Is now the time to buy home or wait?
I realize my are a home (San Gabrie Valley) are reduce price alot aleast like 40% from a year ago, but is still kinda pricey compare to house price 10 years ago. Should I wait a bit longer or now is the time to buy?
Any time is a good time to buy, if you buy for the right price. That being said, so what is the right price. Well if you are buying in a market that has seen 40% reduction in values in the last 12 months, I would make sure I am buying at another 20-30% price reduction. If your question is to ask whether prices will continue to drop, I fully expect to continue to see price drops until well into 2011. Traditionally, the housing market has an approximately 10 year cycle, and we are only into the first couple of years of the downswing.
And to those who say it is difficult to buy at such discounts, most of the houses I buy, I buy at around 50% of retail value, if not less. Is it not a matter of if you can, it is a matter of how can you.
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