hi. name's nadia. my family and i live in bakersfield, CA. we recently moved here. well, my parents are planning on buying a house here. they asked for my opinion...and well, i'm not sure that the market's good right now. i told them that maybe we shouldn't buy a house right now cause the prices of brand new houses are sky rocketing....they are soo expensive...i think the prices are too high in the Bakersfield area. am i right???
is it the right time to buy real estate right now in Bakersfield, CA or should we wait a little longer???
plz help! thank you!
2007-07-25 13:25:53 · 7 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
?????????????????????????? Prices in California have fallen and are still falling, have you been asleep? It is an excellent time to buy. Choose from hundreds of foreclosed houses, two years old.
2007-07-25 13:34:14 · answer #1 · answered by Anonymous · 0⤊ 0⤋
It really depends. Builders are offering HUGE incentives now to sell inventory homes. I am more familiar with the LA area market but have heard that Bakersfield is similar to the Lancaster/Palmdale markets.
In short, if you think you are getting a deal and need to move from a rental location, it is a Buyers (opportunity) market vs. Seller (competitive) market. So chances of getting a good deal are favorable to you/parents.
If you can wait a few more months, you may still get a better deal. But, be aware.....MANY buyers wait until they see the market shift, and they pay MORE. It can happen that fast. Just like interest rates, everyone waits to see if they will fall, then when they rise, they lock in at a rate that was higher than they wanted. It is a gamble.
Hope this helps.
2007-07-25 13:38:52 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Simply, interest rates are high right now. Thats more of a concern than the housing price for most buyers. In a few more months, there is a good chance that the prime rate will come down. With that said, it would be cheaper to finance in a few months. Prices though, in general have declined. I am not quite sure what it is like in Bfield... so
2007-07-25 14:08:26 · answer #3 · answered by ztim21 2 · 0⤊ 0⤋
Well, If you are planning on buying the house and living in it for the next 10 years, then now is a goo time to buy. You just need to make sure you are buying a good place at a good price.
If you are trying to make money in the short term then you need to wait for another year and see how the forclosures effect pricing.
2007-07-25 15:06:58 · answer #4 · answered by Ron B 3 · 0⤊ 0⤋
In general, according to the financial news reports of tonight this is an excellent time to buy real estate. However, do not buy a house that has a mortgage that is more then you can afford. The average payment should be no more than one third of your monthly income.
2007-07-25 13:31:55 · answer #5 · answered by Beau R 7 · 0⤊ 0⤋
There are some great deals out there right now. But, I would wait another 6 months, pricing are dropping and if you can wait a bit more I would do that.
2007-07-25 13:31:04 · answer #6 · answered by Landlord 7 · 1⤊ 0⤋
Why on earth would anyone want to live in Bakersfield? It's the Humboldt of California's arm pit. In other words, lots of drug producers. Did you have any other cities in mind? Bakersfield is only going to go downhill, it will never be nicer.
2007-07-25 13:34:40 · answer #7 · answered by DrDebate 4 · 0⤊ 1⤋