
| | 08/15/2007 8:17 PM |
Alert | just read in wall street journal almost 2 million arm's are going to reset from 3-6 percent in oct/nov/dec. I think it will drop another 10-15 basis pts. then it will be prime to buy, since some lenders aren't set up to weather the storm. I think you are going to see more short sales with some crazy secondary financing taking the hit.
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DingDong
Posts:259
| | 08/15/2007 8:20 PM |
Alert | | I concur | |
DingDong
Senior Member
Joined: July 2005
" Yeah, definately yeah. " | |
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LeonPotter
Posts:506
| | 08/16/2007 8:23 AM |
Alert | Posted By DingDong on 08/15/2007 8:09 PM
I think the pain has been felt by the builders, suppliers and work force. I am thinking more in the over supply of housing, the market as a whole and the millions of foreclosures/ defaults coming in 2008-9 I think it will be an eye opener. It will allow all the circling buzzards to swoop in and get a great deal on homes / property. ( I'm still circling )
Even I have left the perch to view the carnage. | |
My answer is "NO" to Q#5 and Q#1.
Proverbs 22:7
The rich ruleth over the poor and the borrower is servant to the lender. | |
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alanf
Posts:1473
| | 08/16/2007 8:49 AM |
Alert | I'm thinking you should hold off until you have enough money saved up for a face lift and dental job. Cuz I know for sure I'd be scared if you moved in next to me  | | | |
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vinny
Posts:668
| | 08/16/2007 12:59 PM |
Alert | this may be a sign. 5 bedrooms, $187,500
http://homes.realtor.com/search/listingdetail.aspx?zp=85239&ml=3&bd=6&typ=1&sid=a5a760016d824256ab1d0ada37b94b03&sdir=1&sby=2&lid=1082880193&lsn=1&srcnt=129#Detail | |
Follow your bliss. Happiness is a conscious decision | |
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