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.