is it time yet to buy in west hills, or are the prices still going down? i want to buy 2 homes to rent.

Asked by Jane Smith, Portland, OR Tue May 27, 2008

i grew up in the valley and know it well enough to know where i want to buy. i have been following the market and know that sales are picking up, but prices are not. how much longer would you wait to move down here to start buying property?

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Sunny Hermoso’s answer
Sunny Hermoso, Agent, Los Angeles, CA
Thu May 29, 2008
It is a good time to look around! It may take 2 or 3 months to find the perfect house for you. Once you start look around you will sense the market by yourself. i suggect don't wait til everyone realize the market has reached the bottom because the house you like may receive multiple offers. Another fact is to find out what lenders can offer you as far as getting a mortgage. We did full loan approval to all my buyers before sending an offer. That really helped them getting the offer accepted at lower price. i hope you have an awewsome experience!

Sunny Hermoso
Brightstone Estate Properties
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Janey Bishop, Agent, Encino, CA
Tue Aug 17, 2010
Our office is in Woodland Hills and I live in West Hills so you're looking in my immediate area. Depends on the price range. The moderately priced properties probably won't move much lower. Those above $700k may not have bottomed out yet. Find a good property and lock in a great interest rate and a few years down the road you will be congratulating yourself. I say start looking because it will probably take a few months either way.

If you want local help let me know.
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Linda Slocum,…, , Santa Clarita, CA
Fri Jun 20, 2008
Real estate market conditions are very local, even from street to street within a town. You never know when a deal will pop up, either from a seller with tons of equity who needs to move, or a short sale or an REO. Not all areas are continuing to decline, so it would be a good idea to start monitoring the areas that you're interested in. A local Realtor would be able to assist you in your search for investment properties.
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Raffi Philip…, Agent, Calabasas, CA
Fri Jun 20, 2008
I live and work in the valley, and you're right about the market in San Fernando Valley. I would suggest that you wait til end of August to start an offer, that's when buyers slow down and schools starts, with proper negotiation you could get good deal.
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Deborah Lon…, , Torrance, CA
Tue May 27, 2008
Hi Jane. I used to live in West Hills-that's a nice area! I suggest you wait a few more weeks to buy. I don't think the prices are at the bottom for that area yet. If you email me or call me with your email address or physical address in OR, I'd be happy to send you some data of the area that shows current trends. My team and I also handle rentals so we can help place tenants in your properties when you're ready for that phase of your real estate goals!
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