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.
When you hear talk of prices back around 2002 levels, then you might want to START looking.
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.
So the next question is when should I buy to insure I wonâ€™t loose value? There is no clear answer and no magical date however the news is not all that bad. In fact if youâ€™ 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 donâ€™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.