Should I put a deposit on new house in So. Cal, or will incentives/prices get better in next couple of months?

I think I may have found the house I want. It's at the end of a culdesac, the lot is 25% larger than those in the rest of the neighborhood. It's $443,000 with $40,000 in incentives that I woud use as a cash discount. Those familiar with CA real estate know that's a pretty good price for Lake Elsinore/ Temecula valley. Question remains, is the market going to slump? Even so much so that a 2-3 year old house may be the better option in a few months? I am looking to make a summer-time move.Should I put a deposit on new house in So. Cal, or will incentives/prices get better in next couple of months?
Professionals want and try to predict this constantly. Don't think about the future value of the building and property. Your buying a home, not stock. A home needs to be comfortable, large enough, the structure needs to be sound, the neighborhood needs to be agreeable to you, and you must be able to comfortably pay the mortgage and taxes. The value of any item is the price a purchaser will pay and the price the seller will sell it for. Traditionally homes have appreciated over the long term with some temporary downturns. It sounds like you want the house and consider the price fair, go for it. If you decide not to go for it, another home just as nice or nicer will come along.Should I put a deposit on new house in So. Cal, or will incentives/prices get better in next couple of months?
When you find the real estate person with the crystal ball about the real estate bubble, the big slump that is coming, all the gurus that are predicting gloom and doom send them my way. I need all the information I can get so I will not go under.





I have repeated in this forum and others a phrase I learned long ago from an elder real estate investor that you ';Buy real estate and wait, don't wait to buy real estate.';





There will and always have been slumps in the real estate market, there will continue to be slumps, but some how real estate investors continue to purchase real estate and make a living of it even in slow times.





If the property is to your liking especially in the Lake Elsinore/Temecula area go for it, wait five years and see what all the nay sayers will be saying then, ';See I told you so';





If you had looked at the Lake Elsinore/Temecula or even Riverside 15-20 years ago would you have ever thought you would be paying $500,000 for a house in those area?





I hope this has been of some use to you, good luck.





';FIGHT ON';
Lock in your rate with preapproval keep doing your home work.


Hear is a web site for some food for thought.





http://www.breakingbubble.com/index.htm





Do not give any ernest money till you have to time is on your side.
hello if i were you i would wait the real state market is declining houses have devaluated 10 percent in some areas myself and some other investors believed the houses are even going to get lower, i would definetly wait after the summer ,when the market get slowed down,imagine this thats house is worth 443.000 now at the the end of summer itll be 410.000 i would wait ...
Sounds like your doing your home work. Without going in way over your head it appears to be a decent price. Also, it sounds like you already fell in love with this home. If it has most of the amenities you want in a home buy it, it might be difficult to find another like it. I think the market in So. Cal. will remain somewhat soft up to the second quarter, but pick up steam by summer (my opinion), rates will still remain low, so I believe the market will not go into a slump, nothing near as the early 90's.


Good Luck!


Realtor, So. Cal

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