[quote=no_such_reality]I would agree with Rustico, buying a house you love can be very bad.
Buying a house you can readily afford that fills your needs is important. Buying a house you love should be left to the financially independent as their price tags and maintenance needs tend to push the envelope.
The best time to buy depends more on you than the market. Buy when your finances are strong, your income stream known and predictable and your family situation is predictable. You match that against prices, financing costs and quality of the for sale and rental markets and rents.
So when was the best time to buy? Last year. IMHO, from this point forward, you may get a lower price or will likely get a lower inflation adjusted price, but much like the downturn of the 90s. The monthly payment isn’t going to budge much and the quality is going to go down. Way down. All on average, exceptions to the rule apply.
Unique property homes excluded, which frankly, may go up in the price because, again IMHO, 95% of the homes in Cali are junk.[/quote]
Totally agree with everything here, no_such_reality, except to change “95% of the homes in Cali are junk” to “95% of the moderately priced homes in Cali that are on the market at any one time are junk.” The occasional “goodie” is finding one at a good price that has been properly remodeled including all systems and properly maintained. Typically, owners that have gone thru these years of work, headache and expense do not ever give these properties up, for GOOD reason :=]
I also agree with Rustico that a buyer doesn’t have to “love” a property upon purchase to live in it. They often just have to be able to see what the property can be with work and $$ invested in it. If a buyer can let go of “instant gratification,” then they will be able to purchase something “moderately priced” in a prime location. If they can’t, then they usually end up succumbing the the 95% of “spit-polished junk” on the market, IMHO.
Getting emotionally involved in a property and especially transmuting this emotion to the seller or his/her agent during negotiations (however insidious) is a recipe for paying too much.
Totally agree that from now on (don’t know for how long) is a great time to find and buy the property you always wanted, whether it be raw land, an already subdivided lot, a fixer or a completely remodeled house!
“moderately priced” = $300K to $800K, depending on location/lot size/condition.
