Vacancy rates are extremely low right now. The reason for this, I believe, is because so many people have lost their homes to the Short Sale or Foreclosure process. Good rentals are scooped up very quickly.
I know this sounds cliche' but, it really depends on the specific area or neighborhood. In my neighborhood prices dipped in 2008-2009 & have been increasing ever since. This is in 90720 (Rossmoor, more specifically)
Every other week it seems, according to the Orange County Register, ,,the headlines read "Defaults Down" "Defaults Up" "Home Prices on the downward trend" "Home Prices on the Upward Trend".
I've decided not to listen to the newspaper anymore & just do my own research by dissecting the neighborhoods my clients are interested in to determine where have home prices been & which direction are they trending in today.
I'm sure that same ideology will work for you in whatever area you're interested in. Get a good Realtor who is an excellent researcher & I'm sure you both will get good results, whether that means you buy today or in 6mos.
Realtor Since 1996
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