Many buyers tell me that they are waiting for prices to go down.  In other words they are going to buy when the market hits "bottom". 

The problem is, you won't know when the market has hit "bottom" until it starts rising again; and you realize that you missed the "bottom".  If you wait to buy, then it means that you will be waiting for the time when everyone else wants to buy.  Instead of being the only buyer for your dream property, now you are bidding against several others.  Like an auction, the prices start rising.

The best time to buy real estate is when prices are going down, not when they are going up. 

Today's market offers many advantages:

  • Less competition now.  More competition later.
  • Lots of inventory = better selection.
  • Very low interest rates.  You get more home for the money at current low rates.
  • Long term investment.
  • Sellers are more cooperative.
  • Tax advantages.

It's a buyer's market!  Two years ago you would have had to pay full price, or over full price, to buy a home.  Today it's your turn!  Prices have come down tens of thousands of dollars.  You can pay less than the asking price, ask the seller for closing costs, and get your terms.  Why wait for this market to turn back into a seller's market?  Buy now while you have the leverage!!!

The bottom line is, if you find a home that you want to live in for at least five years, then buy it now.  Don't wait for prices and interest rates to go back up!

Are you ready to buy your first home, move up to a better home or buy an investment property? 

Call me today for a FREE Buyer Consultation!

Bob Willis, Realtor®
Prudential California Realty
16218 E. Whittier Blvd.
Whittier, CA   90603
Phone:  (562) 639-9400
Email:  bob@willisrealtor.com

Search for your home online at http://myhome.listingbook.com

 

 

3 Comments on Waiting for the Market to Bottom Out

Small houses around here in north hollywood 91601 are going for 700K almost close to 1 million. Were barely able to pay the rent of 1K, and thats a sweets ass of a deal considering a 1 bedroom go for just that. More, and more people are budding up with friends so they can pay the rent. I lost all hope of ever buying a house here, if houses drop to 200 - 300K prices then maybe just maybe ill be able to afford that with our meager pay. Yes I know there are some places in California that go for that, but they are ussually away from civilization where  there arent that many jobs. Unless you have a steady job (governt job like teacher, fireman, police, dmv, mailman) then you can live here and pay the house in 30 years, but with the economy doing bad i just dont see it happening. In work I here whispers that the company i work for is shutting down because the Chinnese will do it for less. These are uncertain times for us normal folks that dont have fancy titles like dr, lawyer, nurse (i know stretching it a bit here), firemen, you know nice steady jobs with nice pay. I do have money saved up, enough to almost buy a house in full, you know those house that are like 3 bed 1bath for 50 to 100k in Big TEXAS.

02/12/2008 12:43 PM by Raul


I tell buyers that the "bottom" is not an event.  It's a period of time and we're in it!

06/25/2008 04:35 PM by Marilyn Rich, CRS, e-Pro (First Team Real Estate)


Marilyn,

Good point.  We are definitely in that period of time where the bottom is like a cul-de-sac.  I caught a few minutes of Larry King last night, where all of his real estate gurus, including Robert Kiyosaki and Donald Trump, said the same thing:  now is the time to buy. 

06/25/2008 04:55 PM by Bob Willis (Prudential California Realty)


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Real Estate Agent: Bob Willis (Prudential California Realty)
Bob Willis
Whittier, CA
More about me…
Prudential California Realty

Cell Phone: (562) 639-9400
Email Me
Bob Willis, of Prudential California Realty in Whittier, is a real estate agent who was born in, works in and markets real estate in Whittier, California, and surrounding communities, including La Habra, La Habra Heights, La Mirada, Santa Fe Springs, Norwalk and Hacienda Heights. His specialty is energy efficient green homes, for people who want them or who want to sell them.

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