thinking of buying a home | FerrariChat

thinking of buying a home

Discussion in 'California (Southern)' started by CRG125, Sep 28, 2009.

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  1. CRG125

    CRG125 F1 Rookie

    Feb 7, 2005
    2,581
    Los Angeles, Ca
    Full Name:
    Vivek
    #1 CRG125, Sep 28, 2009
    So back in 2006 when the market peaked I was looking at some homes in the northridge and Porter Ranch area. Was serious about buying a brand new home from the builder in porter ranch which was 5500 spft, and selling for 2 million. Thank God I didn't buy, because I just went back to the same place and they still had new homes(one more phase left) and now the same home I was looking at is selling for 1.3 million! Anyways I have my name on one and I am really serious, but wanted to get some of your input. Should I stay put or buy? Have we seen the bottom yet? Or do you think we are going to see prices starting to go back up? Just for reference there are short sales selling for around 1.1 -1.2 million. So the new homes are close to the comps.
     
  2. wax

    wax Five Time F1 World Champ
    Lifetime Rossa

    Jul 20, 2003
    51,526
    SFPD
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    Dirty Harry
    #2 wax, Sep 28, 2009
  3. rammsteinmatt

    rammsteinmatt Formula Junior

    Jul 26, 2005
    371
    Glendora, CA
    Full Name:
    Matthew Shinavar
    #3 rammsteinmatt, Sep 28, 2009
    I'm no expert in real estate....

    That being said, with interest rates and home prices the way they are [were], I bought a house 4 months ago. Admittedly my house is a tad less expensive than the one you're looking at, but for reference my vehicle payment is only a tad less (~6% less) than my mortgage ;)
     
  4. Envious Eric

    Envious Eric Karting

    Sep 21, 2009
    238
    Orange County, CA
    Full Name:
    Eric
    #4 Envious Eric, Sep 28, 2009
    from what I gather and have been reading, its a perfect time to buy if you are in it for at least 5 years...if you are looking to flip houses, then its not a complete bottom, maybe 3-4% change left based on all the foreclosures hitting the market recently and in the near future. But if you find a house you want and want to live in it for a while, then go for it!
     

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