I am not a Real Estate Professional in Socal but my market in Las Vegas is very similar in that the Pricing Bubble of 2007/Bad Economy effected both of us. I cannot predict the future, however, my humble opinion is that it is going to be a long while (maybe two years or longer) before the Real Estate market starts increasing with any large gains anywhere around the West Coast.
I can only rely on sales information to get an idea of what is happening in any given market at any given time. In your zip code 98 average size homes (1,100-1,700 Sqft) sold bet 6-12 months ago for an average per Sq Ft cost of $199.85. In the last 6 months 97 of the same type homes sold for an average per Sq Ft. cost of $208.95. I ran the numbers further and in the last 3 months the average per Sq Ft. cost was 203.54. This suggests a leveling off in your particular area, so if you are in the market to buy this may be a good time. As you know interest rates are the lowest they have been in over 50 years. If you are looking to sell, I would only do it if you have to move, otherwise stay put for another 6-12 months and study the market.
Please visit my website and sign up to receive market updates if you are interested in watching the market trends.
Home Sales Pro
If you're waiting for another $50K drop for a particular neighborhood you MUST do the math on how much you would save for a 30yr fixed rate loan if interest rates go up by 2%.
Let me know if you'd like me to do some number crunching with you, customized to your price range.
So not only are we in a Buyers' Market, more homes currently on the market than ready and willing buyers, and approved buyers, so that these few buyers can pick and chose from all available homes, the newest, best upgraded, at the lowest/most competitive price and many homes are for a long time on the market!
But we also have Buyers wondering about the job market and the economy in general, and they are waiting.
As far as knowing when in any area of the US house prices are going to start to go up.....
First prices may still come down, then leveling out i.e. bottom out..... and then it will take some time before
home prices will start SLOWLY to go up..... I wish we could foresee the future, but it will take several years...
Several! But I am not particularly familiar with your region....
But if you are a home buyer, with a secure job, solid income, and a nice down payment, good credit etc. this then MAY BE the best time for you to buy the home you always wanted to buy, at a lower purchase price and with low interest.....
Edith YourRealtor4Life and Chicago Connection
Working always in the very BEST interest of her clients