Good time to buy? or wait? (Temecula, Murrieta: sales, foreclosures, home sales)

[evolutionrules]

It sure seems like some areas have hit or are really close to hitting bottom. The French Valley seems to have been hit really hard already and houses are being bought once they hit the low 300's. Will prices drop further? I don't know if they will.

[jvazjr]

I am not advocating buying a cheap 'cheap' home. I am all for waiting and buying a nice home for cheap. Ever thought of that? Yes it is happening now even in the Preserve. Homes that were purchased for 500K in 2005 are trying to be sold for 350k. My point is even the so called *nice* areas will be impacted further. So dont waste your time and money lowballing a distressed home in Riverside when you will be able to get a much nicer home in about 1 year in Chino! Very simple concept that I predict will happen. Let's touch bases again in 1 year.

[chuck22b]

Originally Posted by jvazjr

I am not advocating buying a cheap 'cheap' home. I am all for waiting and buying a nice home for cheap. Ever thought of that? Yes it is happening now even in the Preserve. Homes that were purchased for 500K in 2005 are trying to be sold for 350k. My point is even the so called *nice* areas will be impacted further. So dont waste your time and money lowballing a distressed home in Riverside when you will be able to get a much nicer home in about 1 year in Chino! Very simple concept that I predict will happen. Let's touch bases again in 1 year.

Yup, my point too... keep an eye out on what's available (inventory) in those "nice" areas. Watch out into getting into the cheap distressed area trap over extreme price drops. That's all i'm saying. And if you see the nicer areas moving, then it may be an opportunity to move on it. May be a month, may be a year, may be 5 years, whatever it is... that is undetermined.

and Thank You for saying my area is nice

also, you have to be realistic too. I'm giving an extreme example here... if I really love New Port Beach, Beverly Hills, Palo Alto, etc. I could wait a century and still won't be able to afford it on the same income.

-chuck22b

[rammi43]

Originally Posted by chuck22b

Yup, my point too... keep an eye out on what's available (inventory) in those "nice" areas. Watch out into getting into the cheap distressed area trap over extreme prices. That's all i'm saying. And if you see the nicer areas moving, then it may be an opportunity to move on it. May be a month, may be a year, may be 5 years, whatever it is... that is undetermined.

and Thank You for saying my area is nice

-chuck22b

Dear Chuck22b and Jvazjr,

Thank you for your valuable discussions and information about buying home in Chino. As I am a first time buyer, I am interested in buying a home in Chino (college park or Preserve) I need some advice. My budget is $300k including closing cost. I found one property in college park, built in 2007 and there asking price is $320k (+ or - 1578 sq ft). They reduced price from $399K to $320K with in a month. But mean time DR Horton also offering new homes for $335K to $340K for (1728 sq ft) So my question is can I wait to put an offer or if I want to make an offer, how much I can go lower in this sliding market. You advice is more valuable and thank you in advance for your response.

[jvazjr]

The Preserve is not exclusive area out of reach for most buyers. I actually now a couple of families there that are about to crap out. Strapped and bought way too much overpriced home. On the flipside, I know several qualified, white collar people that are just waiting for the right opportunity to jump in but only under the right circumstances. 1 guy can buy a home there cash (he sold at the top) but he knows what homes should be worth in Chino and refuses to overpay especially since prices will continue to slide. Maybe he can buy my friend's home there when he forecloses. My point is that area is not immune to the crash. Maybe it's a bit stickier on the way down but down they will go. To thos looking to buy, wait and be rewarded handsomely.

[chuck22b]

Originally Posted by rammi43

Dear Chuck22b and Jvazjr,

Thank you for your valuable discussions and information about buying home in Chino. As I am a first time buyer, I am interested in buying a home in Chino (college park or Preserve) I need some advice. My budget is $300k including closing cost. I found one property in college park, built in 2007 and there asking price is $320k (+ or - 1578 sq ft). They reduced price from $399K to $320K with in a month. But mean time DR Horton also offering new homes for $335K to $340K for (1728 sq ft) So my question is can I wait to put an offer or if I want to make an offer, how much I can go lower in this sliding market. You advice is more valuable and thank you in advance for your response.

Hi rammi43,
I posted my response to this question in the Chino Info thread since it's more community/city specific.

Thanks,
chuck22b

[rammi43]

Originally Posted by chuck22b

Hi rammi43,
I posted my response to this question in the Chino Info thread since it's more community/city specific.

Thanks,
chuck22b

Thank you for your response.

[rammi43]

Moderator cut: the post you quoted is no longer available

Thank you for information, Could you please tell me which web site your using to find properties.

Thank you once again.

[omelet2000]

It depends on why you're buying ... if you're looking to flip a home, now's not the time to buy. If you're looking to buy a home to live in for a year, now's not the time to buy. If you're looking to buy a 2nd/vacation home, you may wait a few more months to see how interest rates go.

I'm getting married, and looking to settle down in my town. I plan to live here for the long term. There's a lot of new homes that were just built, and I've just bought a new home this month. Even if I lose a little in equity in the next couple of years I don't think it will be significant, and I'm not looking to sell the home or borrow upon it. So for me I thought it's a good time to buy my first home to settle down.

[jvazjr]

I still don't understand why someone, especially a first time buyer who waited this long, would buy in a declining market? It's safe to say prices will continue down. So it would not hurt to wait a bit longer to get that nice home at a cheaper price. And no, because its nice is not going to shield it from a crashing market.