If we haven't already hit the bottom in terms of pricing, we can certainly hit it with a rock from here. In fact, just about every transaction that crosses my desk in my office has been involved in a multiple offer situation in which the winning offer has had to compete against several other buyers to get accepted. I feel that's just one of a number of clear indications that, overall, prices are stabilizing.
If a potential buyer were to suggest to me that he or she is inclined to delay their purchase to see if prices do decrease a tick, I would advise that any savings in terms of price point are going to be minimal, and the multiple offer situation is only going to get more competitive. That factor alone is going to drive asking prices up to a point that will probably negate any reduction from where they are right now.
The point made in a previous response about the length of time you intend to retain the home before you sell is also well taken. If this is an investment for you, and you do not intend to resell within the next couple of years, this is prime purchase time for you. It's as safe as it gets to assume that you will soon be building equity with your investment.
I wish you the best of luck in finding the right home for yourself.
EXIT Realty West
It's a great time to buy in Sacramento. Once you are approved for a loan and you have a profesional Realtor working on your behalf, making sure that you get the best price...it couldn't be better. There are some great buys out there, now.
Once it becomes common knowledge that the bottom has been reached, the news will be over a month old and real estate will be on the upswing in terms of prices. Right now, we are seeing a steady increase in the amount of sales as evidenced by my recent report on the market which you can see on my blog at http://sacramentorealestatevoice.com/2008/06/04/the-outlook-
Join the other home buyers and make sure that you don't miss out on getting a home before interest rates go up and supply goes down. Good luck.
Gena Riede, Assoc. Broker