Real Estate pricing in Southern California!

[sandooch]

We may be starting to look to buy a home soon here in S. California, but I was wondering if anyone here who lives in the same area believes, or has heard, that the real estate prices may continue to drop a bit more over the next year.

We are certainly grateful that they have come down a great deal over the last 2 years, but I've heard talk of it still going down more over the next year. If it would mean another drop of $40,000 to $50,000 more during that time, it would be worth it to wait.

Does anyone think this is possible, or do you think that this is as low as it will get? I know no one knows for sure, but if anyone is an agent or has spoken to one who is, they may have some inside informaton.

[mirage7000]

Sorry no info here but I'm so jealous of anyone that lives in better weather than NY! Good luck and I hope you find a great deal!

[Mom2Shaun]

My family lives here in Southern CA, and my sister is also considering buying a house. According to her realtor, she should not start looking until July, as prices should continue to drop at least until then, and maybe more over the next 6 months. Ugh! I hate what's happening to our economy, but it's nice for home buyers! Good luck!

[BigLyd1]

What area are you thinking about? The prices can really vary from county to county, or city to city here.

[justme23]

I would wait until school starts back up. There is usually a surge (although sometimes small) in home purchases during the summer when parents make sure kids don't have to change schools and so forth. I would wait until atleast August before I started looking.

[sandooch]

Well, it may be until July or August until we can buy (maybe longer) because we have to sell the house we are now living in first. We rent from my parents right now, but they want to move to Whittier, CA to be closer to my sister. I would like to live there, too, but we don't have nearly enough saved for a downpayment for a house anywhere these days. But my parents said they would lend us some money to help us out.

I really appreciate everyone's advice. Maybe by the time this house sells, it'll be better for us to buy then.

[janelle]

Watch HGTV. I can't believe prices of homes in CA or NY, all the high price places. You can't get much house for your dollar. My nephew moved to Oregon since he couldn't afford a house in CA and he makes a hundred thousand a year.

Move to Alabama. Seems they have the most house for your dollar.

Seriously, we just moved and I liked the houses that were empty. Means the people are willing to deal with you since they own two houses.

[BigLyd1]

Well, it may be until July or August until we can buy (maybe longer) because we have to sell the house we are now living in first. We rent from my parents right now, but they want to move to Whittier, CA to be closer to my sister. I would like to live there, too, but we don't have nearly enough saved for a downpayment for a house anywhere these days. But my parents said they would lend us some money to help us out.

I really appreciate everyone's advice. Maybe by the time this house sells, it'll be better for us to buy then.

I'm in Orange County. If I hear of any "deals" in that area, I'll let you know.

[Airbuswife]

as you said, this is a horrible time for the housing market. but, if you are in the market to buy, its better now than in a long time. its sad that so many people have foreclosed on houses, but if you are in the position and have a good realtor, you can get a foreclosed house for CHEAP! tonight hubby and i bought (yet another rental!) a 3 bedroom 2 bath house on almost 2 acres for only $10,000!! nothing structurally wrong, but we will have to put some money into it cosmetically, which is no big deal. yes, we live in a small town in PA, but i know the housing crunch is all over america, so maybe someones downfall could be your gain? (i'm not saying that to hurt anyone in that position, but being in the "real estate" business, its just my opinion) my advice is to get a realtor in that area right now to look for you. within a couple of months when you are actually ready to buy, they have already established a relationship with you and know what you want and may be able to help you at a better price than to cold call to a realtor.

good luck to you! :)

[janelle]

Yes, ask around for a good realtor. Interview them and be sure they have sold many houses in the area you want to buy. Remember, you are hiring them so get a good person who knows what is going on and will be able to get you a good deal.

With all the foreclosed homes now you can get a really good deal if you know how to buy.