are the house prices going to drop more?should me and my mom wait and be patient or should we buy a house?

Asked by Nataly, Sun Valley, CA Mon May 5, 2008

now! im afraid if we dont buy a house now, we will regret it in a couple months when the price of houses go up

Help the community by answering this question:

+ web reference
Web reference:

Answers

6
Bonnie Star, Agent, Reno, NV
Mon Aug 13, 2012
Hello Nataly,

In my former life I was a Real Estate Appraiser. This trained me to see buying trends and I see big market changes have arrived. Everything under $150K seems to have 5 offers in one or two days. Now that being said, buyers are making offers over list price. Are they closing? Well only if the appraisal agrees with the sale price. If not the buyer has to pay the cash to make the difference, (and I do see this happening). Overall prices are being listed higher then market value. In a couple of months it will be winter, and winter seems to slow down the amount of units sold.

However, with as many investors buying, this might not happen this year, (we will see). So don't worry about prices taking a slight dip. You have to look at how much you are paying for rent versus how much you will be paying for a total monthly mortgage payment.

Please call and I will be glad to help you personally,

Bonnie Star
Dreams Realty
775-224-5511
0 votes
Bob Pira, , 89511
Thu Nov 5, 2009
I don't believe that waiting would help and actually believe that the best time to buy was at the beginning of the year. Inventory of lower priced foreclosed properties had dropped considerably since then with most active listings are short sales and higher priced homes.
0 votes
Rye, Home Buyer, Cleveland, OH
Mon Jul 14, 2008
The prices may drop, but getting a loan is only going to get harder. It really depends on what type of financing you do and qualify for.
0 votes
Brenda Rodie, Agent, Sparks, NV
Mon Jul 14, 2008
No one can really say when the market is at its low mark until the following quarter when the stats are posted. Start talking with Realtors and asking questions about the area in which you are thinking of buying your home. Finding a home will depend upon your family’s needs and wants and, of course, budget.

When you have time, please visit my website http://www.RenoTahoe4Sale.com and you will be able to see what is on the market. It is linked to our multiple listing service and it is updated daily. If I can answer any questions, please feel free to call me at (775) 843-5878 or my email is brendarodie@yahoo.com. I look forward hearing from you.

Regards,
Brenda Rodie, GRI
Liberty Realty
9520 Prototype Ct.
Reno, NV 89521
(775) 843-5878
0 votes
Lisa Dunagan, , Reno, NV
Tue Jul 8, 2008
Great Question. Everyone is wondering the same thing. By watching the median home price bounce around the last several months, my best guess is that the market is trying to find the bottom right now depending on the neighborhood your looking in. The thing to keep in mind is that interest rates may rise, if that happens, any savings you might save waiting another month or two, may be lost to a higher interest rate. Real estate is a long term investment. If you are looking for a home that you want to live in for at least the next five years, then NOW is a great time to buy. If you are looking for a short term investment, then real estate might be your best bet. A professional real estate agent can help you determine the best time line for you and the purchase of a new home. If you want a buyer's consultation, I would be happy to talk to you.

Lisa Dunagan, ABR
RE/MAX Realty Affiliates
(775) 742-2536
lisadunagan@remax.net
0 votes
Jen, , Reno, NV
Fri Jun 27, 2008
Start your homework now....figure out the area or areas in which you would like to live. Figure out your criteria: # of rooms, SF, yard/no yard, # of bathrooms, are schools important?, views/no views, freeway/shopping needs, and of course price range. Once you have a working list, find a reputable realtor ( I know a great one) and if they are good, they will help you refine the list , help you find a comfortable price range, and can start helping find homes. A good realtor will assist you in "keeping an eye" on the market and analyze the market for you to aid you in making the leap to purchase. Now, there is no crystal ball so no one really "knows" what the market will do, but a good realtor will help you interpret the market.
0 votes
Search Advice
Search
Ask our community a question
Home Buying in Sun Valley Zip Codes

Email me when…

Learn more