There are not that many Buyers out there these days. With all the news about the economy and lack of funding, buyers are waiting this market out as they have been for several years now. My personal opinion is that if you are looking for a home now you might lose a little value in the next year. However, it will not be as significant as the loss was for those that purchased in 2005.
Timing the real estate market is notoriously difficult. Generally the peaks and valleys are known 3-6 months after they have occurred. If you want to buy a home and you have the cash, now is the time to look. However, don't just settle for anything, find the good deal.
I was poking around on the MLS and decided to look for the best deal I could find. To make it easy and a bit less subjective, I am using the Price per Square foot as the yard stick. Certainly this does not a deal make, but serves as a good benchmark.
So using the using the bang for the buck theory, what can you find in North Fontana? I did a search for homes in the 92336 area code that were within the Etiwanda School District boundaries. I found only 2 homes that are under the $100/sq. ft. price range. One of them was an REO and the other was a short-sale. Since the majority of short-sales never happen, I am going to have to give the title to the REO.
At just $95/sq. ft. this 3683 sqft home is the best value. It has been on the market for over 408 days as of this writing. The previous owner paid $405,500 for this home and then took more than $450,000 out of the home. The bank took it over for $448,510.
While the price per sqft is a good deal, the sticker price can be difficult for some buyers to look at. The bank has owned this home since April of 2007. The home was first listed at $504,900. Amazingly it did not sell. (That is sarcasm).
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