WHY BUY REAL ESTATE NOW?
In Foothill Ranch prices have come down to 2003 levels. It is at the point where you can buy a home for about the same cost as renting. If, you are planning to stay in the area for awhile, it make sense to buy now because in the long term you will save money compared to renting. The risk of waiting to buy is prices could go back up and interest rates could go up. We are seeing increased sales volume and falling inventory numbers. On the other hand buyers are risking that prices will fall more because there has been a foreclosure moratorium that has slowed the pace of foreclosures, but that is expired in CA now. So far in 2009 Foothill Ranch the sales have been about 50% foreclosure or short sale. So, seller's with a short term view might want to sell now in case prices drop further. Buyer's should be looking now and buying with a long term view. The biggest problem I have finding buyers property now is that if the location and the condition are good it sells quickly and the remaining inventory is undesirable.