[bringsmewomen]

in LA area. What do you think?

[DM1]

I'm sorry if I'm being foolish but I don't understand your question. What exactly do you want to know about the house market in LA? Good, bad, buy, sell, rent?

[ArmyBimmerDude]

I was looking at houses for sale in LA on yahoo. It took till the 52nd page to find a house below 1 million. wow

[UncleWede]

Wait, it's still correcting. You may not find a whole lot on yahoo that is less than a mil, but can't you resort lowest to highest?
I went out to Temecula last week, and there are homes just sprouting out of the desert. Brand new 3-4000 ft2 in the mid to upper 300s.

[bringsmewomen]

Originally Posted by DM1

I'm sorry if I'm being foolish but I don't understand your question. What exactly do you want to know about the house market in LA? Good, bad, buy, sell, rent?

I'm in the process of buying a condo. But my friends are telling me to back out because it's a horrible time to buy. But I'm already in the 8th inning and I kinda have my mind set on it now.

What do you guys think? Bad time, somewhat bad time or ok time to buy?

[RIP-A4]

it sucks! I wanted to buy a lot and build myself but even the freakin lots are pushing 300k to 400k not including site work and construction....

[Hawkeye]

Originally Posted by bringsmewomen

What do you guys think? Bad time, somewhat bad time or ok time to buy?

Ok time to buy now. The housing market will probably slump a little further over the next year though so you could do some waiting. I would personally wait about 6 months to a year to buy. The government just kicked in a few programs to help the sub prime mortgages out so hopefully it will kickstart a change in the mortgage companies as well and start to pick up the economy.

[3onDubs]

Estimates about the market being down range from a year to 3 years. It is expected to slump a bit further in that time period before picking back up. The time to buy is any time between now and the next couple years, but there is no rush. If you plan on purchasing in the near future, you'll most likely need 20% down to even be considered. g'luck...

[AndrewAZ]

The market isnt down at all its just moving back to normal appreciation rates aka real market price. I would say the next 3 months we will be back to pre bubble in most markets, CA is tricky since some markets the demand still outweighs the supply. But like 3ondubs said no rush it will be flat for a few years but in the long run over 10 years you will be fine.

If your looking to make money and not needing something to live in I would consider investing in homebuilders since right now they looked at with low expectations anything they do to make a profit will shoot them back up, and like I said in some areas demand is still high dont buy into the news hype. And over a 5 year term of investing in stocks vs owning a home you will fair much better in stocks.

[Hawkeye]

What planet are you living on Andrew. The market is definitely down.

Plus, you can't live in your stocks.

[3onDubs]

Originally Posted by Hawkeye

What planet are you living on Andrew. The market is definitely down.

It all depends on what your point of reference is....it's down from the bubble that it was not too long ago, but it's "back to normal" (i.e. pre-bubble prices).

[AndrewAZ]

Originally Posted by Hawkeye

What planet are you living on Andrew. The market is definitely down.

yes its down but its going back to where it should be. The market is going down because of one simple reason prices went up faster than income, yes its that simple. The entire thing of a bubble is an unusual increase over the normal, when it busts the increase decreases back to normal rates.

[UncleWede]

The right time to buy is when you find a place you like and can afford it. Prices will always fluctuate. How many more months do you want to pay your landlord's mortgage vs. investing some in your own equity?