Where&When is the best time to buy homes in Southern CA?

We still haven't hit the ';bottom'; yet as far as home prices are concerned, and according to a Merrill Lynch report (http://money.cnn.com/2008/01/23/real_est鈥?/a> ), home prices will drop another 15 percent this year, and declines will continue in 2009. The unknown is just how serious (http://money.cnn.com/2008/01/23/news/eco鈥?/a> ) will the upcoming recession be? The FED is in full battle now in fighting against a monstrous deflationary force caused from the collapse of the housing bubble.





Should I buy yet? It really depends on your area. Real estate is local to a greater extent, just make sure you get a good deal, and by that I mean a very good deal. If you can negotiate a good price and intend to live there, I'm guessing you should be okay (yes, i did say guessing). Mortgage rates are at a 2 year low and expected to come down even further. This will make a difference and will bring in a lot of people who were on the sidelines back into the market. Okay, I'm starting to sound like a Realtor(TM) now. Simply put, I don't believe you should put your life on hold waiting for the absolute bottom and in some areas it may not turn out as you expect.





Be sure to do your homework and figure out what a property would rent for and compare that to what your monthly mortgage payments would be. Here's a calculator from the New York Times (http://www.nytimes.com/2007/04/10/busine鈥?/a> ).





Make sure to price out your loan with your LOCAL banks and mortgage brokers only.


A lot people giving advice on here are also looking to give you a loan (its not advice, its advertising), if they are not local to you and you can鈥檛 get to them within 1 hour don鈥檛 fall for it. They say they are licensed in all 50 states, what does that mean? Which state do you have to look in first if something goes wrong? KEEP IT LOCAL; DON'T GET RIPPED-OFF BY SOMEONE IN WHO KNOWS WHERE WHICH YOU WOULD HAVE NO DIRECT ACCESS TO.





Remember Buddha's advice:


';Believe nothing, no matter where you read it or who has said it, not even if I have said it, unless it agrees with your own reason and your own common sense.'; You are the only ';expert'; you can trust: All brokers, and every other loan officer guru giving advice here with a .com or contact me at the end is ';selling'; you something (its not advice, its advertising). Don't buy ';it.';Where%26amp;When is the best time to buy homes in Southern CA?
the best time anywhere is when the market has taken a dive (as it has now) and anywhere you can find a place that's truly affordable for you. learn from the lessons of the unfortunate who are now in very bad deals that they couldn't afford under original terms, much less now that rates are adjusting upwards.Where%26amp;When is the best time to buy homes in Southern CA?
Now! It is a buyers market right now.
The answer is never. Don't even think about it.
Answer depends upon your goal or purpose. Are you investing (bottom feeder) or looking for a place to call home? The best time to buy a home is when you are ready to buy a home.