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Should we buy now in South Redlands, CA or wait another year?

We're planning to stay in South Redlands, California for at least 5 years. We're renting a home for around $1600. Should we purchase a home instead of renting or should we wait another year or two? 

How stable is this market right now and it is safe to buy and start counting building equity or would the home still have losses? 

Please advise! Thank you!

Marcus Soriano
  • April 10 2012 - Redlands
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Answers (10)

Profile picture for Mark Carlisle1
With rates this low and prices down, now is the time to buy anywhere!
  • April 10 2012
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Profile picture for sunnyview
There is local information including a median chart here for Redlands that might help. You have to make your own decision, but I would start comparing the cost of mortgage, taxes, insurance on similar houses if you buy to rents in the area to see how the market in your area is really doing.
  • April 11 2012
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I agree with the other posters - interest rates are incredibly low making now a great time to buy.  While your specific market may not be bottomed out (my market is on the upswing), waiting for prices to fall lower might not benefit you if interest rates jump up. Since you plan to live in the same area for five years AND as it is an incredibly expensive rental market, I think now is a good time to buy in general. I can connect you with a Redlands Realtor who can talk specifics about where values are for your price point.
  • April 11 2012
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Profile picture for sunnyview
The market in Boulder may be very different. Redlands is in the inland empire and was hit hard by the bubble. It lost almost another 11% on the median this year. Bottomed or not, it may not be time to buy. Compare the rent vs ownership cost PITI, look at employment for the area, look at housing supply and look at historical prices per square foot before the bubble.

A referred agent for a fee is likely to tell you it's time to buy, but you need to run the numbers for yourself to see if it makes sense for you personally. Seek value in your market and trust your own judgement after looking at the numbers.
  • April 11 2012
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The decision is ALWAYS up to you. Right now is a GREAT time to buy though. The interest rates alone make it worth the while. Prices are slowly going up right now. Good luck in your search.
  • July 19 2013
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Locking yourself into a home now at these prices and interest rates is a win win. You have selected a beautiful city to live in. Buying a home where you want to live is a great way to truly invest in the community. If I can be of assistance, please email me. Best of luck to you!
  • July 22 2013
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Profile picture for SteadyState
Did any agent read what Sunnyview said?
  • July 22 2013
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Yes to the question and yes to Sunnyview.
  • November 27 2013
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Profile picture for Dalberth Group
Purchasing a home is a personal decision... Only you know when is right for you.

From a "market" perspective:  I don't think any person on this site has a better perspective than any other... and that includes you.  I have yet to meet the Zillow responder with a crystal ball... at least one that is accurate.  (Remember that, back in 2007 or so -- the height of the overbought market, many of these same people would have told you "Yes, it's a great time to buy NOW".)

You need to read the tea leaves on this one yourself, my friend.

Good luck.
  • November 27 2013
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Hi Marcus,

A lot of buyers ask me this same question. My answer is almost always the same:

No one (not even realtors) can correctly predict the future of the market - timing is important but so is life.
The right time to buy is when you need and want to. I feel bad for my clients when they tell me they've been waiting for years for the market to come down because in the meanwhile, their children are growing older and older. In my opinion, the perfect time to buy is when you realize your children are growing up and you want to be able to leave them something one day.

That being said, depending on whether you put 20% down and your credit, there are 3 bedroom homes in south Redlands that would require $1400 a month (less than what you pay in rent).

Either way, I hope you are happy with your decision and good luck!
  • December 02 2013
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