Home Buying in Sherman Oaks>Question Details

Kate In The…, Other/Just Looking in Sherman Oaks, CA

Is this a good time to buy a house in Sherman Oaks, CA?

Asked by Kate In The Valley, Sherman Oaks, CA Mon Jul 30, 2007

What do you think about the current market conditions and where do you see this market headed in the next 6 to 12 months?

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7
I don't understand how can anyone say it is a 'buyer's market' and 'good time to buy'. We have been shopping for a house for the past 6 months and every time we put an offer we were out-bid. We are constantly running into multiple offers situations.

Forget the headlines -- if you are truly shopping for a house, be ready for a lot of frustration!
0 votes Thank Flag Link Thu May 28, 2009
Until the housing fundamentals are in place I wouldn't touch the market. If you do find something that you like, plan on staying more then 5 years and can afford the mortgage it might be good for you. There a chance that if you wait longer you'll get more bang for your buck. One key element that I'm watching is forclosures/REO/Shorts vs. homeowner listings. There's still a disconnect here, until these 2 numbers come together I won't buy (not to mention that forclosures have still yet to peak). Here's a doomers site that has some great "factual" information on the current market:
http://www.patrick.net

FYI - I just rented a 600K pool home in Granada Hills for 2K a month. There's no way I could of come close to affording that on a mortgage and I have excellent credit, 10% down and 6 figure documented single income. My plan is to wait-and-see what happens. I'm sitting contently on the sidelines. I run the risk of a hot-buyers market in the future, but I'd rather have that then settle for a condo or small home seedy area and be to far underwater to get out in 5 years.
0 votes Thank Flag Link Sun Apr 13, 2008
Today I saw a Sherman Oaks townhouse that had previously sold for an insanely ridiculous $750,000. Now the buyer is upside down and is begging to sell it at $600,000. Poor baby. Idiots like you helped price me out of a house.

The tide will definitely turn someday. That's guaranteed. But will it turn in 3 months, 6 months, two years? Who knows. But I think desirable areas like Sherman Oaks will only float down, not fall off a cliff (except for foreclosures and desperate idiots like the townhouse owner). I believe if you find something you love and can afford it, buy it. You'll regret not buying if it floats down another $30,000 (a nice piece of change, but not the Great Depression) but you really, really loved it, and now it's gone.
0 votes Thank Flag Link Sat Apr 12, 2008
"Interest rates are close to historic lows."

Even though that statement is true... All it does is allow someone to shoe-horn you into an overpriced house.

That line is what the brokers tell the agents to say when their out in the field.

I don't have time to write another 5000 character dissertation as to why it's a bad time to buy, but here are some things to look up.

GDP vs. HSG or Housing Valuation

House value based on Price to Earnings Ratio

My personal prediction is we are approx 1/4 to 1/3 through the housing slump.

Buy now and be sorry.

Here's a sample of recent headlines on cnn.com

• Moody's eyes Fannie Mae downgrade
• Home price plunge accelerates
• Mortgage applications slide again
• Insuring your home against disaster
• White House to veto foreclosure bill
• January foreclosures up 57%
• House mulls $15B mortgage bailout
• Foreclosure bill faces Senate test
• Foreclosure aid plan under attack
• Subprime loans defaulting before resets
• Don't forgive debt, postpone repayment

Kate... sound like a good time to buy?
0 votes Thank Flag Link Sun Mar 2, 2008
I live and work the Sherman Oaks area for over 10 years. I think it is a great time to buy right now. The reasons being are interest rates are still historically low, there are a lot of homes just sitting now and you can get a great deal on a wonderful house. We are in "Buyer's Market" they say because I think the factors that define the factors that define a market are supply and demand. Today there is a great supply but demand is minimal. A recent LA Times article predicted that the market would continue to decline in a lot of areas of California. However, areas close to the city such as Sherman Oaks are still highly desired and may continue to decline in value but gradually.
0 votes Thank Flag Link Sun Dec 2, 2007
I see this question asked a lot, and the only answers I ever see are from REALTORS saying "It's a great time to buy!". Tell that to my friend that took that advice in July and in now in a mortgage that's not worth what he paid. I'm by no means an expert, but I'm taking the "wait-and-see" approach.

Most of the what I read are predicting prices will continue to drop through the year in LA County until they reach a more realistic level. This seems reasonable considering the most communities have dropped in LA area from 2-20% this year. Take a look at Zillow.com's Quaterly Reports... http://www.zillow.com/quarterlies/QuarterlyReports.htm
0 votes Thank Flag Link Sun Aug 26, 2007
Gee whiz, an agent telling you its a great time to buy. Whodathunk it?
0 votes Thank Flag Link Mon Jul 30, 2007
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