Would you buy a house in today’s market prices?
Among other things, I am a realtor. Sales have slowed down in California.
Would you buy now or wait?
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May 30th, 2010 at 1:49 pm
I THINK WAIT PRICES ARE SO HIGH THEY SHOULD REACH A PEAK SOON.
May 31st, 2010 at 7:00 pm
I am a Realtor in AZ. Go to realestatejournal.com to find out facts. As agents, we cannot rely on opinion but merely fact. They still project CA prices will not crash. My theroy (we have the same in Phoenix) is that if you or your client plan to live in the home for more than 2-5 years there should never be a worry. Beucase while it will be slow, it will still appreciate. Plus I tell my clients who cares in a sense…if you love the home and you can afford it…go for it.
June 4th, 2010 at 2:30 am
It’s not really market price that affects my decision to buy or sale, it is the current mortgage rates.
June 5th, 2010 at 8:19 pm
I don’t understand how anyone affords a house in California unless they were able to cash in on selling a paid-for house first. Anyone interested in investing in real estate in this day & age should consider states with more reasonable real estate prices. Like Texas, for example, or North Carolina, at least they’d get their foot in the door somewhere.
June 9th, 2010 at 4:48 am
I’m in SoCal and when asked this question, I answer “it depends”. If you’re renting and you plan on living in your home for 5-8 years, then you should buy a home. If you own a home and are looking for a second property, then I suggest you either wait a while or pick up a home that no one wants.
Regards
June 11th, 2010 at 3:57 pm
It depends upon what I was buying *FOR*
Flippers are going to lose their shirts. Fixer uppers are doing fine, if not so well as previously.
Those intending to keep properties several years will come out ahead. Those who get transferred because they’re in the military and that happens would be hosed.
When you buy, you step off the increasing rent escalator, and your cost of housing is forevermore under your control. There are fantastic bargains available out there right now. Might they be better later? Absolutely. Could the market turn hot again tomorrow? My answer is that it’s unlikely, but it could.
Make sure you’ve got a sustainable loan and cash flow you can live with, and you’ll be fine. I bought at the peak of the last cycle in 1991, and I’m so glad I did.