Lancaster's housing prices (Palmdale, San Fernando, August: real estate, rent, mortgages)

[nick1221]

I have a question about the market in Lancaster, I bought my house in August 2005 for around 312,000. About a month ago my house was worth around 339,000 and just now I checked and it went down to 332,000. I want to know if anyone knows whats going on because I really want my house to go up in price so I can sell it and get out of Lancaster and move back to the San Fernando Valley. I really dislike it here and I want to move back to where I was born in raised in, the San Fernando Valley.
Another question I live on I and 20th where the In-n-out is and they're doing construction on an empty space of land, will that affect the house prices around that area?

[ibarrio]

Prices are going down in the AV. I doubt you can even get 332,000 for you home. The market is really bad .

[Rats]

if Palmdale Regional Airport actually becomes a Regional Airport, property values will go up.

[fumbling]

what are you using to determine the value of your house? Zillow? Zillow is so out of date it's totally unreliable. No appraiser and no service will tell you what the value of your house is. The value of your house is what someone will pay for it. You won't find out the value of your house until you put it on the market and a buyer makes an offer and the transaction goes through. Having said that, the market is really bad and it's very likely you will lose money if you bought in 2005 which was the high.

[desertdawgx]

either dump it fast now and lose some money or hold on for 10 to 15 years till we recover in the next housing up cycle.Can you rent the house for the payment or close to it?Please don't tell me you got a suicide loan.

[conniechristian]

Please tell me what a suicide loan is? Thanks, Connie

[DontH8Me]

Originally Posted by conniechristian

Please tell me what a suicide loan is? Thanks, Connie

I think he's referring to the recent lenient lending practices where people were using "stated income" to obtain ridiculous mortgages that were really out of their range, with things like option ARMs, where you basically pay less than enough to cover even the interest each month for like 5 years, and then all of the sudden your payment goes from $2K a month to $5K a month.

It's the kind of loan where you are basically committing financial suicide in a matter of a few short years, but those greedy lenders would tell you that they did you a favor. If you did get a loan like this, then you are probably already over your head given that you most likely have little if any equity and will have a hard time refinancing for a fixed rate mortgage. Hope that's not the case!

[Sassberto]

You bought a house only a year or 2 ago - if you turn around and sell it you will lose money. Either you accept that and lose the money or you figure out a long-term plan. Owning a home is not something you do for 1-2 years and walk away with profit.

[nick1221]

I guess it was my fault and ignorance for moving to a place I dont like. Im new to the real estate business so I guess this can be used as experience. Thanks for the info.=)