Home Buying in Discovery Bay>Question Details

Mitch Van Li…, Home Buyer in Discovery Bay, CA

should we buy?

Asked by Mitch Van Linge, Discovery Bay, CA Mon Feb 2, 2009

We just moved here from Oceanside CA, after losing 165K on our house there. Needless to say we are a bit gunshy. But, I have to complete a relo package by Oct and i am afraid of interest rates climbing out of control.


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Good Morning Mitch, Interest rates are so volatile right now low, but always changing. It is common for them to change two and three times a day. The lender I use, usually holds on as long as she can, and then when the rates are low, she locks it in for my clients, if time allows, of course. As far as when to buy, I have heard from time to time in this market, that whoever buys in 08 -09 will make a good deal. That is by today's standards. We are still seeing a little decline ikn East Contra Costa, so my suggestion is if you haven't already secured a lender, shop them and find the one who will give you the best loan, shop for your home and go forward. I'm sure your lender will give you the best rate they can. Don't go into it thinking you can refi in a few months if the rate is a little high. A new law states that there is no refi for investors or primary residence for six months now. I have heard some say three months, but I have yet to see that. Good luck to you and if I can be of help, please feel free to contact me at ppars2001@sbcglobal.net. Paulette Parsons
1 vote Thank Flag Link Tue Feb 3, 2009

You're not alone in this situation....and understandably so.

Our advice is to get into the game by being active in the search process without having made up your mind to buy or rent. Once you have a feel for neighborhoods, values, and can clearly identify opportunity you will be ready to make your decision.

If it's the right property, you will know. Look for the perfect home. One that meets your families total needs. Be sure it is in an ideal location. One where homes are tending to hold their value. AND find the home that is priced so right, that you can't afford to walk away.

Clarity will come, if you don't take yourself out of the game.

Good luck
1 vote Thank Flag Link Tue Feb 3, 2009
Hi Mitch:

October is a long way off. In your position I would set yourself a deadline of the end of July to get into contract. In the meantime, get to know the area as well as you can. Hopefully you are working with an agent who will take the time to show you around and explain the pros and cons of various neighborhoods to you.

Interest rates are very low now but I doubt they will raise too much in the next few months. Even so, keep an eye on them and be prepared to move quickly if they start to rise.

A final thought - you say you are gunshy - focus on bank owned foreclosures if you can. There are some great deals out there in this area. Remember that banks don't want to own property and they have no emotional connection.

Good luck to you.

Bernard Gibbons

Bernard Gibbons, Realtor, e-PRO Certified Internet Specialist
J. Rockcliff Realtors, 15 Railroad Avenue, Danville, CA 94526
Phone (925) 997-1585
0 votes Thank Flag Link Tue Feb 3, 2009
Hi Mitch,

Certainly interest rates today at historic lows. Prices are near so. I don't see anything to be gained by waiting if you expect to live in the home for, say five years.
0 votes Thank Flag Link Tue Feb 3, 2009
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