Steve, Other/Just Looking in Queen Creek, AZ

I am not sure how to ask this question. I lost big on my home in Pinal Co. AZ. Thinking about the future here

Asked by Steve, Queen Creek, AZ Sun Jan 11, 2009

I live in a high foreclosure area of Phoenix, and I bought my home for 220K and it's now worth about 120K. I was looking at houses in north Phoenix which is an area I would like to move when the nightmare is over. My question is this.. Years from know when my home is worth enough to break even, how much more will houses in an area not hit as hard as mine be? Let's say I am looking for a home that is in Glendale, AZ for 330K now... When I regain 100K, what will the price of that 330K home be? Another question would be will homes in a hard hit area regain their values faster than a home in an area that held value will gain appreciation? When my home is 220K again, will that other home for 330K be worth 430K?

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Steve, everyone is guessing in the Queen Creek market. I know for sure that we are selling a lot of homes here. I, like most people are upside down on my home equity but Pinal county is still the fastest growing county in the US according to a recent report. There are only so many homes that were built here and when the supply of bank owned and short sale homes is exhausted we will gain some equity quick. The builders have hardly any inventory and when the nations market picks up ours will boom again. It is another beautiful day in the valley of the sun and people want to live here. I am very optimistic about the future of this area.
Jeff Blair
1 vote Thank Flag Link Sun Jan 11, 2009
Hi Steve,

It will take a long, long, long time to gain $100K in equity. Let's assume that homes may appreciate about 3% each year. It could take you 20+ years to attain $100K equity.

The answers to your other questions are impossible to answer. Nobody can predict the future value of real estate. But after the market returns to any sense of normalcy, I think it will be safe to say that real estate may appreciate about 3% each year, assuming the property is properly maintained & updated.

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PAUL WELDEN
HomeSmart
Buyer's Agent REALTOR
1 vote Thank Flag Link Sun Jan 11, 2009
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