Trick or Treat?
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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