Phoenix - Investment

[Konebhar6]

12 hours ago, Sizzler said:

Thanks bro. Builders are making up for the rate incentives by not dropping or increasing the home prices. It will be tough for resale homes by individuals without dropping the prices. 

If you watch very closely they are dropping the prices too. I am watching mountain house, CA very closely. Prices have dropped. They are offering lower interest rates and more incentives on base price drops. 
 

A couple of people I know got out of contract without penalty. 
 

Wait for winter when demand reduces, pressure on homes already in market clubbed with high interest rates, its good news for investors 

[Sizzler]

44 minutes ago, Konebhar6 said:

If you watch very closely they are dropping the prices too. I am watching mountain house, CA very closely. Prices have dropped. They are offering lower interest rates and more incentives on base price drops. 
 

A couple of people I know got out of contract without penalty. 
 

Wait for winter when demand reduces, pressure on homes already in market clubbed with high interest rates, its good news for investors 

Ok. Any base price drop is good bonus along with lower Rate. I have decided to wait and not rush anything for next few months. Thanks for the inputs.

[dreamchaser]

17 minutes ago, Sizzler said:

Ok. Any base price drop is good bonus along with lower Rate. I have decided to wait and not rush anything for next few months. Thanks for the inputs.

Home prices are dropping a lot in Phoenix area.Check this home price drop in. about 125k price dropepd  in a year.https://www.realtor.com/realestateandhomes-detail/11029-E-Ulysses-Ave_Mesa_AZ_85212_M95374-79299?from=srp-list-card I am also looking to buy home in Gilbert/Mesa.Check youtube "Phoenix real estate" .All realtors are predicting more price drops in next 6months

[Sizzler]

33 minutes ago, dreamchaser said:

Home prices are dropping a lot in Phoenix area.Check this home price drop in. about 125k price dropepd  in a year.https://www.realtor.com/realestateandhomes-detail/11029-E-Ulysses-Ave_Mesa_AZ_85212_M95374-79299?from=srp-list-card I am also looking to buy home in Gilbert/Mesa.Check youtube "Phoenix real estate" .All realtors are predicting more price drops in next 6months

Thanks for sharing. Looks like this house has been sitting on market for more than a year. It shows being sold $2M+ in 2023… may be the land sold for all homes? 
 

Please share if you come across any good ones in Mesa/Gilbert area. Thank you!

[dreamchaser]

7 minutes ago, Sizzler said:

Thanks for sharing. Looks like this house has been sitting on market for more than a year. It shows being sold $2M+ in 2023… may be the land sold for all homes? 
 

Please share if you come across any good ones in Mesa/Gilbert area. Thank you!

Sure bro.Follow this AZ popular realtor youtube channel.They are saying proces are going to drop a lot.I am planning to buy in first quarter next year in Mesa/Gilbert.Last year there were good deals during winter time

 

[dreamchaser]

2 hours ago, Konebhar6 said:

If you watch very closely they are dropping the prices too. I am watching mountain house, CA very closely. Prices have dropped. They are offering lower interest rates and more incentives on base price drops. 
 

A couple of people I know got out of contract without penalty. 
 

Wait for winter when demand reduces, pressure on homes already in market clubbed with high interest rates, its good news for investors 

my strategy is exactly the same bro.Watching Gilbert/Mesa area in Arizona

[Konebhar6]

9 minutes ago, dreamchaser said:

my strategy is exactly the same bro.Watching Gilbert/Mesa area in Arizona

What are the prices there now including incentives. How much rentals do you get there?

[dreamchaser]

29 minutes ago, Konebhar6 said:

What are the prices there now including incentives. How much rentals do you get there?

I am looking for a single family primary home bro in Gilbert/Mesa.Not rental.Currently builders are selling 3000sqft home for 680k$ with 4.5% interest rate and closing cost covered.Some builders are reducing price ,covering closing cost and appliances but not lowering interest rate.Inventory is a decade high and real estate experts are predicting 10% more price cut in next 6months-1 year.

[dreamchaser]

14 hours ago, trent said:

Asalu a hot weather ki ela vuntaru akkada?

 

Phoenix is currently the 5th largest city in the US, with a population of over 1.6 million.Except June-August rest of the year is good weather bro

[jaathiratnalu2]

After seeing all your inputs, I am rethinking of my decision. 

Does anyone know the location of the Delaware market? Got a $680,000 home for $605,000 for 3K Sq feet

 Is this a good deal? 

 

@Konebhar6 @Sizzler @dreamchaser 

 

Any other real esatate  experts related to Tri-State? Inputs please  

 

 

 

 

[Sonu_Patel]

32 minutes ago, jaathiratnalu2 said:

After seeing all your inputs, I am rethinking of my decision. 

Does anyone know the location of the Delaware market? Got a $680,000 home for $605,000 for 3K Sq feet

 Is this a good deal? 

 

@Konebhar6 @Sizzler @dreamchaser 

 

Any other real esatate  experts related to Tri-State? Inputs please  

 

 

 

 

real estate home prices dropping all all areas.. there will be more deals after august. 

[Konebhar6]

35 minutes ago, jaathiratnalu2 said:

After seeing all your inputs, I am rethinking of my decision. 

Does anyone know the location of the Delaware market? Got a $680,000 home for $605,000 for 3K Sq feet

 Is this a good deal? 

 

@Konebhar6 @Sizzler @dreamchaser 

 

Any other real esatate  experts related to Tri-State? Inputs please  

 

 

 

 

What looks cheap today might look cheaper. I do not know the Delaware market. But make a comparison to prices in the last 5-10 yrs. 

I would wait for any home-buying decision. Naa friend ni konoddani nenni nooru mottukunna .. he still booked a new home in Dec. By Feb, it reduced by 100k+. He got an out due to some error and got his booking money back in March 1st week. He did not listen to me a 2nd time and still bought in April. He got 400 Sq Ft more and 30k less than the price he initially paid. His closing in 2-3 days, and worried it's 75k less now in total value. 

My reasons are -> 

1. High Interest rates. With a 10-year treasury yield at 5.1%, mortgage rates will go up.

2. High Interest rates are not good for Stock Markets. The possibility of a recession is still true. With a tariff pause coming nearby stock markets might tank again, taking people's liquidity.

3. High Cost of Ownership for a home -> High home Insurance rates, high property taxes.

4. Losses continue to mount. AI is taking jobs. IT is in a transition phase. Will continue to do so for some time.

5. Last 1 month, we started seeing a big drop in existing home prices. All it takes is a few homes to sell at lower prices, and the slide will start.

6. Once summer ends, demand (whatever is there) will reduce a lot, putting pressure on the market.

7. Investment homes will start coming into markets, making supply more, along with Homebuilders' new homes, which are at all-time high inventory levels. 

NOTE: Mature markets with good school districts may see a small drop, but these are the places to buy. The bounce will be fast in these areas. Think Frisco & others in Dallas, San Ramon/Dublin/Pleasanton in the East Bay. Others can add other places. 

[Sizzler]

58 minutes ago, jaathiratnalu2 said:

After seeing all your inputs, I am rethinking of my decision. 

Does anyone know the location of the Delaware market? Got a $680,000 home for $605,000 for 3K Sq feet

 Is this a good deal? 

 

@Konebhar6 @Sizzler @dreamchaser 

 

Any other real esatate  experts related to Tri-State? Inputs please  

 

 

 

 

75K is a pretty good discount on $680K home. If this is your primary home, enjoy the home and congratulations on the 75K discount. 
 

Not easy to time the market but good discount even for an investment home. 

[Sizzler]

16 minutes ago, Konebhar6 said:

What looks cheap today might look cheaper. I do not know the Delaware market. But make a comparison to prices in the last 5-10 yrs. 

I would wait for any home-buying decision. Naa friend ni konoddani nenni nooru mottukunna .. he still booked a new home in Dec. By Feb, it reduced by 100k+. He got an out due to some error and got his booking money back in March 1st week. He did not listen to me a 2nd time and still bought in April. He got 400 Sq Ft more and 30k less than the price he initially paid. His closing in 2-3 days, and worried it's 75k less now in total value. 

My reasons are -> 

1. High Interest rates. With a 10-year treasury yield at 5.1%, mortgage rates will go up.

2. High Interest rates are not good for Stock Markets. The possibility of a recession is still true. With a tariff pause coming nearby stock markets might tank again, taking people's liquidity.

3. High Cost of Ownership for a home -> High home Insurance rates, high property taxes.

4. Losses continue to mount. AI is taking jobs. IT is in a transition phase. Will continue to do so for some time.

5. Last 1 month, we started seeing a big drop in existing home prices. All it takes is a few homes to sell at lower prices, and the slide will start.

6. Once summer ends, demand (whatever is there) will reduce a lot, putting pressure on the market.

7. Investment homes will start coming into markets, making supply more, along with Homebuilders' new homes, which are at all-time high inventory levels. 

NOTE: Mature markets with good school districts may see a small drop, but these are the places to buy. The bounce will be fast in these areas. Think Frisco & others in Dallas, San Ramon/Dublin/Pleasanton in the East Bay. Others can add other places. 

Great information, very well explained. Thank you @Konebhar6!

[Sonu_Patel]

15 minutes ago, Konebhar6 said:

What looks cheap today might look cheaper. I do not know the Delaware market. But make a comparison to prices in the last 5-10 yrs. 

I would wait for any home-buying decision. Naa friend ni konoddani nenni nooru mottukunna .. he still booked a new home in Dec. By Feb, it reduced by 100k+. He got an out due to some error and got his booking money back in March 1st week. He did not listen to me a 2nd time and still bought in April. He got 400 Sq Ft more and 30k less than the price he initially paid. His closing in 2-3 days, and worried it's 75k less now in total value. 

My reasons are -> 

1. High Interest rates. With a 10-year treasury yield at 5.1%, mortgage rates will go up.

2. High Interest rates are not good for Stock Markets. The possibility of a recession is still true. With a tariff pause coming nearby stock markets might tank again, taking people's liquidity.

3. High Cost of Ownership for a home -> High home Insurance rates, high property taxes.

4. Losses continue to mount. AI is taking jobs. IT is in a transition phase. Will continue to do so for some time.

5. Last 1 month, we started seeing a big drop in existing home prices. All it takes is a few homes to sell at lower prices, and the slide will start.

6. Once summer ends, demand (whatever is there) will reduce a lot, putting pressure on the market.

7. Investment homes will start coming into markets, making supply more, along with Homebuilders' new homes, which are at all-time high inventory levels. 

NOTE: Mature markets with good school districts may see a small drop, but these are the places to buy. The bounce will be fast in these areas. Think Frisco & others in Dallas, San Ramon/Dublin/Pleasanton in the East Bay. Others can add other places. 

I advised many people to buy within means anna... they went well beyond thier means and took over ~5K monthly mortgage payments and they are unable to balance expenses financially. 

Its a pain they have to overcome every month for a period of 30 years.