Is it a good time to buy realestate in So Cal? What kind of realestate?
Calif prices may continue to drop in some areas and be careful to buy only if you get a good deal. I would not pay over 65% of the appraised value. with the market forces down on single family homes’s you could get a really good deal.
This being said the time to sell will be a long ways off. Be prepared to hold anything you buy for a while. there are tons of foreclosures and this might be a time you can find some bargains.
The people that aren’t heavily leveraged large amounts of cash laying around should be able to really do well in this market.
Southern Calif will rebound as its an economic juggernaut in this country. It will just take some time. The high prices may continue. People leaving Calif’s most expensive counties will cause counties near the expensive counties to explode in growth and value!
hope this helps good luck and make some low ball offers.
November 10th, 2009 at 3:30 pm
Yes.
Interest rates are at a all time low and in many areas of CA home values have dropped and you may be able to find someone willing to sell rather be forclosed upon.
A great source is http://www.TurboMLScalifornia.com
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November 10th, 2009 at 3:38 pm
Calif prices may continue to drop in some areas and be careful to buy only if you get a good deal. I would not pay over 65% of the appraised value. with the market forces down on single family homes’s you could get a really good deal.
This being said the time to sell will be a long ways off. Be prepared to hold anything you buy for a while. there are tons of foreclosures and this might be a time you can find some bargains.
The people that aren’t heavily leveraged large amounts of cash laying around should be able to really do well in this market.
Southern Calif will rebound as its an economic juggernaut in this country. It will just take some time. The high prices may continue. People leaving Calif’s most expensive counties will cause counties near the expensive counties to explode in growth and value!
hope this helps good luck and make some low ball offers.
References :
November 10th, 2009 at 4:26 pm
It is a great time to buy real estate in California. Especially southern California. Why? Well with the lender meltdown and all the foreclosures on the market it is definately a buyers market at least for residential. You can purchase homes in areas thay sold for 5-600K a year or so for 300K now. The market is close to its low in my opinion. I do substantial research and it is starting to bottom out. Like any other investment you buy low and sell high, thats the basic strategy.
I know some are saying to wait it may go down lower. Well when Macys or Nordstroms has thier end of the year clearance and everything is 50% off. Do you wait to see if maybe the price will drop again to 60% next week? Of course not it is a good enough deal and next week that item may not be there.
That is whats happening in the real estate market now. Prices are at historical lows and now families that could not afford to purchase in the past market can now. Or if your thinking of investing now is the time, even if the market drops a little more its no biggie because since data has been kept on real estate. The value of real estate doubles on the average every 10 years, this is fact. We are now at the bottom of that cycle.
Jerry Gusman
http://www.thegusmangroup.com
Below market property specialist
951-453-3289
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November 10th, 2009 at 4:45 pm
Yes, The day that everyone is waiting for is here. The facts are facts.
The number of homes on the market are high anywhere you go. With that being said. Sellers are competing to get their homes sold. Great prices for great homes.
The interest rates are the lowest in history. You will have the lowest monthly payment for your mortgage. The question people should be telling themselves is not when the prices will drop anymore, but when will I have the lowest payment? The answer would be today with these interest rates.
Another question you should ask yourself is what do you pay, the price of the home or the monthly payment that is based off the interest rate you have on the loan? Its the monthly payment.
For every $100,000 you borrow at 5.5% interest rate is $567.79 per month.
For every $100,000 you borrow at 6.5% interest rate is $632.07 per month.
a difference of 10% in payment.
The sweet spot between price and payment is happening today. You have great housing prices and great interest rates. This is a perfect time for buyers to buy property.
As for your question about what type of Real Estate to buy, well that is based off your qualifications and desires for a home. Take a few minutes to look through the website that I have included and lets set up an appointment to meet and discuss your home purchase.
References :
http://www.KevinHottmann.com
November 10th, 2009 at 5:21 pm
i, myself would not buy anything yet. By the end of summer aug/sept/oct you are going to see bigger drops than what you see now. I am just sitting waiting and have the cash when i feel the time is right.
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November 10th, 2009 at 5:41 pm
Anyone who tells you this is a good time to buy real estate in southern California is either a Realtor or high.
http://piggington.com
Wait a couple years, prices will be lower.
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