Mrjones

Thanks for your input.
My house is 2550 sq/ft. 3bd / 2.5 ba with a full custom office. Hardwood floors. Large master bed and bath. 3 car garage. Located on Pointe Av off Lake Pointe. 12,750 sq/ft lot.

It sounds like I might have to wait in the slow market if I don't accept the offer.

I am reluctant to drag down the comps since I don't need to sell. I am in a position to wait out the slow market but you never know how things might change. I don't careto go through the rental process. - Tue Jul 8 2008, 20:35

Paradise Valley is great and has great schools. The town is central to every private school and is in one of the best public school districts in the state considering, cirriculum, parent participation/support. The students are motivated.

I am selling a great place in PV In the best district.

Feel free to contact me if you have questions.

mhawthorne2006@yahoo.com - Mon Jun 9 2008, 19:16

Where is the job relative to Maricopa? We know that fuel is high and getting higher which will further hurt the Maricopa real estate market. If you plan on working very close to home and staying for 5-7 years I see no problem. The problem is if you plan on living in Maricopa and commuting to Phoenix or spending any real time on I-10. Unless you can buy a short sale or foreclosure in Maricopa I would suggest renting.
When the market comes back Maricopa will be behind Phoenix , Scottsdale and Tempe. There are an awful lot of homes between the core where the jobs are and the outlying areas. Maricopa and Casa Grande will be seeing tough times for a while.

Find a good mortgage broker who has relationships with several banks instead of dealing with a couple of big name lenders that have less flexibility. - Sun Jun 8 2008, 18:47

If you build new would you build yourself, hire a general contractor or be your own general contractor and hire your own subcontractors? Financing is a major issue if you build ground-up. Lenders have tightened guidelines for all areas and have been even tighter on new construction because if anything goes wrong they have to take possession and sell an unfinished property. Construction loans are more costly. It would be wise to negotiate your construction and perm loans at once.

In this climate I would buy land to hold then buy a house at a discounted rate while the market is soft, live in the house while riding out the market. Let your equity build in the house until the market gets stronger and the lending guidelines loosen then either sell the house and use the profit to build on the land you already purchased at a bargain or refi the house using the equity to build the new house and keep the first as a rental.

The soft market is not a bad thing if we are patient and use good strategies.

Do your own homework,negotiate a good deal, hire a real estate attorney and pay your attorney by the hour.

If one purchased a 300K house a 6% commission would pay 18K in fees. A real estate attorney would take care of the contract (standard form) and close for a whole lot less. - Sun Jun 8 2008, 18:24