New House???

**warchild** · 02-02-2010, 03:09 PM

Im trying to get a new house 1800sqft in a gated community for 200-220k in AZ. Anybody here a realtor or lender or any one that follows the real estate trends currently??? Is this a good idea or bad idea??? Should I hold out and wait for....???

**J-Dogg** · 02-02-2010, 03:33 PM

AZ is one of the only places that prices of homes is actually going up.

The home will hold it's value, and sub divisions and gated communities are generally solid for apprication of homes. It's hard for the area to degrade.

Intrest rates are low, if you can get a good deal in AZ I would assume it to be a solid investment.

One thing to consider is the security of your income also though. Homes are a long term commitment.

Also, is the home new? If so, is the builder offering any guarantee against problems?

Get a home inspection, from your own home inspector, not the listing agents. Be there as he inspects, so he can explain everything, and it is through.

A agent should be able to tell you what other houses in the area have sold for, and compare them to what this house is priced at.

Also keep in mind, you don't have to jump on the first house you love, it's a buyers market right now. There are lots of homes, that are forclosed, and you can get short term buys if you are pre-approved for a loan.

The best deals I've found, are homes builders start, and can't afford to finish. You can buy them, and contract out the finishing work, and really get a house for far less than you could build one for.

**warchild** · 02-02-2010, 03:46 PM

thanks j dogg. they offered to pay my closing cost and give me $2500.00 for additional upgrades or buying down the loan rate which is roughly 5%. Im trying to get them to waive a lot premium also. i have had a few offers on other short sales but they take forever or get denied. my credit is great so thats not a problem. im just wondering if i should wait for maybe a spec home in the same sub division or sign a contract??. this is by far the nicest sub division i have ever seen in my area that I can afford. im just lost this isnt my area of expertise

**warchild** · 02-02-2010, 03:47 PM

oh yea they offer a ten year warrenty, not sure on what besides structural

**bigpapabuff** · 02-02-2010, 05:24 PM

good luck, would love to own, just to expensive right now.

**redz** · 02-02-2010, 05:28 PM

I bought a house 2.5 years ago for 181,400 here in London Ontario. Houses on my street are going for 225,000+ now and they sell instantly. Buying a house can be a great investment as long as its in the right place.