Home Buying in Oxnard>Question Details

Kiki, Home Buyer in San Ramon, CA

Is it wise to buy a house right now in the Bay area?

Asked by Kiki, San Ramon, CA Sun Oct 14, 2012

It seems the housing boom is back. The economy has not grown an inch but houses are up15 - 30 percent. No agent answers please. I know what an agent will "advice". I am looking to hear what ordinary buyers/sellers think about this situation.

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The question right now is not 'Should You Buy?" -- but, rather, 'Can You Buy?' a home. There are multiple offers over list price and very low inventory. Oxnard only has 30 homes 'active' under $300K. So, I recommend you do not try to buy if you do not have ALL CASH. It will be a very frustrating experience for both you and your agent. You will be running around from home to home, getting emotionally involved with the property, only to find out they accepted a cash offer. The cash buyers are snapping up the deals right now. So, pass for now... wait for a surge in inventory once the shadow inventory gets released, and then you'll have more homes to choose from and more negotiating power. Interest rates should remain stable for the reason you sited above -- the economy isn't growing.
0 votes Thank Flag Link Sun Oct 14, 2012
You have to think like an investor or someone who owns their own business. They are always thinking of the future not the present. They are making moves before others the majority do.
In 2008 a lot of money came out of the stock market. Now lot of foreign money is being used to purchase real estate. Some of the money that came out of the U.S. market has been moving into real estate. First time buyers are now making home purchases do to very low inerest rates and move up buyers are also trading up.
Even with a slow growth economy people still need a place to live whether you own or rent. Either way supply and demand will determine market price.
I know buyers who wish they would have bought last year. It's always the same story too late to buy or late to sell. You have to think about your needs at the present and what your long term future goals will be.
0 votes Thank Flag Link Sun Oct 14, 2012
With all due respect, this is a venue for consumers to ask Realtors questions! So if you don't want Realtor responses - you're in the wrong place!
0 votes Thank Flag Link Sun Oct 14, 2012
I believe your daddy does not own this site. You re not the one to tell me where I should be. I can be whenever I want and speek whatever I wish. This is still a free country or so I thought before I read your reply. Butt off high school drop out voucher !!!
Flag Mon Oct 15, 2012
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