Hi !
My sibling lives in Santa Barbara California and wants to buy a house. But the rates there are much higher than here in Texas. Is it still a good idea to buy in California?
2007-12-20 08:55:04 · 8 answers · asked by Bond M 1 in Business & Finance ➔ Renting & Real Estate
Only if you want to lose money over the next year or two
2007-12-20 08:57:07 · answer #1 · answered by Pengy 7 · 0⤊ 0⤋
If your sibling wants to live in CA then it's a fine time to buy a house. Sure, prices may continue to drop but the thing about waiting for the bottom of the market is that you don't know it's the bottom until prices start going back up.
Now is a great time to buy a personal residence. Interest rates are excellent and there is plenty of inventory to choose from. Now is the time when sellers will agree to lower prices than they are asking and will kick in for closing costs too. When the market turns and the buyers come out of the woodwork, the sellers will have the upper hand again.
There's no great pressure to buy now either. Your sibling can take his/her time and fine the house that they're really going to be comfortable in. When prices are going up, there's pressure to buy before they go up any more.
As a long term prospect, California real estate is, and will be, great. If you want to flip the property in a just a year or two then it's probably best not to buy. But, for a personal residence, there hasn't been a better time to buy in a long time.
2007-12-20 10:49:21 · answer #2 · answered by Tom S 3 · 0⤊ 0⤋
Yes. No one can say what will happen to the real estate market in California (or anywhere else) in the next year or two, but over the long haul, owning a house is a good thing. But California prices are quite high.
2007-12-20 09:22:54 · answer #3 · answered by Anonymous · 0⤊ 0⤋
How long does your sibling want to live in California? More than five years? It is a good idea if so. Remember the weather is much better in California so everybody has to pay for it.
2007-12-20 09:28:58 · answer #4 · answered by William H 5 · 0⤊ 0⤋
I agree with the answerer above wait it out even on the foreclosures because we have not bottomed out yet. Being a bottom feeder myself, I still think the prices are too high even on bank foreclosures because the outstanding mortgage value was on a higher purchase price than the market will sink to. Moreover, the property taxes will be assessed on that value which will mean as the value gets lower the owner will have to apply to the assessor and prove the value lower than the purchase price (which often doesn't net savings anyway).
2007-12-20 09:13:44 · answer #5 · answered by eskie lover 7 · 0⤊ 0⤋
It is normally a good idea to buy your home in the state in which you live.
If your sibling lives in California, then he should buy there. If you live in Texas, you should buy a home in Texas.
2007-12-20 08:58:57 · answer #6 · answered by Anonymous · 0⤊ 0⤋
DO NOT BY A HOME AT THIS TIME!!!!!!!!!Prices will still be dropping here in Cali for about another 18 months , If you have your heart set on buying LOOK FOR FORCLOSED HOMES that would be a good bet but other than that stay away for now .
2007-12-20 09:05:19 · answer #7 · answered by Bobby 2 Gunz 5 · 0⤊ 1⤋
I merely think of it somewhat is a good suggestion to pass there in case you easily need to. Are you financially arranged? have you ever been staring at places to stay? do you know the kind you will get there? it quite is all approximately being arranged, ya know?!
2016-10-09 00:18:38 · answer #8 · answered by Anonymous · 0⤊ 0⤋