Thursday, May 8, 2008

Buying a House in Good Old Riverside

So, we've looked at tons of houses and watched the market since we got here six months ago. And just when I thought it was safe to buy a house, just when it was starting to seem like the market was stabilizing here, I see this:

Riverside is #8 on the 10 markets set to experience steep losses. Not the 10 markets in California - the 10 markets in the whole United States. And Riverside is #8.

The 12-month forecast is that Riverside will go down 16 more percent. That is a lot of money! I mean, I don't care if we buy a house to live in and the market goes down a bit more, but 16 percent is a lot. Were talking 60 to 80 thousand dollars lost in our first year if the prediction is true and we bought a house now.

So, I think it might be time to start thinking about renting for a year. This article proposes that April to June 2009 will be rock bottom - i.e., the best time to buy. Of course no one knows for sure, but it is interesting information anyway.


Tiffani said...

wow! that is so crazy! There are 15 people at my work that live in Riverside that are forclosing right now. We were going to buy a house and then rent out our condo. But maybe we will wait until next year now. lol.

Ellie said...

Oh that sucks, you need to move to the Fort Worth area! Its supposed to be really good there!

Sabby said...

Ahh what a bummer! I really wouldn't mind if you moved back to Bountiful! He he he we miss you guys here!

Allison said...

Well, its kinda good. Much better than buying a house here 3 years ago when prices were so out of control and still going up.

We'll see, maybe we can talk someone down in light of prices going down further in the next year :)

Jill said...

Have I got a DEAL for you! 4 Bedrooms, split, 2 bath, 2 living areas with fireplace, ceramic tile, custom cabinets, tiled bathrooms, large covered back patio with outdoor fireplace. 2250square feet, on one treed acre. Built this year. Going for the astronomical price of..... $199,500So, what do you think? And WHAT could you get for that price in Riverside?

Tiffany said...

This is very interesting. We're looking into buying income property but it still seems too expensive.