Foreclosure in Mira Loma>Question Details

Jennifer, Other/Just Looking in Mira Loma, CA

My husband and I are looking into buying our first home in a couple of years from now. The market has droped

Asked by Jennifer, Mira Loma, CA Fri Dec 7, 2007

some in the last few months, will the homes sky rocket in a couple of years or will they remain stable in price?

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As others have stated, we'd all love to know! California Association of Realtors are predicting a 7% total decline in price throughout the state from highs in 2006..(As it's an average, some areas have a higher rate, some zero decline)

They also predict the market to stabilize in late 2008 to early 2009. Following a stabilization, prices will be on a very very slow upswing for several years.

One thing you will need to consider is interest rates. If they continue to go up, the amount you can afford goes down. You need to look at the whole picture when buying.
1 vote Thank Flag Link Sat Dec 8, 2007
Jennifer,
this one of those questions that we all want the answer to but no one can say for sure. It will take awhile to see the results of the artificial correction (sub prime freezes). This may lessen the potential homes that may have gone on the market as foreclosures/short sales and/or bank owned. But, only time will tell if and when the numbers of those who are buying will increase to the point where there is more of a demand for homes than the supply.

On the flip side this a great time for first time homebuyers and move uppers. I am glad to say that I work with first time homebuyers in the inland empire with very conservative budgets and there are a lot of properties to choose from.

In the Mira Loma are there are definitely a lot of homes, communities and cities of choice, corona, norco, chino, riverside, lake elsinore, etc. There is quite a bit of new construction going on also and it seems that the tri-level condo/townhome areas are really increasing.

The bottom line is Jennifer, we really don't know if the market will start to swing in the other direction in two years, but we do know that there are a lot of properties out there within a first time homebuyers budget that are in new or move upper areas.

These are the time that serious buyers are out there. If you need help in reference to consultation and your timeline let me know, I'd be glad to assist.
1 vote Thank Flag Link Fri Dec 7, 2007
Nobody really can predict what the market will do. What I can say is the recent UCLA Economic Forecast stated that they think the market will not "bottom out" until 2009 or 2010. So if they prediction is correct your time frame for buying would be ideal.
0 votes Thank Flag Link Sat Dec 8, 2007
Jennifer,

No one has the crystal ball what home prices will do, nor when values will begin to return, nor how fast or slow.

Diffferent areas of the country will rebound at different speeds.

One thing certain is values in most all areas have corrected off their market highs.

Since you and your husband are planning to purchase your home in the future. Your best hedge against the rebound is to purchase as soon as you financially can.

Best of luck in your new home.
0 votes Thank Flag Link Sat Dec 8, 2007
Even your local RE Pros will not have a definitive answer for you. But, you can discus w/ local RE Pros the current levels of inventory for both new and resale housing, and what the trend has been for the recent year or two. Local economic factors also impact the projections for housing markets. Are employers moving in or out? The stability of the local economic climate,population trends, and demand will determine what will happen in your area. A local Realtor may be able to discuss some of this with you, but mostly they will be able to share inventory trends from the recent path. History does not always repeat itself, but is a foundation from which you can gather additonal info to make decisions.

Most economists are not predicting sky rocketing prices in the near future. Since I am not in your market, I could not comment specifically.
0 votes Thank Flag Link Sat Dec 8, 2007
Deborah Madey, Real Estate Pro in Red Bank, NJ
MVP'08
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There is no way of knowing what the market will do in a few years. What we know is that right now is a buyers market and it is a good time to buy a home if you can afford to. Interest rates are low and home prices are reasonable. Buyers have much more leverage than they have had in years and can negotiate things like settlement help, buy downs, and lower prices. Good luck if you decide to buy. You are lucky to be buying in such a market.
0 votes Thank Flag Link Fri Dec 7, 2007
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