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When do you guys believe it will be the best time to buy? I hear the market will be even better next year (2 months from now). Better meaning it will remain a buyers market and house prices will continue to decline. I live in California btw. Do you guys also think that people who are selling their homes will accept offers that are $100k from what they are asking for because the California market is so bad?
Moderator please move thread to real estate pro's. Thanks.
In general, probably not. A lot of people bought high and are upside down in terms of equity. They can't afford to walk away owing more than they'd get for it. Since they still need a place to live, they'd have to stay in their house.
I would wait 4-5 years if that is possible for you at which time they should lower about 100k - 200k then. They are overpriced 200k - 400k as it is right now... its your dime, if you want to overpay right now or not.
Totally depends on what you are looking for. Looking at the market generically; you have lower pricing then you have had in years, low, low interest rates, great selection and stricter qualifying guidelines. Without money down or reserves you may run into some qualifying issues.
If inflation is on the horizon (not perdicting) then we will most likely see interest rates increase. Which though you may be getting a great price on a home with the higher interest rate you may end up paying more. You have to look at these two aspects together.
Most importantly to consider is All Real Estate is local though the #of sales may be down pricing is not in all areas.
If you find a home that you like that is below market and plan to live in it for at least 5 years and get a great interest rate, are comfortable with the mortgage, why not?
When do you guys believe it will be the best time to buy? I hear the market will be even better next year (2 months from now). Better meaning it will remain a buyers market and house prices will continue to decline. I live in California btw. Do you guys also think that people who are selling their homes will accept offers that are $100k from what they are asking for because the California market is so bad?
Moderator please move thread to real estate pro's. Thanks.
The best time to buy depends on what you are buying for.....an investment, a family home, a short term living arrangement, a flip...etc.
If you looking for a family home, then buy when you find the perfect house for your family regardless if you get the bottom price. The fact that you will hold for a longer period of time will pay off in the long run. If you are looking at strictly as an investment...then I would recommend waiting for a a good deal....meaning a fixer that you can live in while you are remodeling or a home that the buyers really want to unload. If you are wanting a "flip" or a short term, less than a few years, I would not buy now at all.
As far as what a buyer will take for their home.....that depends on how badly they want or need to sell. Each homeowner will have a different motivation for the sale.
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