The best way to answer this question is to have a look at the Current Market data for the Cities that compose the Santa Clarita Valley. As I pointed out on a Recent Trulia Article - Home Buying is a very personal decision!
Almost any real estate report signals that all signs point toward it being the time to buy. Affordability levels have never been better, at least not for over 30 years. The bursting of the housing bubble created a huge increase in inventories, a decrease in home values, and a more-than-reasonable mortgage climate. Of course there is a snag, if a buyer is not paying with cash then he has to qualify for a loan first, which may be difficult.
According to an article from Realty Times, today’s home buyer is paying roughly 17% of his salary to own a home. This average has been 25% since 1975. This is a significant difference in affordability levels, one which makes buying now a smart move for anyone who has been waiting on the sidelines and can afford to do so.
Those with good credit and cash for a down payment are in the driver’s seat these days. Real estate transactions have fallen into a pattern of falling apart at the last minute when loans don’t come through. Now is the time to buy, but buyers need to pre-qualify if they are serious about acquiring real estate.
Real estate buyers and investors have been waiting for the bottom to hit. Is it here? Has it hit? Is it still coming? Answers to these questions won’t be known for a few years, but the reality is, affordability levels have been better for more than three decades and it certainly is a great time to buy real estate.
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