Is it right time to buy home ?

Question

I live in South Bay Area, California where prices have not come down due to Schools etc. I am about to make a deal but not sure whether I am doing right thing. Please guide

Answer 1

We don't know, we can make all sorts of guesses but seeing how an internet search will find a variety of pros saying buy now, and others saying wait - is it reasonable to think we'd know more than these pros.  My personal guess is that things will come down a bit more and stay down for awhile, but interest rates will go up (again just guessing here) so when you consider you may be paying higher interest rates (maybe alot higher) this makes now a very good time to buy - of course, get a fixed rate loan to avoid the interest rate runup.

Answer 2

There are some areas that will always hold their value and will see a very little drop in value even if other areas are falling like rocks.

It appears as if you are in one of those areas. Are you speaking of the South Bay area of Southern California like Torrance, Redondo Beach and Hermosa Beach?  If you are that are pretty well holds value because of demand.

I once had a mentor that I asked when was the best time to buy a house for myself or investment.

His remarks were the best time to buy a house was 20 years ago. The next best time to buy a house is today.

If you plan to keep the house a your resident then you will see an increase in value in about 3-5 years.

This market of adjustment will not last too much longer, thought that is what was said about 2 years ago. Now There is news that a new round of foreclosures were coming soon.

As one other on this forum said, this is a judgment call, but for your area it should not be difficult and things will not change that much.

I hope this has been of some use to you, good luck.

"FIGHT ON"

Answer 3

I'm predicting that prices go down a lot.  But if you found a nice house that you can afford, you can't go by anyone's predictions but your own.