Home Buying in Canyon Lake>Question Details

Osideres, Home Buyer in Canyon Lake, CA

What are the opinions of pricing trends in Canyon lake especially waterfront for the next 6-8 months? Lots of foreclosures and late payments.

Asked by Osideres, Canyon Lake, CA Tue Sep 15, 2009

Help the community by answering this question:

Answers

5
There are too many buyers out there for properties to start decreasing in price. Short sales started exploding in late 2008 and early 2009. These buyers are coming back into the market and want a house. With prices much lower and interest rates cut in half, buyers are looking at a very affordable monthly payment. That goes with waterfront homes as well. There are buyers coming into the market that could afford their home but strategically short sold their home and are now looking at waterfront homes with similar payments. Unless interest rates start rising or the banks start unloading a so called shadow inventory, then I do not see prices decreasing anytime soon.
0 votes Thank Flag Link Sun May 19, 2013
According to a recent Futures Report from Standard & Poor's Case and Shiller, housing prices were expected to drop another 7% come February, March, April, and May of 2011 overall. Many say to count on it; some say not to count on it because we are "stable" now. Another report said the top five banks collectively having nearly $80 billion in foreclosures which, conceivably, if turned loose all at once would affect our values in a negative way, thus, there is now a moratorium on foreclosures, so, no new foreclosures will be allowed, but, the reason for the moratorium is to stop the negative impact on our already ailing housing market! My favorite reading place to find out what is going on in real estate is at the non-profit H.E.L.P. (Homeownership Education Learning Program) website at http://www.FreeHomeOwnershipHelp.org. For a good laugh, and accurate views, I enjoy Mandelman Matters at http://mandelman.ml-implode.com/2010/01/my-name-is-martin/ which is accessible through the H.E.L.P. site.
0 votes Thank Flag Link Thu Nov 4, 2010
According to Foreclosureradar.com there are currently over 100 properties in Canyon Lake that are in preforeclosure status. There are also 150 homes in Auction status (trustees sale). Howver, its important to note that banks will not be releasing properties rapidly to the market as they did last year. These homes will be gradually released to the marketplace and prices should remain more stable. There will also be a strong push to modify these loans by the bank. You will see more modifications and short sales take place in the next few months. As all thi sis rolling out it will be difficult to gauge the effect on prices but they should remain stable or drop slightly as inventory levels rise in the housing market.

Hope this gives you some perspective.
0 votes Thank Flag Link Sun Jan 24, 2010
Canyon Lake is a beautiful community and prices are statistically lower than they have been in several years just like the rest of California.

To find out more information go to http://www.city-data.com.

Here's a blog I wrote about Canyon Lake that should help you also.

http://janegrant.biz/?p=66
Web Reference: http://www.soreal.biz
0 votes Thank Flag Link Sat Jan 2, 2010
Osideres,

Boy, even if we as agents could give projections, (which we are NOT allowed to do), it would be near impossible.

It boils down to that good 'ole "Crystal Ball" scenario.

If you are looking to "buy" or "sell" in Canyon Lake, the best avenue to take is to contact a local Realtor that could provide you with a list of comp's for the area over the past 3, 6, 9, 12 or more months so you could see where the market was, and where the market "is" today.

With historically low interest rates in effect, you may not want to over-analyze the market and worry about the 6-8 month projection, but start previewing properties so you can see the individual differences in the properties. Canyon Lake is a very unique area with many differences in home layouts & locations. Beautiful view's and a very security tight community. Awesome living!

Best of Luck.
Kathy
Web Reference: http://www.weberhomes.INFO
0 votes Thank Flag Link Wed Sep 16, 2009
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer