Profile picture for IPROX

Despite it being a seller's market, is it still a great time to buy a home?

  • December 05 2013 - Redlands
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Answers (12)

Yes it is still a good time to buy a home, interest rates are still very low, who knows for how long.

  • December 09 2013
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Profile picture for gator70
It is not a sellers market everywhere. I see home values slipping and some soft markets.
  • December 06 2013
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Profile picture for blue screen exile
Of the hundreds of thousands of posts of Realtors that I've read on Zillow, I've only known about 6 of the Realtors posting that provided "valuable information".  The majority of the Realtors just plagiarized NAR propaganda instead.
  • December 06 2013
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Profile picture for blue screen exile
They also might look at Zillow's "Market Guide" on each home details page, such as this one:
" Zillow predicts 92374 home values will rise 20.8% next year, compared to a 18.5% rise for Redlands as a whole. Among 92374 homes, this home is 3% less expensive than the midpoint (median) home, and is priced 10.5% less per square foot.

Foreclosures will be a factor impacting home values in the next several years. In the 92374 market, the number of foreclosures waiting to be sold shrank 46.2% in the last year. The number of unsold foreclosures is 37.6% higher than in Redlands, and 14.7% greater than the national average. This higher local number may prevent 92374 home values from rising as quickly as other regions in Redlands.

Learn more about forecast calculations or 92374 home values.
"

  • December 06 2013
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Profile picture for blue screen exile
If the buyers and sellers wanted that "valuable information", they would have used the "local info" link at the top of the page to look it up for the local market of interest.


Median List price:

This thread will drop down on the most recently contributed to in a few days anyway, and will be forgotten.
  • December 06 2013
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Profile picture for IPROX
Really!!! The whole purpose of this post was to have other professionals input their opinions. My thoughts were to start a forum which sellers and buyers could view the answers and gain valuable information.
  • December 05 2013
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Profile picture for Dalberth Group
Clyde:

You're an agent...  What's your answer?
  • December 05 2013
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You do a lot of research, SS - do you have any data showing how higher interest rates correlate with lower home prices before 2006?
  • December 05 2013
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Profile picture for SteadyState
Why would a real estate professional, ask this question? Shill? A non-biased answer: I stand to make no commission nor will my answer enable my friends, family, colleagues, fellow professionals, etc. to gain from my answer.
All real estate is local. In some areas it is worth buying in others it is not.
The average household income has not increased in most parts of the country (in fact in California this is true for the last decade) since the recession of 2008. Yet in many areas the prices are within plus/minus 10% of the 2008 peak. If you are in such a neighborhood its not a good time to buy - despite the low interest rates because as interest rates increase home prices will decrease in these areas (remember income is constant for those buying homes).
  • December 05 2013
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Profile picture for aracz
Hi Clyde,

This would depend in part on if you are buying to live there for a long time, or for short term (1-3 years). If you buy for the short term, and then see prices dip, you may miss out on equity growth. If you buy long term, you may see prices go up and down several times, and have a better chance at timing the sale for an ideal market.

A Local agent should be able to help you with more specific details that would help you make a more informed decision.

Kind regards,

Arpad
  • December 05 2013
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No, its the holidays ......
  • December 05 2013
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Yes it is because interest rates are still at an all time low.
  • December 05 2013
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