Reply With QuoteI think that prices are coming down - Cdgo sold our house for us and it closed escrow a couple of weeks ago. Although we probably missed the peak in our neighborhood, we still are happy with what we ended up with.
Should be signing my docs today or tomorrow!! put my offer in about 2 weeks ago!!def happy with my decision.... but the market sure is in alot of hurt!! this house I picked up has gone down around 60-70k since it was first listed in the begining of the year!! tons of houses dropping price left and right in riverside.... 20-50k drops since last month on the average home :220v:
I think that prices are coming down - Cdgo sold our house for us and it closed escrow a couple of weeks ago. Although we probably missed the peak in our neighborhood, we still are happy with what we ended up with.
There is a house two doors down from ours that sold back around April.. That house is probably worth at least $30k less now than it sold for in April, and the buyer of that house is still trying to sell his other house in Ladera Ranch...
So is the general consensis to wait. I have not bought yet, been waiting/praying for some kind of crash. I see house's being reduced every month. So what do you think, 1 more year to bottom?
If you're buying to invest I'd wait.
If you're buying to live in and selling another just do it. Everything's relevent on both ends, sale and purchase are both less $.
Thanks for the heads up everyone. I am looking to relocate to Vegas and can't imagine renting but might have to suck it up for a while to not get screwed!
and apparently the ex bought me out at the right time...for me anyway, can't imagine what kind of loan he had to get to keep that house.
If you're buying to invest I'd wait.
If you're buying to live in and selling another just do it. Everything's relevent on both ends, sale and purchase are both less $.
I bought a house a year ago at probably close to the peak...... but sold a condo at the same time. I figured if things went to sh!t at least I would have a driveway for my boats!
-Justin
If you're buying to invest I'd wait.
If you're buying to live in and selling another just do it. Everything's relevent on both ends, sale and purchase are both less $.
I sold my home in OC last year, closed escrow 9-16-05, moved to Parker.
Yes the timing was right, however, there is no place like Orange County. I am looking and waiting, and might pick up another home in Yorba Linda, when the time is right.
For some that are looking for purchasing additional properties, look into commercial. In most areas nation wide, property is undervalued and in a "buyers market". In some cases, areas that have seen 30%+ increases in homes have only seen 7 or 8% in commercial. Plus, the fears of a bubble bursting in residential has slightly carried over.
It is in my own personal opinion that one might be able to score some sweet deals. The only drawback is that one needs up to a 50% down payment to make it into the black every month, which is roughly one million cash for a smaller property.
How are all of you lenders doing with re-fi's
Not too bad in the commercial realm. Refi's are still good in application volume due to many wanting to get out of the SBA adjustable loans.
Unfortunately, the market has not increased in some areas to get the proper 80% for the conventional loans seeing as they finance 90% in the first place. For the first time in many years, an appraisal did NOT come in high enough to support the loan.
I would not invest in residential but a sharp jump is still forecast in commercial buildings. That's where I'd put my spare cash these days.
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