Hi Mother5,

Ranchetts have dropped in market value. Remember real estate is supply and demand. Because there are not as many country properties their prices will not drop at the same percentage as homes in the city. Track homes are a dime a dozen. The biggest value in country property is the land.

An acre of bare land in Tracy will cost you around $430,000 depending on location. Then the improvements like: a well, septic, running electricity and of course the house built on the land all add to the cost. Your first acre is the most expensive and subsequent acres are reduced per acre. With big acreage the price per acre can be as low as 6,000 to 30,000 depending if it is bare land or has a crop. I live in the Tracy country, have sold many Tracy country homes and have talked to a rural appraiser who said; once you have more than 2 acres the price per acre really starts dropping. She also said mature trees add value to rural property if you can imagine that.

There are several bank owned country properties on the market as well as a few that are in a short sale situation.

Thu Apr 3 2008, 14:24

hang in there, you will see the foreclosure signs soon.
could be another year or two.

anyways

good luck

Mon Mar 24 2008, 15:30

Advice: Don't try to time the market!

Doing so may create more problems for you. If you wait longer, interest rates could go up, making the purchase more difficult to obtain.

Even so, if you see prices at the bottom, by the time you contract, get financing, and close on the home, the bottom will be well past you and you are back at square one.

Lastly, you know the money is cheap now, the prices are still low, and you DO NOT know what the future entails. For instance, if the home you wanted to buy went down 10% over the next year, but interest rates went up 1%, you would actually be paying more monthly than if you had bought earlier.

Recommendation - Don't try and time the market, its not worth it. If you can qualify today, do it. Plus, you can get tax benefits by purchasing the house, which can save you more money than by waiting (assuming you are renting, no pun intended).

Good luck!

Denton Ward
eRealtyInvestors

Mon Mar 24 2008, 11:10

Good morning Mother5, Don't wait too much longer, you will be dissapointed if you do! George's advice is solid. I have 300 Agents working for me, and to a man, they are all seeing a large jump in activity. We are currently advising all clients to start looking seriously at the market. "It is a great time to buy in The Central Valley!" The Coach 209-758-3113 or thecoach@prucalifornia.com

Mon Mar 24 2008, 08:45

I'd say that that is like asking when are we going to hit bottom in market and if we all knew that we'd all be very wealthy.

In my opinion, you should bid on desire and ability to pay. If you like something, bid according to your desire. If there is any question as to whether or not you can afford the home you want, then by all means sit out and wait and see, or better yet, purchase something you can live with and afford.

Prices may continue to soften in some markets/neighborhoods, but not all markets/neighborhoods price points are losing value at the same rates. With financing approaching near record lows more persons able and willing to buy will be coming into the market and it's a great time to purchase a new home.

Mon Mar 24 2008, 06:29