Has the Real Estate Market hit rock bottom?

[sac25274]

If you don't mind, can someone tell me, has the Real Estate market in the Sacramento area hit rock bottom?

[blueshines]

Hey Fixer.

That is a great question, and I'm sure that different people have different opinions.

1. I don't think that the market has hit rock bottom. There are another whole series of arm loans that are going to re-set this year. That will cause more foreclosures and a continuing drop in home values in my opinion.

2. One thing to remember though is that it's not only about the market bottoming out. A good deal is a good deal in any market. If you find the right deal it's always the right time to buy and make a profit.

Hope this helps.

Blue

[reinman]

Merrill Lynch's pundits are forecasting a 15% decline in housing prices this year and an additional 10% for 2009. Individual markets will differ of course.

[jcdykes]

You can bet that the bottom has not been hit yet. Based on the number of foreclosures that are still happening and are projected to be happening throughout the rest of this year, we have a ways to go. If you want a house to buy to own, I would suggest talking directly with a bank about buying from their REO pool. Good luck.

JCDykes
Western PA's home buying solution

[jayson333@msn.com]

...doesn't matter if the market has hit rock bottom. The question would be what are you looking to invest in? Rental property? Buy/Sell? What is your situation? The best advantage to a declining market is that all the prices for things go down. It's not hard to find a drowning builder who will sell you the property/home for cost just to get rid of some of their debt. So again I say, it doesn't matter if the market has hit bottom, just find a builder going out of business or a bank that wants to get rid of a foreclosed property. I assure you that you can't throw a rock in any direction without hitting 5 of them.