Catherine Kolodin

Lalsentzer,
Are you going to be trading up? If you are going to be trading up, what you lose on your house, you gain at the buy.
Another strategy would be to find someone who would like to trade homes (simultaneous closings). A friend of mine traded down, she had equity, and has a small balance on her current home. - Tue Jul 22 2008, 20:18

Non Realtor,
It is not about the amount of listings on the market when you invest, it is about the price that you purchase your investment. If you receive a price that is a hundred thousand below market, is that a good investment? How about $200,000? You are only seeing it from the numbers you see in the foreclosures that are occuring in Phoenix. How about Commercial Real Estate or Short Sales, are they still bad investments because the foreclosures are so high?
I - Mon Jul 21 2008, 13:47

Non Realtor,
There are deals to be made in this market. Without stating specifics, this has been an incredible year for our investors and for our own personal investments.
Location and price are the key. The best properties are still being snapped up.
If Mona waits a few years, she will find herself unable to buy anything because the prices have gone up.
Why wouldn't she want to buy a beautiful home with upgrades (granite, molding,etc.) with a pool in a great neighborhood at a price that she can afford?

I appreciate your caution, I am cautious myself. Mona should do her due diligence, find a top realtor and buy a property.
Catherine
480.239.7447
ckolodin@gmail.com
REALTY EXECUTIVES - Sat Jul 19 2008, 10:30

Mona,
If you are relocating to Phoenix, this is a wonderful time to buy. I own a real estate company and I also am an investor of residential and commercial real estate. Investing is my passion.

My answer to any investment question is; It is not what you can sell it for down the road, it is what you buy it for now.

An example of this is; we had a client that wanted to buy a condo/townhome in a nice area and had these same concerns. We negotiated $100,000 off the listing price, a price significantly under market. She already has equity!

Hire a full time, well established agent who knows the Phoenix metro area and the East Valley. Find the house you love and a price you can live with and have him/her slug out the price for you.

As to location, Kyrene is known for their public schools, Chandler has Chandler High School, Chandler Center for the Arts. Gilbert has wonderful shopping and Val Vista Lakes. Each city will be a wonderful long term investment.

Right now, the closer to Phoenix, the better the long term investment. Stay inland. Queen Creek, Casa Grande, Maricopa are difficult areas to appreciate now because of the price of gas and their proximity to downtown Phoenix.

If you have any other investment questions, email me. Good Luck!
Catherine
ckolodin@gmail.com - Sun Jul 13 2008, 17:17

Karyn,
You have 5 days from receipt of the HOA documents to cancel the purchase contract if there is anything you do not like in the documents. There are rules on how to request the documents depending on the size of the HOA. Simplier, ask the Title Company to provide the documents. Because I am not aware of your entire situation, to achieve the best and correct answers, refer to your buyer's agent.
Catherine - Sun Jul 20 2008, 19:16

Michael,
Send me your listing and I will give my opinions on renting your property. Is it listed, do you have an MLS number?
Catherine - Sun Jul 20 2008, 19:07

Hang in there. People are on vacation so work has slowed way down. I am only sorry that you did not have an agent represent you, he/she could have pushed them along. In my experience, Builder's lenders take the longest.
Catherine
Realty Executives - Sat Jul 19 2008, 10:45