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Being in S FLA I am seeing the worst. I recently had a home for sale and it had 4 offers on it. In my neighborhood 3 homes have sold recently. All prices were a little above 2003 prices.
So it looks like it is leveling out. Research your area but if I was looking to buy I would buy now or in the next few months. Prices may go down a little more but the huge reductions have passed from what I am seeing.
I just want to add that if you are looking for something brand new watch for builder closeouts. The first person in a neighborhood may have bought at the low point, until the builder has ones sitting that he needs to sell and drops the price. I saw a sign recently outside a very upscale townhouse community that was going for around $600k (which is overpriced to being with in my opinion) that said builder closeouts starting at $324k. Now there is a sign saying FINAL builder closeouts starting at $299!
Same thing in Northern california, the properties in good school disctrict, Palo Alto and Cupertino, there's hardly any inventory to sell, what comes to the market will get 8~20 offers and sell at above asking for sure. But some other part of town has seen 5~10% price reduction from the high. Especially the more "affordable" areas.
Location: Mokelumne Hill, CA & El Pescadero, BCS MX.
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Quote:
Originally Posted by kelingdun
Same thing in Northern california, the properties in good school disctrict, Palo Alto and Cupertino, there's hardly any inventory to sell, what comes to the market will get 8~20 offers and sell at above asking for sure. But some other part of town has seen 5~10% price reduction from the high. Especially the more "affordable" areas.
There's the best advice from someone who knows the market in the area you're in. Having grown up in the Bay Area, it seems to me that that market has almost always been the exception to the rule (both good and bad).
I believe kelingdun, but I'm surprised at the prices somewhat.
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 delete my other thread in the mortgage forum.
the best time to buy is when you can afford the house you fall in love with
other than that ...anytime is a good time
winter maybe... people know houses don't sell as well so they go the extra mile when they put it on the market.
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