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i'm ready to buy my first house here in southern california and was wondering when a good time to buy would be. i know the market is dropping, but for how long.

2007-08-31 09:32:39 · 9 answers · asked by casey c 3 in Business & Finance Renting & Real Estate

9 answers

Although a Realtor will tell you it is a buyers market and it is we have not seen the bottom of this housing bubble as of yet especially in CA. 2 million loans are coming up on interest resets in the next 3 months and lets just say availability of additional homes on the market will increase leading to dropping prices due the the amount of eligible buyers

2007-08-31 10:00:39 · answer #1 · answered by Pengy 7 · 0 0

Now is a perfect time to buy. Even after you buy if the house price still drops some it will typically come back. Right now sellers are willing to pay closing costs and do whatever it takes to get you to buy their home. Rates are still good, first time homebuyer programs are still available. California has a great first time homebuyer program for someone who hasn't owned a home in the last years as a primary resident.
If you try and wait for the bottom prices, several things could happen, interest rates increase making your payment higher, sellers market result in sellers not paying for closing costs, repairs, etc and in this market, exisiting loan programs going away or quaifying harder.

Good luck and feel free to email me with any questions.

2007-09-04 13:12:55 · answer #2 · answered by lenderjayne 3 · 0 0

If you wait for a while properties might come down in value, but getting loan could be harder and will cost you more (like more down payment). Banks are getting picky due to mortgage problem.
I would suggest;
Start going on to open house, it will give you an idea what kind of home you want and start talking to the agents to get contact once you have chosen your house of choice. After a couple of open house visit, start choosing the agent that you think is the one that could help you.
Also start calling loan agents to help you with the loan once you offered on the house you like.

If you need a Realtor and loan officer, send me email, I can help. oragon_man2@yahoo.om

2007-08-31 18:54:49 · answer #3 · answered by oragon_man2 2 · 0 0

With the housing inventory, now is definitely a good time. I just sold my house in San Diego and we got lucky that we sold it quickly. However, most homes are sitting around for month, even years before they sell, especially in SoCal.

At minimum, get your ducks in a row and be very picky.

2007-08-31 16:39:09 · answer #4 · answered by PRC SD 3 · 0 0

right now the market is not doing very well so i am not sure you would want to buy now but it wont be that way forever things should bottom out soon, found a great site with a ton of home buying information that will help
http://www.goduckcreek.net/
http://www.goduckcreek.net/HelpCenter.html

2007-08-31 20:21:04 · answer #5 · answered by Pure Genius 3 · 0 0

get pre qualified to see how much you can afford and what type of loans are out there for you. look at your total liability including your new housing payment. do not to exceed your total income. You should be at a 50% ratio, if not than wait a little

2007-08-31 17:03:38 · answer #6 · answered by Anonymous · 0 0

I would go ahead and buy if you are able to NOW.

Even if the market were to drop more, it's just too risky. The boom is slowing, and most sellers are willing to give anything to get their house sold at this point.

2007-08-31 16:38:37 · answer #7 · answered by FaZizzle 7 · 0 1

Take it slow, get your loan approved first, then start shopping. No rush to make offer, because there are plenty to choose from. Good luck!

2007-08-31 17:59:27 · answer #8 · answered by TM 2 · 0 0

i would suggest now if its dropping becuz u dont know how long it will drop for

2007-08-31 16:37:41 · answer #9 · answered by erin g 3 · 0 1

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