Home Buying in Corona>Question Details

Mluwin, Home Buyer in Corona, CA

Is it a good time to buy a home in Corona, CA? or should we wait a bit to see if the prices are coming down? We're only lookin in Corona area.

Asked by Mluwin, Corona, CA Fri Mar 25, 2011

Not intertested in Riverside or any place further in because we want easy access to orange county without fighting traffic. I heard the interest rates are very low (<4.5%?) and we're pre-approved. But we definitely don't want to buy now and see the value goes down 10-20% in the future either. Please advise!
Also, what's the avg. price of a house in zip 92882 with 3000 sq.ft with 7000 sq.ft yard build in mid.'90s?

Help the community by answering this question:

Answers

12
Mluwin,

Prices are likely to drop significantly due to the oversupply of foreclosed properties, short sales and negative equity homeowners here in Corona. Due to the fact that Corona was booming during the 2005-2007 land rush period, values spiked and most residents upgraded to a bigger home (mortgage) and a huge percentage are now way underwater.

The good news is, this glut of supply and distressed nature of the market is creating an opportunity for those whom are patient.

I moved to Corona from Orange County in 2009 and it was the best move I could make. I have a 4200 sq. foot house on a 14,800 sq. ft. lot and paid $384,000 by going directly to the bank and got it for 40% less than market with some work needed. I put $40,000 into it with granite, hardwood, landscaping, etc...now it's model quality and worth more than I paid for it, even though the market has declined by 9% in the same time.

To summarize, yes - prices will fall, but yes, now is a great time to buy too. You just need to work with someone whom specializes in finding opportunities, not just "market priced" homes.

If you want a list of distressed properties, just give me a call or call your current agent. Tom Jandt 866-766-1112 with Hilton Thomas & Associates, Inc. - I'm a REALTOR and a Short Sales & Foreclosure Resource Certified professional.

TIP: Find the neighborhood you want to live in, then located the distressed homes on that street. (These usually aren't listed, they are often delinquent borrowers hoping and praying to stay out of foreclosure, bank owned and not listed yet, etc.). Then negotiate and make offers on properties well below market price. If your offer is accepted, you can invest some of the savings into upgrades to make it the BEST home on the street, create equity in the property far above what was invested and any future market declines will be irrelevant.

Good Luck!

-Tom Jandt
http://www.thomasjandt.com
http://www.hiltonthomas.com
Web Reference: http://www.hiltonthomas.com
0 votes Thank Flag Link Mon Mar 28, 2011
The most important thing is find a great Realtor to work with, there are some really good ones there. Take your time and be patient. In addition, these are questions that I ask when a buyer wants to know if it's the right time buy:

1.) Do you need to place live and want to stop paying off someone else's mortgage?
2.) Do you want to take advantage of a market that has clearly come down in value which most likely you couldn't have afforded a few short years ago?
3.) Do you want to take advantage of the tax benefits still available for homeowners?
4.) Do you want buy a home whereby the mortgage payment is in some cases at or below what you could rent for?
5.) Do you want to take advantage of historically low rates, knowing recently that the interest rates has risen and will continue to rise, especially after this next month?

If you have answered yes to these questions, what difference does it really make if the property values do drop another 5% or so? If you are truly a home buyer for the right reasons, it really shouldn't matter. Yes we all want to get a good deal on the things we buy. But no one has the crystal ball and I can appreciate you wanting to make the best decision. Home prices are stabilizing and eventually they will appreciate in value, maybe not like in the 1990's or the early 2000s. But that was smoke and mirrors and hot air in the balloon. I truly hope that the new American Dream will be born soon, when people get back to basics and buy homes they can afford and live in them with their families and not just to make a profit. There is a place for that of course, but hopefully in moderation this time. I would love to see the housing market stabilize and see an end to a wave of foreclosures every ten years. And when sellers of properties are actually your average Joe and Patty Smith, not a Bank. Boy I pray for that day...every night

Good Luck with your decision.
Web Reference: http://www.AFN-Loans.com
0 votes Thank Flag Link Sat Mar 26, 2011
Yes interest rates are low, and so are prices as well. But your question would require a crystal ball to answer. Real estate agents and brokers don't know any more than anyone else where prices and the housing market are headed. This is a question only you yourself can answer.
0 votes Thank Flag Link Sat Mar 26, 2011
I could answer this question with a long post, however all the previous agents have already done a great job. I will say this: Corona is ON SALE!

I've always told buyers that the only way to tell if a market has hit rock bottom is to wait to see if the prices go back up. Typically, by the time you realize it, prices have already hit back up to where you are today or higher and interest rates are probably higher as well.

Good luck with your search.

Ray Wright
Keller Williams Realty
0 votes Thank Flag Link Fri Mar 25, 2011
Hi Mluwin,
Most of the top eccononmists today say the market will hold for the rest of 2011 and then begin to increase. They are not always right ; but lets say prices went down by 5%. That would be about $21,500 on a home of $430,000. (which is what a 3000 sq.ft. home runs) That $21,500 would make a difference of about $125 in your payment. If your interest goes up as every indicator is saying, if it went up even to 5.5% which is very possible, your payment would go up about $210 per month. That $210 is about $40,000 in purchasing power to you. So if you wait for a slight decrease in price you may very well loose more on the interest rate! It is all numbers! And the numbers don't lie. What do you think the chances of the rates going up are? I think that is entirely possible. Fact is, there are a lot more buyers looking now than there was 4-5 mopnths ago. That will only serve to drive the prices up or hold them I believe. But like I said even if they go down a bit the rate is more detrimental to you than a small price decrease.
I would be happy to help you in your search.
Best of luck to you,
Connie Bramble
714-337-8718
0 votes Thank Flag Link Fri Mar 25, 2011
You are correct interest rates are low and prices seem to have settled down. We currently have a lot of cash buyers in Corona so if you find a home you like don't play games-make your best offer! In the zipcode you asked about there has been 2 sales in 2011 with the following criteria:
3,099 to 3,273 Square Feet
2.00 Bathrooms
4 Bedrooms
$128 to $131 per Square Foot
11 to 13 years old
Built between 1998 and 2000
One home sold for $405,000 and the other for $419,900
Homes sold in an average of 52 days.
Email me for any further housing needs. sharon@koziel.com Hope to hear from you soon. Sharon Koziel,
Web Reference: http://www.koziel.com
0 votes Thank Flag Link Fri Mar 25, 2011
If you want to be close as possible to OC, then you will be paying a higher price for the house! If you go off of Lincoln / foothill / Ontario you can find homes priced under $450,000 in your critieria as you listed above. I can set you up on ListingBook or you can go on yourself. It is the MLS for our clients. You can hunt for a property like the agents do. Just go to www. Listingbook.DoreenMendoza.com and sign up. Now is a great time to buy with the prices and interest rates both being so low!

Let me know if I can be of help!

Doreen H. Mendoza, Realtor@, SFR
Tarbell Realtors
(951) 205-0542
0 votes Thank Flag Link Fri Mar 25, 2011
Basic Market Statistics
Use this sheet to see basic statistics on the market as a whole.

Status: Active (1)
List Price ADOM Selling Price BR BA Year Built SqFt Lot SqFt
Min 425,000 67 - 4 3.00 1999 3,024 7,480
Max 425,000 67 - 4 3.00 1999 3,024 7,480
Avg 425,000 67 - 4 3.00 1999 3,024 7,480
Sum 425,000 -
Status: Pending Sale (1)
List Price ADOM Selling Price BR BA Year Built SqFt Lot SqFt
Min 304,900 8 - 4 4.00 1998 3,266 7,405
Max 304,900 8 - 4 4.00 1998 3,266 7,405
Avg 304,900 8 - 4 4.00 1998 3,266 7,405
Sum 304,900 -
Status: Backup Offer (2)
List Price ADOM Selling Price BR BA Year Built SqFt Lot SqFt
Min 339,900 108 - 4 3.00 1998 3,069 7,227
Max 355,000 223 - 4 3.00 1999 3,273 7,590
Avg 347,450 166 - 4 3.00 1999 3,171 7,409
Sum 694,900 -
Status: Closed Sale (94)
List Price ADOM Selling Price BR BA Year Built SqFt Lot SqFt
Min 329,900 2,795 4 2.00 1990 3,000 7,000
Max 869,900 375 849,000 6 4.00 2000 3,500 8,000
Avg 537,660 60 524,375 4 3.10 1998 3,202 7,492
Sum 50,540,086 49,291,295
Status: Expired (76)
Web Reference: http://www.CindyVedder.com
0 votes Thank Flag Link Fri Mar 25, 2011
Hard to say how the economy and world is going to affect buying a house in the future, but right now, prices are low and interest rates are low meaning you will get more for your money now. Homes have not dropped in price in almost 3 years, they have stayed on a slow incline since.beginning of 2009.......92882 zip if you are off Green River, you will pay more for a smaller house than if you come off the Lincoln and Foothill area. Still an easy commute, but houses are newer and a bit bigger. Right now you are looking in the area of 410,000-499,000. Depends on upgrades, pool, lot size, if it is a short sale, standard sale or bank owned...

If you come out tomorrow I am having an open house on Flora Spiegel in Corona. There I can show you what homes are available in the area you are searching for.


Thanks,
Celeste Pafford
Pafford Homes
951.317.5571
0 votes Thank Flag Link Fri Mar 25, 2011
"what's the avg. price of a house in zip 92882 with 3000 sq.ft with 7000 sq.ft yard build in mid.'90s"...hard to tell with such little information, but $148 per sq ft or $444,000 is a ballpark. If you have a specific home in mind I'll run the numbers for you more accurately.
Web Reference: http://www.kamerinvince.com
0 votes Thank Flag Link Fri Mar 25, 2011
Run, don't walk to the nearest available home. In April, on the 18th your rates are going up for Mortgage Insurance on a new FHA loan if that is what you are doing. That will change your costs over the coarse of your new loan.

There are 213 home ranging from $300K to 800K plus. Need to be more specific and If you need help, do not hesitate to call me.

Good Luck.

Cindy Vedder,
Prudential California Realty
Web Reference: http://www.CindyVedder.com
0 votes Thank Flag Link Fri Mar 25, 2011
Right now there is a perfect storm with low interest rates and low prices, so if you can qualify for a loan or have the cash absolutley it is a great time to buy. Just realize that there are many others out there who have that mind set also so you need to get set-up on listing alerts and work with a local agent who can help you sort through the inventory and save you tons of time.
0 votes Thank Flag Link Fri Mar 25, 2011
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer