Market Conditions in 90064>Question Details

Clay, Home Buyer in Los Angeles, CA

I am considering buying a house in the rancho park area. What do you forsee happening to the value of homes?

Asked by Clay, Los Angeles, CA Mon Apr 7, 2008

in this area?

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Answers

8
Clay
I just the knowledge that people have about the future!

The only absolute thing we know about future home values is that we don't know. It has much more to do about your personal situation than the market.

For example if you are renting now, buying is going to provide you with two things you don't have: significant tax savings, and owning an asset that will appreciate in the long term.

As Will Rogers said, "Buy land, they ain't makin' any more of it".

Talk with a financial planner, cpa, and Realtor about the pros and cons. In most markets, the intrinsic value is not affected by the economy. IOW, if an area or city has good schools and neighborhoods, there is a good chance that no matter what the prices may be, home values in these areas will remain higher than other areas with poor performing schools, poor public services, and other negative aspects.
1 vote Thank Flag Link Sun Sep 14, 2008
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
Contact
Rancho park is selling fast still. The houses in this neighborhood are the best buys around!!!!
1 vote Thank Flag Link Tue Apr 8, 2008
Prices have much further to fall. People do not make the necessary incomes to support the prices in rancho park and many that bought on adjustable rate mortgages will begin to default next year and their mortgages recast. And that doesn't even begin to consider the new rail line that might be built here, which will affect values greatly, I'd suspect.

When you hear talk of prices back around 2002 levels, then you might want to START looking.
0 votes Thank Flag Link Sun Sep 14, 2008
Rancho Park is a lovely area and the homes have appreciated greatly over the years. For neighborhoods such as Rancho Park, property values have not seen the drop that other, less desireable areas might.
People who are selling now, are motivated and most are willing to negotiate with you. Real Estate, has always been a very good investment,despite our current market conditions.
0 votes Thank Flag Link Mon Apr 14, 2008
Catching the bottom is always tough. I believe we are definitely within the market low. Once the inexpensive property is off the market we will stabilize. The market will recover at a slow steady pace.
0 votes Thank Flag Link Thu Apr 10, 2008
Naturally the media plays a minor role in what is going on in the housing market. However, Prices are down to the 2005 mark. Things have evened out. Properties were selling for too much money. I believe the market has relatively stabilized. Homes that are priced for today's market are selling. Homes that are priced over today's market value are sitting for months. I deal with Buyers and Investors who not only know the real estate market very well, but expect honest and integrity form their realtor. My answer is we are down to 2005 prices, the bottom has arrived for the smart seller, however most sellers have unrealistic expectations, therefore causing a larger suplly of invesntory then normal.
Web Reference: http://www.marcwizman.com
0 votes Thank Flag Link Thu Apr 10, 2008
Lets be honest, there is a chance if you buy in the next few months your property value could decrease. With the current economic crisis property values are at risk for losing value. I realize that is not an encouraging thing to hear from a realtor, nonetheless it is the truth.
So the next question is when should I buy to insure I won’t loose value? There is no clear answer and no magical date however the news is not all that bad. In fact if you’ a buyer this actually puts you at advantage. Why?
Sellers are also aware of the crises and as such they must adjust their thinking otherwise their property is going to sit for months. This is why using a realtor is so very important. When things are at there toughest for sellers experience realtors know what to do. It has been years since buyers have held all the cards but that is exactly what happening nowdays is. Knowing how to play your cards is not for the inexperienced when you talking tens of thousands of dollars and in some cases hundreds of thousands at the higher end of real estate.
If you are going to buy and sell your house in a few months then don’t buy now, however if you are like most home buyers and plan on settling in for few years then now is the time to buy. You may not buy exactly at the bottom but chances are you going to see gains in then future that will make you happy like most home owners are.
As with regards to the Rancho Park area, certainly there are some real bargains to be had. I would be happy to help you.

Stewart
310-968-1730
0 votes Thank Flag Link Tue Apr 8, 2008
Ahh, if I knew those answers I would not be selling real estate...However, if you go by the traditional real estate cycles , prices go down and prices come up again. What many buyers are not seeing due to the past years of real estate escalation, is that real estate is a LONG term investment. Even though your question is certainly very valid and a concern, I would be approaching the purchase as to how long do I see myself staying there and is the seller motivated to work with me on repairs and credits and is the price and loan obtained giving me the best value for my money. There are no guarantees however generally speaking the longer one lives in a home the greater the appreciation they will see.
Web Reference: http://www.apr.com/tosburn
0 votes Thank Flag Link Tue Apr 8, 2008
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