Q&A: Where is the California housing market heading?

Question by greenapple006: Where is the California housing market heading?
Not long ago I read that the San Diego real estate market would be turning around by Spring. Well, Spring has sprong and we are now into Summer. The only hange I’ve seen is many more homes on the market! Am I wrong?

Best answer:

Answer by sub0k
Very good question, you get a star. I look forward to reading all of the answers.

What do you think? Answer below!

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Category : Blog

6 Comments → “Q&A: Where is the California housing market heading?”

  1. Derniemagee

    Nov 05, 2012

    I think the CA housing market has slowed some, but here in OC, houses still seem to be retaining a high value, and they are still selling in a reasonable amount of time. It boggles my mind. There may be more homes on the market, due to foreclosures and people who had the adjustable mortgage rate, and since rates have gone up, people can’t afford to pay the higher fees. But I’m just guessing.

  2. ms.chacha

    Nov 05, 2012

    the market is going down hill.it will take a couple of yrs before its good again..if you have good credit and $ $ steady income its a good time to buy..most sellers are selling becuase they are in financial trouble..

  3. Whiterose7

    Nov 05, 2012

    personally, i think it’s going to collapse sooner or later

  4. single_n_hopeful

    Nov 05, 2012

    home values are going throught the “adjusting” phase right now and guesses are value will gradually to stablize by mid or late 2008. If you have noticed, homes on the market now usually list below market hoping to attract more buyers and create multiple offer scenario in order for homes to be sold at higher than list price, which will help build up buyers’ confidence. In addition, Fed is keeping the rate steady to help with market down turn. All in all, i am still optimistic about the real estate market.

  5. Crownline

    Nov 05, 2012

    It will probably decrease another 15 % in most areas . It will take around five years to get back to current price levels . California is over taxed and many companies have left to greener pastures.
    In our Texas zipcode , household income averages $ 100,000 and houses average $ 300,000 (3 yrs income) in a Los Angeles zipcode income is $ 35,000 and homes average $ 700,000 (20 years income )

    Also, if the same home can be purchased for $ 5,000 per month but can be rented for $ 2,000 why buy the home ?

    We moved from CA to TX two years ago . The houses we sold are declining in value because the market is saturated . The Texas market has softened but is not declining because the value is still good and the economy is strong .

  6. Terry S

    Nov 05, 2012

    You’re not wrong, but believing anything you read in the newspaper is wrong.

    Understand these are the same people who said real estate would go to the moon. Never go down, buy now or you’ll be left behind.

    When will it be time to step in and buy?

    When the front page headline is a record number of people turning in their keys because they cannot sell their homes, and there are too many homes for sale in the neighborhood.

    The newspapers should be used as a CONTRARY indicator.

    If you want to keep up with what is REALLY going on ignore media, CNBC, and go to web sites that are years ahead of everyone else.

    The absolute best I have found is Financial Sense News Hour every Saturday.

    I rarely miss it.


    Terry Smith

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