Home Buying in 91792>Question Details

Judomommy, Renter in Baldwin Park, CA

I'm wondering are houses going down in price or up??? Please help... I want to know when is it a good time to buy?

Asked by Judomommy, Baldwin Park, CA Sun Jul 10, 2011

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Nobody knows what the market will do but even if home prices take a drop -- I don't beleive it will be drastic and i truly believe interest rates will rise. So although you may buy at a slightly lower price, you likely won't take advantage of today's awesome rates and willl have a higher rate for the 30 year duration of your mortgage.

Andrew
626.825.6565
Web Reference: http://www.AQHomeLoan.com
0 votes Thank Flag Link Wed Sep 28, 2011
The best time is now. We have buyers that have been waiting for almost two years and still have not purchased, and we also have several buyers that have purchased up to seven properties in the past two years. We dont think home prices will continue to drop, but if they do, there will be many more buyers competing for the home you want. Contact us for more info, we would love to help and give you more examples. thank you.
0 votes Thank Flag Link Sun Sep 18, 2011
Home prices seem to be bottoming out - especially for lower priced homes (under $300,000). But home price is only one factor - interest rates are at all time lows - so the combination makes buying sometimes cheaper than renting. So although we would all like to buy at the bottom of the market, the fact remains that if you can "qualify to buy" now - it is a great time to buy (even if prices were to drop another 5-10%). I owned a real estate office in West Covina for 15 years, so I know the area well. Please give me a call and we can watch the market until you feel it is the right time to buy. But don't wait too long, soon - buyers will be chasing the market prices back up - especially if interest rates start going up.
Web Reference: http://BillMota.com
0 votes Thank Flag Link Sun Jul 10, 2011
Hi Judomommy,

Now is a good time to start looking & possibly buy. Some areas around are more stable than others. Our area is pretty stable right now. I would love to help you with your search for your home.
0 votes Thank Flag Link Sun Jul 10, 2011
The investors are buying now, and in great quantity. Market values and activity is regional, some areas are level, some still in decline and we are seeing other beginning to climb. It is ALWAYS a good time to buy real estate, but in 25 years in the business, I have never seen a market this good. The banks are literally giving away some properties. CAll me if I can help.
0 votes Thank Flag Link Sun Jul 10, 2011
Home prices seem to be bottoming out - especially for lower priced homes (under $300,000). But home prices are only one factor - interest rates are at all time lows - so the combination makes buying sometimes cheaper than renting. So although we would all like to buy at the bottom of the market, the fact remains that if you can "qualify to buy" now - it is a great time to buy (even if prices were to drop another 5-10%). I owned a real estate office in West Covina for 15 years, so I know the area well. Please give me a call and we can watch the market until you feel it is the right time to buy. But don't wait too long, soon - buyers will be chasing the market prices back up - especially if interest rates start going up.
Web Reference: http://BillMota.com
0 votes Thank Flag Link Sun Jul 10, 2011
none of us can really tell you whether prices are going to go up or down. If we could predict future trends, we'd all be incredibly wealthy, and wouldn't be working for a living.

the only one who can tell you whether it's a good time to buy (regardless of pricing, interest rates, inventory) is you! when you're ready to transition from renting to owning, and at the point when you can afford to own a home (home-ownership is typically more expensive than renting... as you have to do all your own repairs, pay your own taxes, mow your own lawn), you'll know.

but home ownership has its own rewards. including, stability, the ability to do whatever you want with the property, and when times are good, the ability to build equity in your home.
0 votes Thank Flag Link Sun Jul 10, 2011
Alan May, Real Estate Pro in Evanston, IL
MVP'08
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I disagree, slightly:

The important question is not whether the Market is going up or down; you are not buying the Market!

You are buying a HOME, a place to live for at least a few years, a neighborhood, a school, a dwelling you can come home and work on, a place you don't have to ask anyone's permission to do something, a thing of pride, a location for many, many memories. You want it to be strong, safe and beautiful. You want your family to feel happy and secure in it.

When you find the right house, you won't care that much about the price, you will want it and you will do whatever it takes to buy it.

Since you are going to own it for 5-12 years; probably until your youngest graduates, it won't matter if the value dips a little, because, historically, it will increase approximately 5-6%. That means that your $250,000 house will be worth $369,364 in eight years.

You will have a loan at 4 3/4% which will not change; and will look pretty good five years from now.

The BOTTOM of the market, for you, will happen when you buy your house; because your house will be taken off the Market. It's value will not be determined again until you sell it. And the market will continue on; some houses will decrease in value in the short term, and some houses will increase; most will increase in the longterm, because Real Estate is a LONG TERM investment.

But three, four, and five years from now, you will look back and realize that you bought at the bottom of the market!

Good luck and may God bless
0 votes Thank Flag Link Sun Jul 10, 2011
First off, I love what the guys wrote. Now, I believe that if you can get in before this fall, you should do what you can to do so. The Best Time to Buy isn't solely dependent on prices and many other variables will be coming into play this fall. We've already started to see spurts in interest rates, lenders' guidelines are still difficult for many but not impossible and with the Loan Limits expiring, I think we're going to see a hike in interest rates. Also, this is all dependent on in what price range you want to buy. If you're looking at an entry-level home, buy now and don't hesitate. Also, if you're selling a home to buy a home, I don't believe there's much urgency besides lowering your taxes. If you're buying a mid to upper end, I would weigh the money you have in the bank (since financing is going to be increasingly difficult) and what want. Most lenders can run projected figures of how much it'll cost to wait and pay a higher interest rate on a somewhat lower price and it ALWAYS pays to get off the fence. The numbers don't lie!

Let me know should you have any questions about what I've written here.
0 votes Thank Flag Link Sun Jul 10, 2011
I'm wondering that if we tell you will you believe us?
Web Reference: http://www.321property.com
0 votes Thank Flag Link Sun Jul 10, 2011
I agree with Allan with the current interest rates it makes it very attractive to purchase a home. In our area we are seeing some upward price presure in the lower 1/3 of inventory, the middle 1/3 of inventory is stable while the upper end homes are still being hit with price reductions. Our area appears to be firming up in reguard to prices of starter homes and 1st time buyer type homes. New constuction homes have no where to go but up because suppliers are increasing prices everytime there is a small uptick in the market. The current "deals" that can be found are lots & land for new construction.
Web Reference: http://www.randshomes.com
0 votes Thank Flag Link Sun Jul 10, 2011
In my opinion this is a great time to buy. The main factor is the Interest Rates of a Mortgage presently! Do not know your general area but with the market pretty stabilized here prices are back to 2003-4. I see this as an affordable way and opportunity to purchase Real Estate with alot less risk than previous years. Best of Luck
0 votes Thank Flag Link Sun Jul 10, 2011
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