Is it a good time to buy a condo/house? If not, when?
Answers:
William K,
Now it's my turn to help you. Many houses in various states are what they call "over-inflated" while others are considered "under-inflated". According to my research, CA is "over-inflated" meaning that the prices WILL go down because the cost of the house + interest rates may become prohibitive to many. There is a caviat to this in that you need to consider interest rates in conjunction with over-inflated realty. Personally, I would wait. 1. Decide your purpose for buying realty, 2. Do you have job security which can continue all payments? 3. Is CA where you REALLY want to be? Renting is throwing money out a window but, at the same time, being "raped" by realtors and prices may outweigh the "rape" of a long term commitment with a mortgage. Whatever you do, PLEASE do not overextend yourself or rely on a job which you KNOW may disappear at any time. You may or may not know that there are many forclosures because people have lost their jobs or they never expected a pay cut. BE CAREFUL AND SELECTIVE! BTW, condos are going out of style because they are not ideal living conditions. TOWNHOUSES are the way to go because: 1. They are affordable, 2. they can be self-contained with a 1 or 2 car garage, and, 3. They are maintained by an association. Do your homework and you'll be just fine. My townhouse has incresed in value by 30% in 3 years. I wish I could send you my email address to discuss this with you further, but there are too many "nuts" who access this site. Good luck. ED
Other answers:
tell you one thing for sure the price in cali doesn't look to fall anytime soon hahah buy buy buy
tell you one thing for sure the price in cali doesn't look to fall anytime soon hahah buy buy buy
all i have to say is just make sure you have enough money and maybe keep in contactc wit ur landlord/former owner im sure they will have good advice!
There is reason to believe real estate prices may have reached a momentary plateau. Recently moved from San Luis Obispo in August 2005 and actually got more than the asking price for our house. Since then houses are tending to stay on the market longer and buyers are negotiating rather than accepting asking (or more) price. Interest rates going up are tilting the market back to the buyer. There are areas in the country where all bets are off and the market is still nuts. Get yourself a good realtor, pay strict attention to what you can afford rather than what you want. Remember, their job is to sell you a house. Good luck.