Roland Young…, Other/Just Looking in Bakersfield, CA

My son is moving to Bakersfield in Jan 09 to work for ~4 years. Do you feel it is a good idea to purchase a?

Asked by Roland Younger, Bakersfield, CA Tue Dec 2, 2008

home now or possibly rent for 6 months to a year and then purchase or just rent the entire 4 years. After his 4 years he would most likely sell the house.

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Sj209’s answer
I am familiar with Kern County properties (I own one). In my opinion, this is a great time to buy in Bakersfield. Sure, you could wait 6 months to a year and probably be okay. If I were in your position I would start making lowball offers now, it can easily take a year to have an offer accepted and have all the paperwork clear. Nobody knows what the future holds but I certainly think interest rates are at historic lows and prices are well off their peaks. You can roll the dice and wait or start making offers. If your time frame was 2 yrs I might have a different answer but 4 yrs should cover you. Here is my advice, call Deborah Manning 661-845-2924 or 661-378-5545 and check her listings. You might want to engage her as a buyer's agent (at no cost, of course). See some of her listings at the link below. Good luck!
0 votes Thank Flag Link Tue Dec 2, 2008
If any one tells you that the market will be up NEXT YEAR, then ask them what FACTS they base that opinion on.

Do not invest 1 penny on opinion alone:

Heres my facts...http://www4.onboardnavigator.com/1.5/WebContent/OBWC_Search.…

Form your own opinion with facts not other opinions....A wealth forming strategy is never based on opinion that has no verification process. You just may find the perfect investment in Bakersfield but it's not going to happen without informing yourself. Good luck
0 votes Thank Flag Link Tue Dec 2, 2008
I think that if there is a 4 year time frame for occupancy, then yes, I would buy. The pricing has not been this reasonable since 2002/2003 and loans are still very affordable. The market will not be leap frogging up, but they will start to trend up by the end of next year, and the tax advantages could be significant, depending on the income level. I would recommend probably staying in a slightly lower price point, and if possible use it as a rental once the job changes. This would be a long term wealth building strategy.
0 votes Thank Flag Link Tue Dec 2, 2008
No it is not a good idea!!! Use this link to determine rents in the area and wait until you learn more about the market and economy in Bakersfield. http://www.rentometer.com/

Just pick an apartment out of the phone book write it in and you will get an idea of rents in a several mile radius.

Best to you
0 votes Thank Flag Link Tue Dec 2, 2008
Purchasing a home will always have a tax advantage, search for a foreclosure below market value with equity, therefore in 4 years could sale make a profit excluding the tax advantages received over 4 year time period. OR keep the home after 4 years lease for additonal yearly income.
http://www.lynn911.com http://www.homes-for-sale-dallas.com
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Tue Dec 2, 2008
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