I want to know when to best buy a home.
2006-12-25 15:21:55 · 5 answers · asked by daldes 1 in Business & Finance ➔ Renting & Real Estate
That can be a very difficult thing to do. My advice would be to get in touch with a good RE agent or appraiser. They are where the rubber meets the road. You might also search for a CMA (basically a market analysis) for the whole san jose area. This will tell % change in the median home values.
But i would say now is a good time. The cost of borrowing money is far more important than prices now; but not only are both low, it is a buyers market now-sellers have to negotiate.
2006-12-25 15:29:08 · answer #1 · answered by Anonymous · 0⤊ 0⤋
The best time to buy is when the inventory is at its highest level and the buyers are slow to come to the market. This is the best time I have seen to buy a home in the last 6 years. There was less than 25% of the inventory that we have right now just last year. This means that not only are prices soft but there are multiple choices instead of having to make multiple offers on a choice few homes. Sellers now have to try to sell their homes which means also that the condition of the home is much better and sellers are willing to make adjustments to price, fix things and give better terms. Terms can be things like credits for closing costs, seller financing and making repairs that in a sellers market would not be the case. If you are looking to make a killing in just one year...stop. Look to the long term to make a proffit. The real estate market can move up and down but over the next 5 years or so you will make 7-8% return. This is the average over the last 50 years in California. If the market turns a little next year, you will make it back the next. The important thing is choices of homes and terms. If you need the advice of a local realtor I would be happy to set you up with one. I am in the east bay market so San Jose is not my expertise but I have been in the industry since 1987 and have a lot of contacts. You can reach me at 925-209-3534 or visit www.summitviewproperties.net
Good Hunting
2006-12-25 23:33:24 · answer #2 · answered by emourelatos 2 · 0⤊ 0⤋
I co-own a brokerage here in San Jose,Ca and contrary to belief values in our area are very stable at the moment. Other places in the US are dropping but we are steady. Values in San Jose are high, but you pay the price to live in sunny California. As far as when to buy a home? Well, you get the best deals when there is more sellers than buyers, right now that is where the market is. We have so many listings, yet not as many buyers. Holidays are a good time to shop around because there is not as much competition as we would in the summer when families are trying to relocate. But to answer your question, the best time is when your ready, you found the perfect home and of course you get the perfect deal. There isnt one specific month where you will get the best deal, it all depends of your REALTOR or agent. If you do need help or more orientation don't hesitate to ask kr_lending @ yahoo.com
2006-12-26 03:51:13 · answer #3 · answered by K_A_Y 2 · 0⤊ 0⤋
The trend overall, for the last 40 years has been up. Period.
Homes that sold for $30,000 are worth $750,000 today... new built one bedroom condos are up to $500,000 and more...
Though there have been small periods of time, such as during the dotcom bust, where apartment rent dropped, and housing stopped increasing at such a ridiculous rate...
But pretty much what matters is buying as soon as possible, at the lowest mortgage rate...
If you stick around even five years, you'll make a profit off your house.
-dh
2006-12-25 23:26:57 · answer #4 · answered by delicateharmony 5 · 0⤊ 0⤋
The prices are falling throw the floor. Check out this web site and think for your self it tell how they made the housing bubble.
http://www.breakingbubble.com/index.htm
2006-12-26 00:58:37 · answer #5 · answered by Anonymous · 0⤊ 0⤋