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Should I stay or should I go?

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Should I stay or should I go?

Hello, I am 30 years old and live in Nassau County, Long Island, New York. I received an offer to take a job in Glendale with the exact same pay and similar benefits. I know housing costs are less in the Phoenix area, and that there are many advantages to relocating there, however, all my family and friends live here and I've always loved New York. Has anyone out there had to make this tough decision, and do you regret in any way what you chose?

arizona
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21. Re: Should I stay or should I go?

I'm not a good one to ask about real estate investment. If you don't have a good chunk of cash to start out with, then you'd have to do some pretty funny financing in order to get into the market unless you just plan on living in the house you are using as an investment.

The houses in my neighborhood are selling pretty quickly, however, the ones being "flipped" sell slower than the ones that have been lived in for awhile. People aren't all stupid. If you've only owned the house for 3-4 months and now you're trying to sell it for $100k more than what you paid, you gotta do more than paint it and put it new, cheap carpet. You also have to be careful not to overdo the remodeling. If the house looks like a dump on the outside, a new $50k kitchen may not be a wise move.

Also, if the whole market is driven by investors from California, then flipping isn't going to work as well, because everyone's looking for fixer uppers, not remodeled properties being flipped.

New construction is going to cost you more than $250k now, if you can even get in to a new sub anywhere. Many of them sell out before the models are even built, or they sell via lotteries. Basically, the builder draws names from a hat every weekend, sells 5-10 lots, all the while raising the base price by 10% every week.

Regardless of all this, it's still way cheaper than NY! But the salaries follow the same trend. So if you can move here on a NY salary, you should be in good shape.

Phoenix, AZ
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22. Re: Should I stay or should I go?

I bought my house in Phoenix, I-17 and 101 area, in November 2002 for 125,000 - it was valued at 135K, but the owner dropped the price 10K right before we bought it. It was 1550 sq. ft, inground pool, corner lot, 3/2, two car garage, decent neighborhood, about 30 yrs old - needed updating but everything worked, it was not a dump. We remodeled ourselves and with the help of all of our contractor friends (pergo wood flooring, drywall, painting, concrete staining, etc.)...we sold the house in January of 2005 and made about $40K from it - I'd say that's a pretty decent profit in two years. We only spent about $7k out of pocket, but we had lots of favors, would have been more like $15K had we not have so many "hook ups". But a remodel like that with a profit like that is still quite possible and not bad if you asked me for a first time home owner. Now I've been gone for 6 months, and been kind of out of the loop, but there is no reason why you couldn't find a nice house somewhere in the Valley in the $200K range. Everyone's standards for what is nice for them is different, but definitely have some money for a downpayment, but there are pretty creative ways to finance these days. Good luck.

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23. Re: Should I stay or should I go?

One more thing, can anyone tell me about crime in the valley? Are there very dangerous areas, and will I know them when I see them? Any comparisons to NY or Philly neighborhoods would be useful. Thanks!

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24. Re: Should I stay or should I go?

Thanks to all who helped me with this decision. I ended up staying in NY (for another year, at least). It was hands down the toughest decision I have ever had to make, and I am still not sure if I made the right choice! Things are slowly getting beck to normal here. I will be back in Phoenix on business in October, and may be able to find myself a better deal - one that would get me to move out there without reservations like I had this time. Thanks again, it's nice to have a friendly group to brainstorm with. Cheers!

london
1 post
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25. Re: Should I stay or should I go?

Hi guys,

Im a portuguese female living in London and my dream has always been to drive across the Arizona desert. Im gonna try it next October. Is this a good time? is the weather nasty or cool? Can I do it on my own or are there too many dangerous things? I crossed Africa and Europe alone so it shouldnt be much of a problem...Can you advise?

arizona
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26. Re: Should I stay or should I go?

you should stay (im from jersey city) lol its very hot down here and i dont know why im living here..