Valley Real Estate

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It's a problem for those who use their homes like an ATM, taking out credit lines to essentially fund their living costs... That scenario was a massive issue back in 2008. I guess if the Fed gets their way and unemployment rises while we fall into a recession (we can al speculate how deep), we could see somewhat of a repeat of '08. But for the most part, if unemployment remains at 4%-4.5%, and the recession is a relative minor one, I really don't believe we'll see anything close to '08...
 

dscher

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But for the most part, if unemployment remains at 4%-4.5%, and the recession is a relative minor one, I really don't believe we'll see anything close to '08...
This will be key for sure. But, historical tendencies show this is not in favor of being a friendly recession either IMO. Extremely low readings in unemployment have historically been a pretty good sign of an impending economic recession. Full employment is great, just not at a time when the fed is trying to kill inflation.
 

dscher

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That happens to every buyer who buys at the top of the market - in every piece of property or investment. Seems like a stupid statement.
Well, red hot doesn't have to indicate a top in the market...you can have a red hot stock market for sometime before a top, as we have currently just experienced.
 

Ouchie-Z-Clown

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Well, red hot doesn't have to indicate a top in the market...you can have a red hot stock market for sometime before a top, as we have currently just experienced.
In that case your stock wouldn’t be immediately under water like we’re talking about with these homeowners.
 

Yuma

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Home prices rise and fall. Just wait. I remember my parents buying their first home for around $10,000 and all the relatives wondering if they could afford it, or if they would ever be able to sell it.
 

WaywardFan

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My parents and my sister and her family both moved back to the valley last year and they want me to do the same. My daughters are now all grown up so it's much easier for me to move back (and PA sucks ass).

Sounds like there are some people on here that know what's going on real estate wise in the valley. I might move out there late this year, and I might just rent for a year to see if I want to stay. But can people confirm that the buyer's market will be a lot better (interest rates notwithstanding, which can always be refinanced) later this year into next?

Also, is there a way to unofficially find out how much house I could afford without tripping a credit check and the crap that involves? I just want to know how much house I could get for about the monthly amount I'm paying now.
 

dscher

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My parents and my sister and her family both moved back to the valley last year and they want me to do the same. My daughters are now all grown up so it's much easier for me to move back (and PA sucks ass).

Sounds like there are some people on here that know what's going on real estate wise in the valley. I might move out there late this year, and I might just rent for a year to see if I want to stay. But can people confirm that the buyer's market will be a lot better (interest rates notwithstanding, which can always be refinanced) later this year into next?

Also, is there a way to unofficially find out how much house I could afford without tripping a credit check and the crap that involves? I just want to know how much house I could get for about the monthly amount I'm paying now.
To keep it simple, I would just go to Zillow and research their tools for home affordability. It will give you some quick and easy samples for your situation.

The market out here in AZ, IMO, will take awhile for a true buyers market to resurface again. I am of the opinion that it could be another 6-12 months before some very good opportunities will present themselves. Good luck!
 

Yuma

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Also, rents are super high. Depending on what you can afford and your interest rate, it may be cheaper to buy. I know people tell me to look into being open to roommates and other situations which may make renting affordable. Problem is we are having a huge influx of people who continue to move here. Yesterday they approved a 40 acre subdivision to go in Laveen. There's a subdivision by mine called Liberty around 27th and Southern that looks like it has affordable pricing. My area is mostly 300's and up. If you can find ANYTHING in the 200,000's it is a miracle.
 

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I was out there for Thanksgiving and couldn't believe the construction. Of course, I was in the valley as a kid where Power Road was the end.

So much construction. I don't recognize ASU and Tempe.

Yuma, you are likely right where it might be cheaper to buy. I need to make the decision to move (most likely FL or AZ) first and then will start figuring what's next.
 
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Dback Jon

Dback Jon

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I was out there for Thanksgiving and couldn't believe the construction. Of course, I was in the valley as a kid where Power Road was the end.

So much construction. I don't recognize ASU and Tempe.

Yuma, you are likely right where it might be cheaper to buy. I need to make the decision to move (most likely FL or AZ) first and then will start figuring what's next.
Do you like your heat wet or dry?

Bugs or no bugs?
 

WaywardFan

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Eh, I've lived in the tropics before and I've lived years in AZ so I've done it all. Granted, I was a LOT younger then so maybe humidity will hit me different now.

I think it largely comes down to which coast (FL is closer to my girls) and how close I want to be to family. My parents and sister gave me the hard sell when I was out there. I love AZ, didn't even want to leave. It looks like cost of living is cheaper in FL at the moment, especially buy and rent-wise.

Honestly, it's getting over leaving my children and doing something else. They've been my reason for existence for decades so I have to figure my life out now. My family apparently WANTS me in AZ and that means a lot. I also need to figure out how much I want to be close to the beach. I might be romanticizing how much I love the ocean. I'm driving down to FL at the end of the month and spending about 3 weeks just poking around to see what I think.
 

Yuma

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Eh, I've lived in the tropics before and I've lived years in AZ so I've done it all. Granted, I was a LOT younger then so maybe humidity will hit me different now.

I think it largely comes down to which coast (FL is closer to my girls) and how close I want to be to family. My parents and sister gave me the hard sell when I was out there. I love AZ, didn't even want to leave. It looks like cost of living is cheaper in FL at the moment, especially buy and rent-wise.

Honestly, it's getting over leaving my children and doing something else. They've been my reason for existence for decades so I have to figure my life out now. My family apparently WANTS me in AZ and that means a lot. I also need to figure out how much I want to be close to the beach. I might be romanticizing how much I love the ocean. I'm driving down to FL at the end of the month and spending about 3 weeks just poking around to see what I think.
We used to say in AZ, we have gots LOTS of beach! Just short on ocean.
 

dreamcastrocks

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I’m a dry/no bugs guy when those are my only selections - state taxes be damned.

Of course I’m really a neither guy living in baby bears porridge (California) where it’s juuuuust right all the time.
Same. Although I'm a 4 seasons why which is why I moved to Colorado.
 

AZ Native

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I'll get back to you at the end of the week with the facts. Not someone trying to find their 15 minutes of fame.
 

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