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Old 03-01-2007, 12:57 PM
 
32 posts, read 242,577 times
Reputation: 39

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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?
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Old 03-01-2007, 02:33 PM
 
Location: Golden Valley AZ
777 posts, read 3,196,662 times
Reputation: 284
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.
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Old 04-03-2007, 12:27 PM
 
15 posts, read 90,568 times
Reputation: 15
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???
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Old 05-16-2019, 09:46 PM
 
1 posts, read 692 times
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Old post but hopefully the author didn’t buy in 2007 as planned.. prices are still not up to pre recession levels when taking into account inflation. Crazy reading old post and seeing how folks had no idea what was about to hit them
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Old 05-17-2019, 06:28 AM
 
Location: So Ca
26,717 posts, read 26,776,017 times
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Quote:
Originally Posted by Tonytee20 View Post
Old post but hopefully the author didn’t buy in 2007 as planned.. prices are still not up to pre recession levels when taking into account inflation. Crazy reading old post and seeing how folks had no idea what was about to hit them
Looks as if he did, just a few months after he started this thread. Many of the people posting here appeared to realize there was going to be a big downturn. Still, the bottom hit hard around spring of 2008, so that must have been tough on those who bought the year before the bubble burst.

Quote:
Originally Posted by hockyis1 View Post
Personally - me and my wife bring in about 100K, maybe just a little more and bought a $413K house. We also have ALOT of credit card debt, and student loans that could buy homes in other parts of the country - but we are still able to afford the payments of a fixed 30 year, VA loan...*shrug*

It's not 800K, but in the Inland Empire, 413K actually buys a decent 4bed 2bath house...
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Old 07-03-2019, 08:21 PM
 
Location: California
2,083 posts, read 1,086,259 times
Reputation: 4422
Quote:
Originally Posted by CA4Now View Post
Looks as if he did, just a few months after he started this thread. Many of the people posting here appeared to realize there was going to be a big downturn. Still, the bottom hit hard around spring of 2008, so that must have been tough on those who bought the year before the bubble burst.
Within a year after they bought that house was probably worth about 200k. Wonder if they’re still in it .
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Old 08-01-2019, 12:20 AM
 
3,532 posts, read 6,421,226 times
Reputation: 1648
Quote:
Originally Posted by lisajean View Post
Well, welcome to California!! a place for most people who were born and raised here you both love and hate it here! Anywho back on track, I come from the Riverside area and I have only one thing to say STAY AWAY FROM MORENO VALLEY, and PERRIS!! they are the new compton gang are, trust me on this I have tons of friends in the police force for both of thos cities, a really good friend of mine is on gang unit, and boy do I have tons of stories to tell. Please just take my advice commute from Meniffee or Temecula, but please don't move to Moreno Valley, or Perris! Good Luck with the move!
I thought Hemet and San Bernardino were the new Compton? Yes Perris and Moval as we call Moreno Valley have a gang problem. But it has been hushed hushed about many other burbs having a growing gang/crew problem. These cities won't or don't reveal this growing problem because of the fear factor and possibility of their city's property values dropping.

I grew up in Compton, and I'm proud to say it. Unfortunately, many areas start off nice, but then end up turning into some form or homeless encampment for tweekers and or homeless mentally ill people. Then the crime increases and people are scared to walk outside at night.

California as a whole is becoming less safe because of the state releasing thousand of criminals out of jail early to reduce over crowding. So take your pick.
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