Saturday, October 15, 2011

Summer Recap - Risky to Buy

Time for a summer recap on the housing market from Newport Beach to Laguna Beach. 
Bottom line is that it was a terrible summer for home values in these areas, especially Newport Coast and Laguna Beach.  Sales fell flat compared to last summer, which was itself less than fabulous.  Sale prices are declining, as are the number of sales.  You can hear a pin drop for the lack of homes selling.
In my opinion, buying a property at this time is very risky.  The main risk being that the property you buy continues to go down in value, losing you 10's of thousands of dollars a month. Of course, you won't hear that from your real estate agent, who is hungry for a commission..........