Southern California Market?
Would you folks buy a fixer upper in Southern California now, or wait for the market to cool off? My lender tells me that mortgage rates have gone down a bit, and I've noticed that many SFR have significant price reductions. Is now a good time to buy??
I have a lot riding on this and am not sure if I'm just too careful or if I really need to wait a few more months before buying a fixer upper.
All input welcomed.
Marlene :-o
Hi Marlene,
Here in L.A., we have experienced about a 10% reduction in SELLING prices in the last 2 months. There are still a lot of over-priced homes that are sitting on the market.
The inventory has gone up by over 300% in some areas here and it's really killing the resell market.
I am personally just getting better deals than I was. I am careful what types of sfr's I buy (I like entry level, because that's where the most buyers are). I am also now passing on 'skinny' deals that I used to go for.
You can play the market down, imho, you just have to be careful that your buying with enough room. ALSO - don't use comps from a couple of months ago anymore. I concentrate on what's in escrow now. good luck!
Di.