Waddell
Real Estate
Arizona did something meaningful to solve its housing crisis? More of this, please
Before the Housing Bubble burst in 2008, a colleague moved into a brand-new home in the exurbs. A few months later, I asked how he liked his neighbors. “No idea,” he said. “They all live in California.”. Like many new developments back then, speculators gobbled up much of...
Why it's nearly impossible to build a home in metro Phoenix that most of us can afford
It’s nearly impossible these days to build a single-family home in metro Phoenix for under $400,000. And that’s a problem, considering that the average resident doesn’t make enough to afford a $400,000 home. If this is the new normal — and every homebuilder and housing affordability researcher...
Should a homebuyer get a condition of title report? What's title insurance?
Question: We are purchasing a one-half-acre lot in Maricopa County for $140,000 cash. Although we are buying the lot as an investment, we are confused about title insurance. My father is a broker in another state, and he says that even if we don't plan to build a home on the lot, we need at least a title commitment. Our real estate agent says we only need a condition of title report, which is much cheaper. We are so confused. What should we get?
A short-term rental next door nixed a home sale. What happens to the earnest money?
Question: My husband is a U.S. Air Force jet pilot. We were stationed at Luke Air Force Base for three years but recently transferred to Eglin Air Force Base in Florida. We are temporarily living in base housing, but we wanted to buy a home as soon as possible after the sale of our Glendale home. When we moved to Florida, our Glendale home was in escrow for $528,000 with a $40,000 earnest money deposit. All...
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