Buying or Selling a Home/real state price cut

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Expert: - 8/1/2004


Question
Dear Ms. Jessica Bryan

I am a first time buyer, I wana buy a condo in Southern California (Orange County).
I can see that the real state price has being decreased from May 2004 about 7% in this area.
supposing the interest rates will remain constant, should I buy now or wait untill the prices decrease enghough and buy it?

Sincerely yours
Frank

Answer
Dear Frank;
There are many reasons that prices drop.  Perhaps there is a structural problem, or there is a pending lawsuit that makes these units undesirable.  It could be a simple reason though: the  prices were artificially high for the Spring Market and those homes or condos that didn't sell reduced their prices to a more realistic price range.  I would suggest that you contact a real estate agent to give you background on a specific unit and see if it is a good risk.  There are homes that will reduce their prices to their lowest just before the Holidays in November.
That would probably be the best time to buy.  

Good luck,
Jessica Bryan
Managing Broker
House to Home Realty Services

Buying or Selling a Home

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Expertise

buying and selling process such as:
General questions from first time buyers
How to market a home
Why choose a REALTOR
How do I find a REALTOR
Should I consider buying or selling without a REALTOR--how much can I save
Should I remodel or move
How much can I expect to gain by fixing up my home before selling
Helpful tips when selling
Helpful tips when buying
finding a good mortgage loan
what is the difference between banks, mortgage bankers, and mortgage brokers
Questions from the general public, people thinking about getting their real estate license, newly licensed.
Fellow professionals who have interests in networking and how to get started
What is a market evaluation and how does it differ from an appraisal what are the different loan programs
services a REALTOR can perform
when to use a lawyer
when to use escrow
what are the regional differences in the buying and selling process
what is the MLS and how does it work
how can the layman access information on the web--listings and other information
These are just a few of the questions. I can suggest that if I am unable to answer a question I will refer the inquiry to a source that can.

Experience

Anyone who is in this business and who dedicates oneself to professionalism has continued to take classes and along with it,additional credentials, awards and honors. I can list a host of them, but my greatest accomplishments happen to be those of getting first time buyers (who didn't think they could afford to buy a home)into a home of their dreams. The look on their faces when I hand over the keys is worth all of the hard work.

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