Profile picture for warann

buying real estate

We are retiring next year will the market go up before then

  • December 02 2010 - Queen Creek
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Answers (6)

I would not worry about the market going up for at least the next 5 years.  Keep an eye on interest rates.  I think we have already seen the bottom of interest rate pricing and we may see slightly higher interest rates by the end of next year.  If possible, you may want to look into your options before you retire.

  • December 02 2010
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Profile picture for the_country_hick
More than likely house prices will go even lower.

Arizona is one of the hardest hit by the foreclosure crisis.

When interest rates go from 5% to 7% you lose almost 24% of buying power. With higher interest rates likely that should drop prices alone.


Look at the site below. It shows what they expect prices to do. Check back as they are in the process of updating the site for 2011 expected price changes.
Arizona

"Arizona housing prices were rising as a result of federal tax credits, lower asking prices and near record low mortgage rates. But then like the winds blowing across the desert before a storm, the values of homes were swept lower as a result of the home buyers tax credit expiring. In Arizona a major secondary development is already showing evidence of hurting its housing markets.

The new state immigration reform law has scared-off many residents and is projected to forcefully send home prices down in most communities across the state. Despite a federal court ruling halting parts of the new state immigration reform law, illegal aliens are fleeing the state.

It means apartments and rental homes will go without tenants for extended periods of time, damaging housing values. The loss will also result in higher foreclosures, as landlords unable to make mortgage payments due to lost rents, give up paying mortgages all together.

The recovery for the Arizona housing market will be delayed for a longer period as a result, and prices for homes, apartments and even commercial properties will suffer as a direct result. Barring federal action to permanently halt the law, the drop in population will have a long lasting impact on the state's economy."

I do not see waiting hurting you.
  • December 02 2010
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Profile picture for Diane Byrne
Is your question relative to your interest as a Buyer or a Seller? 

If your interest is to Buy a smaller home or a second home timing couldn't be better.  While some think prices may fall further, if you consider the impact of increasing interest rates you are better off securing the lower interest rate.



  • December 02 2010
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Well, that depends on where you are buying. Here in Tucson some areas have retained values pretty well. Outlying areas were harder hit so you will find more bargains, and continuing declines, in those areas. In the next year
I hope for a stabilization of Tucson's home prices, and within 2-3 years a return to slowly increasing values. But I don't have a crystal ball, nor does anyone. The bottom line is, buy when you are ready.
If you plan to stay put for at least 5 years you will likely be fine. Good luck :)
  • December 02 2010
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Dear Warann:

If your question is general, probably not much movement for 2011 in most areas. There are always desirable areas that do  not move with the overall market. Areas, that have a lot of foreclosures (perimeter cities) will stay flatter than the central commute areas.

If you wish to advise me what area you are thinking of buying and/or selling in, I would be pleased to give you a more specific answer.

Regards, Jeff
Jeff Masich, Realtor
Arizona Homes and Land
HomeSmart
Scottsdale
  • December 04 2010
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Profile picture for sunnyview
Unlikely that it will go up. More likely that it will either drop a bit or more stay flat depending on employment and the larger economy.
  • December 04 2010
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