My family and I are moving from Washington to California. We understand that the house values in California are double the value of here. I want to know how the market in California in realstate is right now. Are the house values coming down or they are rocket or going up.
2007-02-21 09:03:08 · 6 answers · asked by roo 1 in Business & Finance ➔ Renting & Real Estate
I've been checking MLS since September for Orange County, CA, and a lot of houses have been listed for up to 200 days without selling, and the price has been reduced 10% or more and still isn't selling.
The market went up so much so quickly that most independent sources (not on the real estate industry's payroll) predict that it has to drop -- not necessarily to the level it was before, but it's just unsustainable right now, and only a very small minority of people can even afford the median home price.
You'll probably be better off renting for a couple years and investing the money you would have put into a house in the stock market (an index fund) and a high-yield savings account instead. If you're selling your house in Washington first, you'll get a lot of interest income.
While you're renting, track the real estate market and periodically read articles about how the housing market is doing to figure out when you should buy.
2007-02-23 20:55:47 · answer #1 · answered by Pookie 4 · 0⤊ 0⤋
I keep hearing this in the news, but my sister just bought a house near the beach for $1 million (sold her house for $750K, almost $400k more than they bought it for). My other sister bought a house for $350K five years ago. It's now worth $1 million, and will go up because of a golf course being built next to it.
I think it's all relative to location. California's a big place, with lots of different real estate markets.
2007-02-21 09:12:12 · answer #2 · answered by jasohn1 3 · 0⤊ 0⤋
Three most important things in real estate. One, location. Two, Location and three location. Home values in general seem to be sliding, however, that doesn't mean that every home is overpriced. My opinion is, "generally real estate will slide a little bit" I have read that June of 08 might be a turn around but who knows for sure.
Caveat Emptor, hope i spelled it right, anyway, buyer beware!
2007-02-21 09:32:31 · answer #3 · answered by ARE BEE 2 · 0⤊ 0⤋
May you you should rent for a bit the market is realy cooling off and fast, cooling off mean droping like a rock,
http://www.breakingbubble.com/
This web site tell why. Also you will get to know the area a bit better.
2007-02-21 13:13:13 · answer #4 · answered by Anonymous · 1⤊ 0⤋
Going down, and will get worse depending on area. Much of Silicon Valley is headed to India.
2007-02-21 09:07:04 · answer #5 · answered by Isaac 4 · 0⤊ 0⤋
going down slowly depending on the area.
Most likeyl will be steady/small decline in next 5 years followed by a small increase as inflation continues.
2007-02-21 09:11:24 · answer #6 · answered by Anonymous · 0⤊ 0⤋