Should I buy or wait???????

[TrojanDLA]

Wait until end of 2009 for better loans and better prices. 2008 is going to be very ugly with much more foreclosures than people expect. People can start picking up the pieces of wreckage in 2009.

[JackSparrow]

Originally Posted by TrojanDLA

Wait until end of 2009 for better loans and better prices. 2008 is going to be very ugly with much more foreclosures than people expect. People can start picking up the pieces of wreckage in 2009.

I think the wave is going to come and go faster than people think. My plan is to buy again in mid 2008.

I would wait, 'cause even though there's good deals out there now; mid next year is when I think things are gonna be ripe.

[margoa78]

Hi
As a seller in Lancaster, I am wondering where you are getting this info.
Yes prices have dropped drasticly and we will soon pull our home off the market, however no one knows whats going to happen in 2008 yet let alone 2009. All this is just speculation so far.

[desertdawgx]

If you pull it off the market it will take 10 to 20 years for prices to rise back where they are now.If you bought before 2002 you have plenty of equity to make a profit.Dont get greedy slash the price and sell it,you can buy back in a few years when prices are drasticaly lower.

[VickyVicky]

Id recommend waiting, the prices are still on the high side and can come down more.

They arent the great buy foreclosures like in 1998 at this point, real estate investors are picking up the good deals before the general public sees them, need to give it more time.

Sales are down, many houses are on the market, but the ones that are selling from what Ive heard still arent the cheapest either...

Wait it out longer I say and see what happens.

[anna maria marquez]

Well I know this forum started quite a long ago, don't know for sure, can't get to page two. But desertdawg seems to know a lot of stuff and so maybe he can give me some advice. I used to live in Cali and moved here in Texas 2005. Now I'm seeing a lot of foreclosures in Cali and really, badly wanting to finally buy an investment property. If we do though, I'm waiting till summer of '09, coz im waiting to get better (sick right now) to go back to work as a nurse. I feel more comfy investing when I have a job just in case my husband who works in IT lose his job and it will be a cushion in case I don't have a tenant. So is that too late, summer of '09? Also waiting on tax refund and bonus for my husband around march. And if we do go through with this, I'm looking at getting a house from an auction. I think I saw real estate agents offering their service in helping out with these. Is this true, you can have a real estate agent while buying a home from an auction? I totally have no experience with this and needs help big time as far as how the process goes and making sure that the home is inspected before I buy. Also my mom lives in fontana so I kind of wanna buy around there, coz I might also use this home as a vacation home. I like it close to Victoria Gardens =). But I'm afraid of buying a home there because they are of course more expensive and I kinda want to start with a lower priced home since this is my first investment. I guess you could say I'm excited to do this but also scared. Scared and don't know how to go about this that I'm afraid this dream of mine just might be one of those plans that I won't get to follow through. Anyway I looked at Las Vegas, Victorville, and other places with cheaper homes.....Moreno Valley and such, but also thinking this might not be a good investment compared to if I buy one closer to LA or other places with huge attractions like disneyland. Please your input and anybody else out there that has advice is appreciated. Thanks. anna

[SOON2BNSURPRISE]

Anna Marie Marquez.

You are on the right track. Summer of 2009 will be a great time to buy a home. Here is why. Between June and August many of the people that bought homes with ARM's will have those ARM's reset. Even with the changes in the lending environment many of those people will be putting those homes on the market or the banks that own them will put them on the market. That is going to cause an additional decrease in the value of the housing stock in California and in the nation. I can tell you what is happening in Ventura County, just north west of LA. Homes that were selling in the high $500,000 and low $600,000 range in early 2007 have now declined to the low $300,000 range. We have watched with interest one neighborhood that we are planning on buying in the decline of value to the homes. In the past 2 months one home has declined in asking price from $380,000 to $330,000. It is a beautifull 4 bedroom 2 bath home. Nicest home on that street. I noticed another on that street that is now selling for $295,000. A good friend and investment advisor instructed me to put an offer of $230,000 on the lower priced home. Chances are by the summer it will be selling at that price anyway.

Lets say that the value of homes is at the bottom now. Chances are prices will not rise as fast as they are falling now. It is easier to drop something than to pick it up. The last time that prices declined it took a while for homes to increase in value. I think that you are on the right track.

[anna maria marquez]

Thank you SOON for your comment! This gives me more confidence in this venture , and every bit of info helps.