Home Buying in Phoenix>Question Details

Ptbunka, Home Buyer in Surprise, AZ

Looking to retire to the Phoenix area from Boston. Should I buy or rent. Thanks

Asked by Ptbunka, Surprise, AZ Fri Apr 5, 2013

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Gerri Bara’s answer
Hi Ptbunka,

In addition to the great information already shared by other agents, the only thing I would add is a question back to you: what lifestyle will make you the most happy in your retirement? Are you someone you derives pleasure from do-it-yourself projects, remodeling, gardening, improving, designing, etc.? Is a home not truly "home" to you unless you can make changes so it reflects your own personality and style? Or are you looking for relief from tasks and responsibilities associated with homeownership?

There are still great deals if you choose to buy. Rents are predicted to remain flat, at least for the near future. Retirement should be about what brings you joy. In this market you have a lot of options. It all depends on what appeals to you and fits your lifestyle.

Please let me know if you would like information on renting or buying in a particular area or areas - I do both sales and property management and would be happy to help you as you decide which direction is best for you. Good luck either way - and congratulations on your retirement!

Gerri Bara
West USA Realty
http://www.gerribara.com
480-540-9931 - gerribara@gmail.com
0 votes Thank Flag Link Fri Apr 5, 2013
I agree with the home buyer in Buckeye. As an East Coaster you are probably use to consistency Phoenix is riddled with nice neighbor hoods nestled in bad. There are newer homes poorly built, with no real storage or quality. You may want to focus on an older home and won't be able to appreciate it until you live in a newer home in a community with an HOA. An expense that might not be worth the fee if there is not return. It is a big valley and no telling where you might be the happiest. You can get much more for your money when you purchase in state knowing what is available.
0 votes Thank Flag Link Sun May 19, 2013
I think, if you are trying to retire, go ahead and buy.

Most of the time, when you rent, you would be paying more anyways. A mortgage payment can be lower than what you would be paying for rent!

It's a great market right now, and you will get a good bang for your buck!

Arizona is a great place for everyone, including the retired! There are a lot of activities and things to do out here!

If you would like to get some more information on what options you have, and what steps it would be to buy, feel free to contact me whenever.
480-275-9566

PS. I look forward to hearing from you soon!
0 votes Thank Flag Link Wed May 8, 2013
If you want true answers and not someone just trying to sell you contact me.
0 votes Thank Flag Link Tue May 7, 2013
I would rent. Phoenix has some areas where you would swear you lived in Mexico. Check things out first. Lots of cheapy subdivisions with HOA's. Avoid HOA if you can. Phoenix is not that great of a place to live.
0 votes Thank Flag Link Tue May 7, 2013
I always recommend that people buy. Depending on how long you want to be there might be a good determining factor and how hot the market is in AZ. Talk to a REALTOR in Phoenix. They can steer you in the right direction.
0 votes Thank Flag Link Tue Apr 23, 2013
Since you are planning to retire you should buy especially if you can pay CASH.

In most areas rents are on the rise, so buying may actually save you a few bucks per month over renting if you have to finance (with today's low rates)

Kawain Payne, REaltor
0 votes Thank Flag Link Tue Apr 23, 2013
Right now is more than a great time to buy, especially in the San Tan Valley area!
Homes are at a descent price for, almost, every buyer. Mortgage rates are also at a low right now.

Feel free to give me a cal and we can discuss your needs and what you are looking for!
480-275-9566
0 votes Thank Flag Link Mon Apr 22, 2013
Now is an excellent time to buy in the valley. Although we appreciated almost 30% last year, historically we are still at very affordable prices and with interest rates low as well its almost too good to be true for buyers. I would recommend you check out the NW valley for retirement communities, Trilogy and Corte Bella in Sun City West are first class active adult communities. Good luck!
0 votes Thank Flag Link Wed Apr 17, 2013
There is never been a cheaper time to buy a property using banks money than today, which means your payment will be less.

Please visit my website at http://www.InvestInArizonaHomes.com and click the buyer tab so you can lern more about today's opportunity.
0 votes Thank Flag Link Tue Apr 16, 2013
If you are coming from the high price Boston area and selling an appreciated property, you can buy the same property for about 50-60% less here in Phoenix/Scottsdale MSA. It still makes sense to own when you are retired and rents here are equal to or more than a house payment.
You need to come out and look at property in several different areas and then look at rentals. You will soon learn that buying makes more sense now with the low interest rates.
For help and advice from a 27 year real estate professional, please contact me:
Katherine J. Higgins
Broker Associate
Realty Executives
6263 N. Scottsdale Road, Suite 140
Scottsdale, AZ 85250
Cell: 480-710-2020
email me at katherine@khiggins.com
0 votes Thank Flag Link Fri Apr 5, 2013
ptbunka, i have to agree with the other responses... it is cheaper to buy but at the same time, do you know where in the valley you want to live? your question is a loaded gun so before i give you my answer, i'd like to interview you first. give me a call...

sammy hernandez, realtor
clients first realty, llc
(602) 622.0703 c.
sammydhernandez@yahoo.com
0 votes Thank Flag Link Fri Apr 5, 2013
Way too little info to answer this question. We often recommend that out of state people rent until they find out what part of town and/or what neighborhood they like and want to call home. Personally, I'd rather pay a little more and know I like where I am living. However, that is me and not you. You are what matters here.
0 votes Thank Flag Link Fri Apr 5, 2013
We all agree that without knowing more about you, there is no correct answer we can give.

However, strictly from a real estate perspective, prices in Phoenix are increasing, and mortgage rates are at historic lows, so it makes sense to buy now.

If you want to buy, you can buy with a forward (Conventional, FHA, VA) mortgage, or, in some circumstances, you can buy with a reverse mortgage and never make a mortgage payment. This is not well-known and I will gladly provide you with more information.

I am an SRES (Seniors Real Estate Specialist)and a relocation specialist, and would be happy to speak with you directly about your needs and wants. Feel free to email or phone me at your convenience, and check out my website at the link below.

Ann Griffin, Realtor, ABR, SRES, E-PRO
Coldwell Banker Trails and Paths
480-789-9584
anngmesa@gmail.com
0 votes Thank Flag Link Fri Apr 5, 2013
As a mortgage banker, I ask my clients the following questions:
(1) How long are you looking to live in the Metro Phoenix area?
(2) What are your personal finances? Are you waiting for a sale of another property? Are you looking to upsize or downsize?
(3) Do you know the area to say, I want a, b, c, d.?
What is best for you is best decided by you with guidance and information from knowledgeable professionals who know the market and your financial picture.
Sit down and write out a list of things you want in a neighborhood or city. Maybe write out your financial information of income, expenses, etc.. Look at life as it is going to be as you retired and not as you have it now. Travel, daily activities, recreation, motivation, medical requirements, visitors, etc.
As human beings most of us get a clearer picture once we see something written down.

Then you will want to talk to professionals to guide you and fill in blanks.
I am a Mortgage Banker that lends in both Arizona and California where I will be pleased to help you. If you or someone you know is looking for financing options, please feel free to contact me or pass along my information. 623-340-0934 Korene Clopine-Seaman NMLS # 218520 KLCSLoanTeam.com We are Direct Lenders, WE CLOSE LOANS! You may hear more information on YOUR Source For Real Estate on Money Talk Radio 1510 AM each Saturday from 12:00 Noon until 1:00 PM
0 votes Thank Flag Link Fri Apr 5, 2013
Ptbunka,

With the low prices of homes and low interested rates, its cheaper to buy than to rent. Let's say you were going to purchase a 1,500 SF home and the average price per square foot is approximately $100 per square foot (depending on the area you want to buy and condition of the home). At a 5.5% interest rate (depending on your credit), your P & I mortgage payment would be $851.68 but the same home would lease for $0.80 per square foot or $1,200 per month.

The numbers for this analysis may be different depending on the location of the home but this should give you a prospective of why its cheaper to buy than to lease. Also, as interest rates and real estate prices continue to go up in the future, buying will become more expensive than leasing.

Please let me know if you have any additional questions or if there is anything I can do to help with your home search.

Sean Heideman, Broker
Position Realty
Office: 480-213-5251
Fax: 866-232-2256
Web: http://www.PositionRealty.com
0 votes Thank Flag Link Fri Apr 5, 2013
While I agree it is based on your unique situation, the bottom line is if you intend to stay in the home for two years you should buy.

Purchasing a home relies on you having the ability to obtain financing and the down payment which is the situational part. When you rent you are putting money in others pockets. When you purchase you are investing in your future.

Good luck with your decision, and retirement!
0 votes Thank Flag Link Fri Apr 5, 2013
Pricing is on the rise...if you will eventually buy, then I'd buy now or rent for no more than 6 months. With interest rates where they are right now, it might be cheaper to buy than rent.
0 votes Thank Flag Link Fri Apr 5, 2013
Hello:

The best answer is "Yes"...

Anyone trying to answer this question would need to know a great deal more about your personal situation to be able to give you a useful answer. As a mortgage lender, or real estate agent, of course we hope you buy, but your personal situation may dictate otherwise.

Are you asking us if now is a good time to buy, in general. Well, prices seem to be moving steadily higher out here, so if you want and are able to buy to capture future appreciation, then buy. Interest rates are being held artificially low by the Federal Reserve, so if you want to capture historically low interest rates on a long-term basis, then buy.

I hope this helps.
0 votes Thank Flag Link Fri Apr 5, 2013
Prices are so affordable right now that it makes more sense to buy.
0 votes Thank Flag Link Fri Apr 5, 2013
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