Home Buying in 93312>Question Details

Navi, Home Buyer in 93313

When do we see a change in prices? House i wanted to buy in 2005 is still 300,000 may be higher

Asked by Navi, 93313 Mon Jun 9, 2008

I am looking for 4 and 2 house in area 93312 & 93314 with both living room and family room. when do we see a drop in prices? There are so many foreclosure properties on the market for the past year but nobody wants go down on price. When do think this will happen?

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3
Hi Navi,

Prices get influenced by supply and demand. Over all we have a large supply of homes(high inventory) and not enough demand(for many reasons). If in that area you are looking to buy the inventory is short than the prices stay flat and the sellers donot drop their price. I suggest work with an agent and request to receive the list of shortsale and bankown homes. Also ask for the most recent comparative market analysis. Place an offer at the price based on these information and what you think the home is worth to you.

Happy house hunting!
Homa
1 vote Thank Flag Link Mon Jun 9, 2008
Don't be afraid to offer a price that you are willing to pay even if it is signifcantly lower than the ask price. I work in NY, but CA is bearing the effects of reduced prices. You probably have another year to save money and buy something at an all-time low price. Hurry and start saving before the market turns around, which it ALWAYS does.
Good luck.
:D
0 votes Thank Flag Link Wed Apr 22, 2009
Hello Navi,

There has been a significant change in prices in Bakersfield, Ca. In the 93312 and 93314 zip code there are about 92 Bank Owned Properties available. Majority of these Bank Owned homes range between a 30% to 50% discount from the last time they were sold. I am not sure what you are using to gauge the change in prices in the Bakersfield market. I can ensure you that there are some great opportunities in the foreclosure market if you are not afraid of a little work. If you have an email or would like to converse with me about this please feel free to contact me. Thank you for your time.

Abel Ramos
0 votes Thank Flag Link Tue Jun 17, 2008
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