Go Back  British Expats > Living & Moving Abroad > USA
Reload this Page >

Home: Rent to Buy?

Home: Rent to Buy?

Old Jul 24th 2011, 4:57 pm
  #16  
Forum Regular
 
digbydog's Avatar
 
Joined: Jun 2008
Location: NJ for work..... Hawaii and Marbella for fun.....
Posts: 131
digbydog is a name known to alldigbydog is a name known to alldigbydog is a name known to alldigbydog is a name known to alldigbydog is a name known to alldigbydog is a name known to alldigbydog is a name known to alldigbydog is a name known to alldigbydog is a name known to alldigbydog is a name known to alldigbydog is a name known to all
Default Re: Home: Rent to Buy?

Originally Posted by fatbrit View Post
Housing markets are local. There is some evidence that the Phoenix market has already bottomed.

Good to hear the AZ market has bottomed. All those AZ homeowners underwater who did "creative financing" will be happy to hear the news.

Lets hope the rest of the USA follows AZ lead.....

DD
digbydog is offline  
Old Jul 24th 2011, 5:05 pm
  #17  
Lost in BE Cyberspace
 
sir_eccles's Avatar
 
Joined: Mar 2010
Location: Phoenix, AZ
Posts: 8,106
sir_eccles has a reputation beyond reputesir_eccles has a reputation beyond reputesir_eccles has a reputation beyond reputesir_eccles has a reputation beyond reputesir_eccles has a reputation beyond reputesir_eccles has a reputation beyond reputesir_eccles has a reputation beyond reputesir_eccles has a reputation beyond reputesir_eccles has a reputation beyond reputesir_eccles has a reputation beyond reputesir_eccles has a reputation beyond repute
Default Re: Home: Rent to Buy?

Originally Posted by fatbrit View Post
I'm following the Prescott market at the moment -- we're thinking of buying a big place up there but, luckily, it really doesn't matter when we move. I'd say it's still falling slightly, and we're holding at the moment till we find exactly the place we want.

But the Phoenix market seems to have dropped as far as it's going to in my estimation.
The housing market is a little weird. I think it has reached the point where if you aren't getting any interest in your house, lowering the price just doesn't make any difference. There just aren't as many buyers/people able to get mortgages as there used to be. Plus there is so much stock to choose from, buyers can be very picky.
sir_eccles is offline  
Old Jul 24th 2011, 5:09 pm
  #18  
Septicity
 
fatbrit's Avatar
 
Joined: May 2004
Posts: 23,762
fatbrit has a reputation beyond reputefatbrit has a reputation beyond reputefatbrit has a reputation beyond reputefatbrit has a reputation beyond reputefatbrit has a reputation beyond reputefatbrit has a reputation beyond reputefatbrit has a reputation beyond reputefatbrit has a reputation beyond reputefatbrit has a reputation beyond reputefatbrit has a reputation beyond reputefatbrit has a reputation beyond repute
Default Re: Home: Rent to Buy?

Originally Posted by digbydog View Post
Good to hear the AZ market has bottomed. All those AZ homeowners underwater who did "creative financing" will be happy to hear the news.
One b-i-l mailed the keys back to the mortgage processor for his des res in the distant Phoenix suburb of Queen Creek at the beginning of the slump when he got a job offer in Hawaii. He was at least $100k in the red, but had put bugger all into the house.

My other b-i-l recently moved into a house double the size of his previous one by walking away from a mortgage of $200k, about half of which was secondary. There appears to be no comeback on the secondary mortgage. In fact, 6 months down the road he's just secured a small business loan of $90k.
fatbrit is offline  
Old Jul 24th 2011, 5:12 pm
  #19  
BE Forum Addict
 
Egg and Cress's Avatar
 
Joined: Jun 2011
Location: Memphis
Posts: 1,277
Egg and Cress has much to be proud ofEgg and Cress has much to be proud ofEgg and Cress has much to be proud ofEgg and Cress has much to be proud ofEgg and Cress has much to be proud ofEgg and Cress has much to be proud ofEgg and Cress has much to be proud ofEgg and Cress has much to be proud ofEgg and Cress has much to be proud ofEgg and Cress has much to be proud ofEgg and Cress has much to be proud of
Default Re: Home: Rent to Buy?

Originally Posted by fatbrit View Post
One b-i-l mailed the keys back to the mortgage processor for his des res in the distant Phoenix suburb of Queen Creek at the beginning of the slump when he got a job offer in Hawaii. He was at least $100k in the red, but had put bugger all into the house.

My other b-i-l recently moved into a house double the size of his previous one by walking away from a mortgage of $200k, about half of which was secondary. There appears to be no comeback on the secondary mortgage. In fact, 6 months down the road he's just secured a small business loan of $90k.
Amazing.......came out smelling like a rose!
Egg and Cress is offline  
Old Jul 24th 2011, 5:13 pm
  #20  
Septicity
 
fatbrit's Avatar
 
Joined: May 2004
Posts: 23,762
fatbrit has a reputation beyond reputefatbrit has a reputation beyond reputefatbrit has a reputation beyond reputefatbrit has a reputation beyond reputefatbrit has a reputation beyond reputefatbrit has a reputation beyond reputefatbrit has a reputation beyond reputefatbrit has a reputation beyond reputefatbrit has a reputation beyond reputefatbrit has a reputation beyond reputefatbrit has a reputation beyond repute
Default Re: Home: Rent to Buy?

Originally Posted by sir_eccles View Post
The housing market is a little weird. I think it has reached the point where if you aren't getting any interest in your house, lowering the price just doesn't make any difference. There just aren't as many buyers/people able to get mortgages as there used to be. Plus there is so much stock to choose from, buyers can be very picky.
The new trick on short sales is to price it at a ridiculously low figure to attract buyers in those crucial early days. Then when a full price offer goes in, the bank will counteroffer with a much more realistic price.

But certainly you're not going to offload anything in this market unless it's perfect or incredibly under-priced.
fatbrit is offline  
Old Jul 24th 2011, 5:14 pm
  #21  
Septicity
 
fatbrit's Avatar
 
Joined: May 2004
Posts: 23,762
fatbrit has a reputation beyond reputefatbrit has a reputation beyond reputefatbrit has a reputation beyond reputefatbrit has a reputation beyond reputefatbrit has a reputation beyond reputefatbrit has a reputation beyond reputefatbrit has a reputation beyond reputefatbrit has a reputation beyond reputefatbrit has a reputation beyond reputefatbrit has a reputation beyond reputefatbrit has a reputation beyond repute
Default Re: Home: Rent to Buy?

Originally Posted by Egg and Cress View Post
Amazing.......came out smelling like a rose!
I make no moral judgements about the inherited part of my family.
fatbrit is offline  
Old Jul 24th 2011, 5:24 pm
  #22  
Forum Regular
 
digbydog's Avatar
 
Joined: Jun 2008
Location: NJ for work..... Hawaii and Marbella for fun.....
Posts: 131
digbydog is a name known to alldigbydog is a name known to alldigbydog is a name known to alldigbydog is a name known to alldigbydog is a name known to alldigbydog is a name known to alldigbydog is a name known to alldigbydog is a name known to alldigbydog is a name known to alldigbydog is a name known to alldigbydog is a name known to all
Default Re: Home: Rent to Buy?

Originally Posted by sir_eccles View Post
The housing market is a little weird. I think it has reached the point where if you aren't getting any interest in your house, lowering the price just doesn't make any difference. There just aren't as many buyers/people able to get mortgages as there used to be. Plus there is so much stock to choose from, buyers can be very picky.

This is the problem with the current real estate market. A lot owners don't understand why their house can't sell. The simple reason is the price is too high. All houses can be sold - you just need to lower the price enough and I promise the buyers will come. You might not like the price but you will sell your house.

It is very simple economics of supply and demand. Unfortunately this is why the market still has a way to go in places like AZ before prices move upwards.
digbydog is offline  
Old Jul 24th 2011, 5:39 pm
  #23  
Lost in BE Cyberspace
 
sir_eccles's Avatar
 
Joined: Mar 2010
Location: Phoenix, AZ
Posts: 8,106
sir_eccles has a reputation beyond reputesir_eccles has a reputation beyond reputesir_eccles has a reputation beyond reputesir_eccles has a reputation beyond reputesir_eccles has a reputation beyond reputesir_eccles has a reputation beyond reputesir_eccles has a reputation beyond reputesir_eccles has a reputation beyond reputesir_eccles has a reputation beyond reputesir_eccles has a reputation beyond reputesir_eccles has a reputation beyond repute
Default Re: Home: Rent to Buy?

Originally Posted by digbydog View Post
This is the problem with the current real estate market. A lot owners don't understand why their house can't sell. The simple reason is the price is too high. All houses can be sold - you just need to lower the price enough and I promise the buyers will come. You might not like the price but you will sell your house.

It is very simple economics of supply and demand. Unfortunately this is why the market still has a way to go in places like AZ before prices move upwards.
I wasn't talking about people pricing their homes at 2006 values. I'm talking about homes priced way below current market value just sitting there. The few buyers out there have 20 better houses to pick from. Don't like the color, no need to factor in the cost of painting and make a low ball offer because there is blue one round the corner.
sir_eccles is offline  
Old Jul 24th 2011, 5:53 pm
  #24  
Forum Regular
 
digbydog's Avatar
 
Joined: Jun 2008
Location: NJ for work..... Hawaii and Marbella for fun.....
Posts: 131
digbydog is a name known to alldigbydog is a name known to alldigbydog is a name known to alldigbydog is a name known to alldigbydog is a name known to alldigbydog is a name known to alldigbydog is a name known to alldigbydog is a name known to alldigbydog is a name known to alldigbydog is a name known to alldigbydog is a name known to all
Default Re: Home: Rent to Buy?

Originally Posted by sir_eccles View Post
I wasn't talking about people pricing their homes at 2006 values. I'm talking about homes priced way below current market value just sitting there. The few buyers out there have 20 better houses to pick from. Don't like the color, no need to factor in the cost of painting and make a low ball offer because there is blue one round the corner.

Again supply and demand. The houses not selling are too expensive. Lower the price enough and buyers will come regardless of the color of the house.

Of course there are many owners who cannot do this as they owe too much to the bank and would need to bring money to closing. Hence the mess...
digbydog is offline  
Old Jul 24th 2011, 9:55 pm
  #25  
Queen of my house
 
tamms_1965's Avatar
 
Joined: Aug 2007
Location: Ohio
Posts: 5,043
tamms_1965 has a reputation beyond reputetamms_1965 has a reputation beyond reputetamms_1965 has a reputation beyond reputetamms_1965 has a reputation beyond reputetamms_1965 has a reputation beyond reputetamms_1965 has a reputation beyond reputetamms_1965 has a reputation beyond reputetamms_1965 has a reputation beyond reputetamms_1965 has a reputation beyond reputetamms_1965 has a reputation beyond reputetamms_1965 has a reputation beyond repute
Default Re: Home: Rent to Buy?

Originally Posted by sir_eccles View Post
I should stop checking the z-estimate of my house on Zillow. It's depressing enough as it is and we only bought last year.
I wouldn't go just by what Zillow has on its website. My house sold for 10% over what they had it at this past December.
tamms_1965 is offline  

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Contact Us - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service - Do Not Sell My Personal Information -

Copyright © 2018 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.