Market Conditions in 90241>Question Details

Lulu211, Home Buyer in 92582

We currently own a home and plan to live in it thru April 2011. The future.....

Asked by Lulu211, 92582 Fri Feb 26, 2010

The plan is to sell and move in April 2011. The next home we plan to purchase will be in Downey. How soon do you think I should begin looking? Housing prices are reasonable now and I am afraid in a year the market will go up. Suggestions? Comments? THX

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4
Anna M Brocco’s answer
Depends, do you need the proceeds of your current home in order to purchase a new property; if not can you handle both expenses and for how long--why not visit with any qualified loan officer(s) first, see exactly what your budget can handle then make a determination--Yes, today many great bargains waiting to be had do exist and none of knows where the market will head in the near future--unfortunately the time frame for your search is a decision only you can make, based on your finances, lifestyle, wants and needs.
0 votes Thank Flag Link Fri Feb 26, 2010
Hello Lulu211,

If you plan on buying in April of next year, I would start looking in a couple months just to get a sense of value. Prices could go up or they could go down. Since many homes now are short sales it's possible that you should start having an agent show you homes about 6 months before you move date.

Best,

Monique Carrabba
The Carrabba Group
Keller Williams Sunset
(323) 899-2900
mcarrabba@kw.com
0 votes Thank Flag Link Fri Feb 26, 2010
Disclaimer: I don't know the Downey area, so I can't comment specifically on market trends there. However . . .

Start looking in the fall of 2010--like this September or October. That'll be more for you to get an idea of what sort of properties are out there, and at what price ranges. Different areas have different buying cycles, so check with a local Realtor. However, in many areas, activity dies down in late fall and then comes back in early spring. If that's the case around Downey, I'd suggest looking before early spring. And because a lot of people take their homes off the market in the Thanksgiving/Christmas/New Years range, you'll probably get a better sense (and have more properties to look at) if you start looking in September or October.

It's true that market conditions can change in the 6 or so months between the time you start looking and the time you really buy. But at least you'll have a much better idea of prices and availability if you start early, rather than waiting until, say, next March.

One other comment: If you plan on selling in April 2011, you should start getting your home ready several months in advance. Painting, repairs, new plantings, and so on. That always takes longer than expected, and you want to be able to hit the market with your home in pristine, attractive condition.

Again, a local Realtor can advise you on market conditions, when the buying season begins, and so on. But, generally speaking, it's better to get an idea early on about what's out there. And it's certainly better to get your own home in really good condition so that it's ready when you put it on the market.

Hope that helps.
0 votes Thank Flag Link Fri Feb 26, 2010
Don Tepper, Real Estate Pro in Burke, VA
MVP'08
Contact
Hello, I just want to mention I love these questions! I currently specialize in Downey and have about 6 listings 4 of which are currently in strong negotiations. I am very familiar with the Downey market and would STRONGLY suggest to begin searching as soon as possible to take advantage of this extremely affordable market including all the extra incentives currently being offered. Not to mention, the sooner you start the more choices you'll have! If you would like to sit down and consult this further I am always available, my assistant or I can schedule an appointment for you ASAP. Please feel free to email or call me with any further questions or for a free list of current available homes within Downey. Thanks!

Diego Esquivel
Coldwell Banker Allstars
13915 San Antonio Dr.
Norwalk, CA 90650
323-807-7242 CELL
562-863-5867 OFFICE
DE52084@AOL.COM
Web Reference: http://fhapurchases.com
0 votes Thank Flag Link Fri Feb 26, 2010
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