Buying a home is one of the biggest decisions you’ll ever make, so you might want to talk to your REALTOR® for advice and also consider whether or not you’re getting stuck on one of these common real estate myths before signing on the dotted line. For instance, remember that you’re buying a home to suit both your future needs and your current ones, so if you want to travel in the future, a home with a lot of outdoor upkeep may not be wise. In addition, it may be best to purchase a home based on your family’s budget and needs, not your guesses about what the future may or may not hold regarding the market.
Two years ago, Mike Saavedra moved to Southern California, equipped with a new high-paying healthcare job and a plan. The former Arizona resident would rent by the beach while becoming familiar with neighborhoods where he may want to purchase a house. But a few months after starting his search, the Manhattan Beach renter cut it off. It was, he decided, the wrong time to buy. “I definitely think home prices are slightly overinflated,” Saavedra, 48, said. And he thinks there’s a good chance they’ll fall. “I would kind of like to wait and see if that happens.” After nearly seven years of sometimes fevered price hikes, the Southern California housing market has slowed markedly in recent months. Sales have fallen from year-ago levels and price appreciation has shrunk. In Los Angeles and Orange counties, year-over-year price increases peaked at 8.2% in April and have declined every month since. In October, home prices in those counties rose 5.5...
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