Is it really a buyer's market in CA?

Question

I have been speaking to my sister who lives in LA and she says that the CA real estate market is evolving into a buyer's market, which is usually an omen for the rest of the US. I see very little signs of this in pricing.

I am looking towards the central coast - any tips? Personally I would wait til the end of 2007 before buying anything. Opinions?

Answer 1

Buyers market no crashing market YES. It is true the median rices went up these are very expensive home that sold for very deep discounts like for 150k less than asking yet still over 7 figures.
Also nothing els is move and foreclosures are way up and going to keep raising.
Check out this web site and see what the market is correcting from.
http://www.breakingbubble.com/index.htm

Answer 2

There are levels of an area being a Buyer's Market. Are the prices coming down or are they staying on the market longer than they did a year ago? In that case, most folks would say it is a buyer's market.

But you can't paint an entire area one. Some areas are always going up as others are not. Look closely for the type of home you desire.

In terms of waiting, now is always the right time to buy if you get a great deal. And there are always deals that are out there. The question is do they meet your criteria as an investment or personal home.

Answer 3

To put it simply, buyers' market exist when there are a lot of homes on the market and very few buyers. With very few buyers, the longer it stays on the market...which causes the inventory (house on market) to rise , which results for seller;s to come down on their price AND puts the buyer in a better position to negotiate. So, is it a buyers market? I would say, most definitely!

Should you wait? The only reason anyone should wait to buy would be because of their own financial position and if you are in a good financial position to buy, why wait? With 2007 around the corner, its going take time for you to find just that perfect home anyway!

I would highly suggest getting pre-approved for a loan and establish a loan amount you can afford, with your mortgage broker or lender, then find a home in that loan range. Getting pre-approved for a loan gives you competitive advantage when the time comes to bid on a home because you have been approved for a loan for a specified amount.

Answer 4

A buyers market just means that their are more sellers than their are buyers. This is great news if you are a buyer. Now is a great time to buy. Don't wait until spring... Even in a normal market this is the best time of the year to buy....

There are some areas of the country that are still in a sellers market.

Answer 5

They say its a buyers market and the value of homes ARE going down. Thing is, people are still trying to get the prices they would have gotten 6-8 months ago. Hense, homes are still overpriced right now.
The Central coast is beautiful, but way expensive. I owned a home there about 10 years ago that sold for $140,000. Now its probably worth at least twice that, if not more. Wanted to hold onto it but owned it with my 2 brothers and my dad.

Answer 6

I do not live in Cali, so I will not speak on it. Buy being and Investor and a Mortgage Consultant in Georgia, I have found that is still a buyer's market here. The market is really slow. It will get worse next year because of all of the adjustable rate mortgages coming due.

Answer 7

Sorry to disappoint you... I think what your sister meant is the real estate "bubble" is shrinking. However, it does not mean buyer's market. It means that people who bought houses last summer are loosing equity.

It's a good idea to wait until the end of the following year. Firstly, because the real estate prices are going down. Secondly, end of the year is the slowest season in real estate sales and therefore the best season to buy.

Answer 8

The marketplace has been laid low with a mix of an doubtful monetary equipment , tighter lending regulations (results of subprime lending fallout), and a huge inventory of as a rule overpriced latest and new residences. So of direction the marketplace has slowed from the purple warm %. it became at only a pair of years in the past. Many shoppers are waiting to work out if domicile values will proceed to fall. base line is the customer, no longer the vendor, dictates the fee/fee of a house. whether you experience your place is priced great and below that of comparable residences, except you're willling to pass on the factor of excellent deal basement pricing, you could no longer assume to sell too straight away in at present's marketplace. shoppers have alot to look at! which you have become showings is a competent sign; that's beneficial to drop the fee greater in case you're in a hurry to sell. At this factor, looks like we will not see a important turnaround in domicile revenues and values until in all likelihood 2009. parent your domicile would be on the marketplace 7-3 hundred and sixty 5 days counting on how straight away you have adjusted your expenses to duplicate the marketplace variations. it in many cases takes this long for dealers to realize they could desire to make transformations to make issues take place. dealers who sell interior of a 2 month time-physique are quicker to trap on, helped alongside with a fascinating property/region. wish this facilitates :)

Answer 9

it's a buyer's market in most parts of the country, but i don't know about CA, that 's always been a hot market and will continue to be, I guess it depends on the area.

Answer 10

No and never.