Inland Empire, Menifee, Corona, Riverside Area

[hockyis1]

Hmm... just from the reading that I was doing - the "downturn" in the real estate market in SoCal should be hitting its low sometime this summer/fall, which is when I'd like to buy. Considering we would be living in this same house for a minimum of 7-10 years, is it still a bad idea to buy?

I don't know if I want to waste 5-6 years worth of equity just waiting for the market to "cool" and save 100K...plus, I don't know if I could truthfully think that the real estate in California will ever go down...meaning, It might slow up a little, but over the long run, the prices of real estate will always go up, and if that's the case, anytime should be a good time to buy....



Am I wrong?

[YOU-CANT-EAT-SCENERY]

It would be hard for anyone to predict the market, but summer might see prices go up a little, and then back down after summer? I am not current on trends, but it seems like you might be on the right track. I plan to move out of So Cal in about 6 years, and am hoping the market goes up considerably.

[KittyG]

I've been following the housing market in So. CAl..I bought my home in Mission Viejo after the prices had gone up in 2003- I just sold a home and needed a home..I was confident that the prices would go up a bit and in about 5 years that it would even more so...well, I sold this home in basically at the right time..in June of 2005 when the market peaked..I made good $$$!..I decided to wait out for a while in Murrieta area renting...where since 2005, the market had significantly gone up...now it appears that the same home that had gone up over $100K from last year is $100K or less the same time this year..I've seen the market slight, slight increase in March 07, w homeowners trying to hold their price due to the summer market when many buyers try to move b/f next school year...I would say if you need a house and plan to stay in it..you can start with your equity and reasonable interest rates...I'd suggest starting to look end of Aug for Sept when the prices should soften slightly..through the end of the year would be a good time...If the prices go down slightly..I think you'll be fine..I've been thinking for the past couple years that the market would bomb, but now I don't think so...I'm actually purchasing a home in French Valley, bc I need more space- I was only willing to do it if I could get a "Deal"..this home is priced at least $100K less than it would be last year, plus the builder is offering me a $30K off the price of the home! And throwing in extras...So, I don't think I'm doing to bad..I plan to stay in this house for quite a while..I just don't make emotional decisions on a home, just if the #'s are right..New areas the taxes are higher..There are a LOT of "Short Sales" and Bank owned...believe it or not, the banks are not playing ball, but if you have patience to deal with them- (TOTAL PAIN!) It doesn't hurt to thow several offers out there and see who takes a low offer... After 1 month of going up and back and me putting in several offers, the bank finally accepted my 1 offer on a beautiful home, with everything upgraded!!!...they then wanted me to close in 15 days and I found this new home before they got back to me and decided to go for this new home instead..Depending on how much your monthy payment is depending on your % Down..$400K home w taxes about $600-800 Month- could be lower depending on area?? Insurance yearly about $500-$1000 yr- insurance co???