U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > California > Orange County
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 03-05-2009, 03:37 PM
 
13 posts, read 34,308 times
Reputation: 12

Advertisements

Hi all,

Yesterday i went to see a house that went to market a day before for 318. Well when i got there there was 2 3 other group looking at the same house, and 2 3 came after i got in. My realtor learned the house was getting offers up to 340-360s. Which this case was happening second time for me. With this experience i was curious to ask if the prices going up? I tought the market was keep going down foreclosures was going to increase?
If any one noticed i got a lot of questions. I am preapproved for 320. I am looking for houses now but should i wait for 3 to 6 months?

Any toughts?
Reply With Quote Quick reply to this message

 
Old 03-05-2009, 04:03 PM
 
Location: Mission Viejo, CA
41 posts, read 173,853 times
Reputation: 36
Default I would say wait

This is my opinion, I would say wait. Sales are swift in the $400K and below price points. But, they are still very slow at the upper price points. My prediction is that we are nowhere near the bottom (at best Summer 2010). So, if you wait, you will pay the same amount in a few months but in my opinion get more of a home for that money. There are lots of threads here to support the data on this, but here is the bottom line. Homeowners who got in way over their heads $500K and up will not be helped much by the Obama foreclosure rescue plan. As these homes and more expensive ones flood the market, the ones at the lower pricepoints will have to decrease in order to sell. But, you have to balance this against the value to you of waiting, (i.e. starting a family, paying a fortune in rent, etc) all of these will affect whether it is the right time for you. For my family, we are sitting on the sidelines and waiting to get closer to bottom. I would prefer to get back in 2 months late and be confident that it had bottomed out than get in now and suffer through 2 more years of market carnage. Of course, if you listen to many realtors "Now is a great time to buy!"
Reply With Quote Quick reply to this message
 
Old 03-05-2009, 05:26 PM
 
13 posts, read 34,308 times
Reputation: 12
Of course they want to sell, I am paying over the roof for my rent. Its waist of money. And obviously my realtors trying to get more business now then later so they are trying to push me to rush and get something.
Reply With Quote Quick reply to this message
 
Old 03-05-2009, 06:18 PM
 
540 posts, read 1,086,856 times
Reputation: 547
See this?


http://llinlithgow.com/bizzX/Charts/ARMResets.jpg (broken link)


California still has a long way to fall, as the majority of these ALT-A and Option ARM loans were in California. And yes, the economy is going to get worse before it gets better. All these new taxes the administration keeps wheeling out are going to ensure businesses go into survival mode as opposed to daring to inch out towards expansion again.

The California markets are going to correct one way or another. They became so horribly unrealistic that something had to happen.


http://www.irvinehousingblog.com/wp-content/uploads/2007/03/map_of_misery.jpg (broken link)
Reply With Quote Quick reply to this message
 
Old 03-05-2009, 09:34 PM
 
3,853 posts, read 11,644,584 times
Reputation: 2509
Quote:
Originally Posted by drewex View Post
Of course they want to sell, I am paying over the roof for my rent. Its waist of money. And obviously my realtors trying to get more business now then later so they are trying to push me to rush and get something.
Rent is not really a waste. It gives you flexibility. You can easily move to find a new job if you lost your job. If you bought, you would be forced to sell costing you tens of thousands of dollars.

The realtor is pushing you because that realtor only gets paid when they make sales.

Definitely use the charts above. I was looking at those well before the economy crashed and it has been spot on. We are going in for another foreclosure wave and nothing is going to stop it. 2012 will be the time to buy.

Bad areas of OC will be down 75% while good areas, only 50% from the peak that is.
Reply With Quote Quick reply to this message
 
Old 03-05-2009, 10:10 PM
 
Location: Irvine
1 posts, read 1,249 times
Reputation: 10
You have to understand that short sale listing prices are set to attract buyers. The property will sell at market, always. The house you saw could have been listed for $50 and will still sell at $360,000 which is less than 1/2 price of 2006!
Reply With Quote Quick reply to this message
 
Old 03-05-2009, 10:15 PM
 
Location: Mission Viejo, CA
41 posts, read 173,853 times
Reputation: 36
Quote:
Originally Posted by REMERGE View Post
You have to understand that short sale listing prices are set to attract buyers. The property will sell at market, always. The house you saw could have been listed for $50 and will still sell at $360,000 which is less than 1/2 price of 2006!
And may be double the price of 2011.
Reply With Quote Quick reply to this message
 
Old 03-10-2009, 10:03 AM
 
Location: Mission Viejo, CA
41 posts, read 173,853 times
Reputation: 36
A great article that summarizes my thoughts.

5 Reasons Renting Still Beats Buying - Yahoo! Real Estate
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Options
X
Data:
Loading data...
Based on 2000-2016 data
Loading data...

123
Hide US histogram

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > California > Orange County
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top