Home Buying in 95628>Question Details

Sierra, Home Buyer in Fair Oaks, CA

Im looking for 4/2 on1/4acrewith a pool and hot tub. What should I expect to pay,are there still foreclosures?

Asked by Sierra, Fair Oaks, CA Mon Apr 13, 2009

what is the fair market price of a home of this size in this area. How is the best way to go about finding the best deal? If I think Im going to be ready to buy in about a year should I start looking now?

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6
R R R -Ring.

I thought the bell rang two years ago, but then the banks kept hitting the snooze button, (smiley face)
banks made it too hard for good risks to get mortgage loans.
0 votes Thank Flag Link Tue Apr 5, 2011
Jim Walker, Real Estate Pro in Carmichael, CA
MVP'08
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Thanks Jim. I did see the date on the post. Just trying in increase the status credentials.

I have and still will confidently tell my clients, buy a home when you find the home you want. I said this 2 years ago, last year and I still say it today. In fact I said it every year since 1992. If Sierra is an investor who wants to flip the property........she should wait. If Sierra wants to buy a home for her and her family and be in the home for the next 10 -25 years....she should buy the house.

I am waiting for the bell to ring indicating the market has hit bottom. I missed the bell indicating the market hit the top.
0 votes Thank Flag Link Tue Apr 5, 2011
Always fun when a new Voices member dredges up an old post. Thanks Robert. It educates me to look at my old posts to see how right or wrong I was. Two years ago I made a math error. I wrote $151 per square foot instead of $171 per square foot. Maybe I accidentally predicted the future? (I give myself too much credit {smiley face} )

Would $427,900 two years ago been a good deal for her? The way it turned out, she would have been better off, dollar wise, waiting until this year.

I did a new search this morning using the same criteria I did then. I came up with an new average of about $150 per square foot, including distressed properties and non-distressed properties, solds and actives. That is about $21 per sf less than two years ago.

My answer today is , if Sierra did not buy last year, or the year before, is that 2500 square foot 4/2 with pool on a quarter acre should cost much less than it would have two years ago. OR that her $427,900 should be able to buy a bigger or better house or better location.



If Sierra stuck to her plan, she would have bought one year ago, not one year from now.
0 votes Thank Flag Link Mon Apr 4, 2011
Jim Walker, Real Estate Pro in Carmichael, CA
MVP'08
Contact
You should start looking when you are ready to buy within 30- 60 days. Looking 12 months in advance will do nothing for you but show you properties that you cannot buy. Plus, you will be wasting your time driving around looking at houses. 12 months from now will be a totally different market, from the values, type of properties for sale, inventory numbers, etc. Stay focus on saving more money, keeping your credit clean and monitoring market conditions. The right time to buy is when you are ready to sign a real estate purchase contract.
0 votes Thank Flag Link Mon Apr 4, 2011
$427,900.

Or more, or less. So much depends.

The best deal will NOT be the cheapest deal.. The cheapest deal will be a house in a less desirable section of Fair Oaks maybe backing up to or sitting directly on a major thouroughfare like Hazel or Sunrise. - Maybe in need of some serious repairs. Price range? That would be a huge range from what you described. Is somewhere between a quarter million and half a million too wide a range? Then is it Fair Oaks specific or will you be looking at neighboring Carmichael and Orangevale?

Breaking down the $427,900 - That would be $151 per square foot for a 2500 square foot, 4 br, 2bath home.
A 4 bedroom home could be smaller than 1600 square feet or as larger than 3000+ sq feet. Two totally different lifestyles.
0 votes Thank Flag Link Mon Apr 13, 2009
Jim Walker, Real Estate Pro in Carmichael, CA
MVP'08
Contact
Prices will be different a year from now. There are always going to be some foreclosures. Recently we've seen our market move towards more short sales, than foreclosures so they make up the majority of listings at the moment.

I would suggest you get set up with a client portal, start to learn the market values for the areas that you're looking so you can see how the prices go up, down, or stay the same. And meet with a lender now so you can ensure your credit is as good as it can be, you've budgeted correctly and you're ready to go. You'll get your best buy when you're educated well on the market.

But why were you waiting? The home buyer's tax incentive runs out 12/1. That might be a reason to consider buying now.

Good luck to you!
Web Reference: http://www.suearcher.com
0 votes Thank Flag Link Mon Apr 13, 2009
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