Foreclosure Lakewood
Housing market question?
I’m looking to buy because I can’t afford to rent anymore. The lower rent areas are the worst. (Noisy and rowdy) In trying to look for the more quieter areas I find more affordable homes.
I’m in the Lakewood area of southern California. I spoke to an individual that says the forecast is bad because their expecting homes to drop even more, because there will be double foreclosures in the next 6 months.
In addition, the rate just jumped to 7%. When would it be smart to buy? Should I just wait?
what i mean that i can’t afford to rent is because quiet area rents are at about 2500.00. In the same neighborhood you can make an offer on a house that is $275k, which brings your mortgage at about 2000.00.
that is what i mean about that. it’s just that I don’t want to buy and find out that the same house is now worth 200k
contact me through my business www.nextdayprintbroker.com
I just did a quick run of your numbers and I’m getting lower figures.
First interest rates are around 6.5% and even when I run it with 3% down and mortgage insurance I get $1790/mo all in.
Most areas in S. California are not considered declining anymore. You can always offer $200K for a home and see what they say. Then your payment will be even less.
Bottom line is you’ve got to live somewhere, and markets trend. We might not be at the bottom, but do you plan to live in this house for at least 5 years? If yes, you could get your money out of the property, at least, live somewhere more to your liking and get a good tax deduction while you’re doing everything else.
I suggest you get a competing quote for your mortgage, if you’re gonna pursue this.
Feel free to contact me if you need further advice.
Lakewood Ranch, Florida | River Club | Foreclosure
