So a few years ago I remember this article in forbes (i think it was forbes) about how Las vegas was the number 1 housing market and prices jumped 50% in 1 year. Then I remember everyone flocking to las vegas to buy into that housing boom, but they all got left basically holding the bag. Now this is what i see. Forbes naming the worst markets. This causing a panic, makes those in these areas want to sell, further pushing prices down. Anyway this article in forbes was published in nov 2007, and it says sacramento was the number 1 market for biggest price declines. Seems like a good opportunity to buy into this while people are trying to get out, right? I mean when people are buying into a frenzy, you obviously sell, so when people are in a selling frenzy, shouldnt you buy? You guys think sacramento will see a big jump in prices in 2 to 3 years? I just talked to beazer homes today in sac and they have just raised their new home prices because they are selling so well recently. (They said they are selling about 1 home per day)
This is the greatest time to buy ever. If only I could get one of those interest only or better yet an ARM.
Sacramento, mainly the communities surrounding it, is a complete disaster still. Massive inventory, massive foreclosures. They over built the hell out of the place. Its not going anywhere for awhile. Best to wait until you actually see the a low in my opinion. You won't hit it dead on that way, but may get close. Buying now and you may be holding a piece of crap for several years.