Is it the right time to buy a house in LA? (Sacramento: for rent, how much)

[LA3yrs]

I live in Covina, LA county. I am currently renting and thinking of purchasing a home. I would like to purchase around Covina, which I feel is in the center of LA.
I currently work in Longbeach as a contractor. I have work opportunites in and around Torrance, Longbeach, Pasadena, Irvine, LA downtown, Woodland hills, Chalabasis and Tustin.

Since I am contractor, I am thinking of setteling in a place which is not very expensive and also from where I can go to all those probable workplaces in 1 hour to 1.30 Hr(Max).

Now my biggest Q is, Is it the right time to purchase an house ? Should I wait further ?

Any advises and comments on this one would be great.

[dusesean1986]

Originally Posted by LA3yrs

I live in Covina, LA county. I am currently renting and thinking of purchasing a home. I would like to purchase around Covina, which I feel is in the center of LA.
I currently work in Longbeach as a contractor. I have work opportunites in and around Torrance, Longbeach, Pasadena, Irvine, LA downtown, Woodland hills, Chalabasis and Tustin.

Since I am contractor, I am thinking of setteling in a place which is not very expensive and also from where I can go to all those probable workplaces in 1 hour to 1.30 Hr(Max).

Now my biggest Q is, Is it the right time to purchase an house ? Should I wait further ?

Any advises and comments on this one would be great.

Definently wait, the market is still cooling off.

[Need_affordable_home]

How much are you paying for rent and what are you renting? How much would the equivalent cost to buy? Whats your income? Ill do the math

[leavingcali]

I also recommend waiting. The market is just sitting right now. Sellers still don't want to accept that they can't sell their homes for the outrageous prices they could have 2 years ago. I am not sure about LA, but here in Sacramento sellers haven't really lowered their prices yet, but sooner or later, those that must sell will have too. Also, check out the current interest rates--it's important to buy when they are low.

[bkeast]

I know the down sides of renting, as I do it too. But, if you can wait another couple of years to buy, you'll probably be doing yourself a big favor. The housing market is still in the early stages of coming down from the boom, so you will undoubtedly pay quite a bit more for a house right now then you would in a couple year's time.

Being a contractor, I'm sure you've noticed the slowing down trend of construction with new housing developments in many parts of Southern California; this is because supply is starting to outweigh demand. Cool your heels a little longer and you'll either get a deal on a newer house that the builders can't sell, or you'll get a deal on a house someone else bought when the market was at its peak and can no longer afford the payment.