Belkis G. Realtor

Unless government does something that affects real estate, I don’t expect California’s home prices to drop drastically. This is not a recession (at least not right now). $20,000 price drop for a home in California seems like a lot, but in reality is just a fraction. Think of it as a negotiation point How desirable is the home to buyers and how desperate is the homeowner to sell. Pay close attention to Prop 10 and Prop 5, these propositions could make a significant impact on California’s home prices.

YES on Prop 5 for property tax fairness makes sense. Holding people hostage in their oversized home should not be acceptable and also is not helping the growing housing problem we face in California.

Before you vote on prop 10 I urge you to consider these: 1) do you have kids (they will need a place to live in the future) 2) what are the current zoning rules in your community (condos and apartments will need to be built somewhere) 3) Are you willing to move out of state? 4) Is renting your home part of your future retirement plan? A Yes and a No on prop 10 will affect you one way or another. My best advice to you is balance your benefits and losses this prop will bring to you and your family today and in the future. Vote with knowledge and true meaning. A vote on prop 10 is NOT only a fight between landlords and tenants.

My opinion: A yes on prop 10 will put more houses up for sale; so if you are waiting to buy, this might be your opportunity (set aside $ for remodeling and upgrades ). I also expect to see less properties available for rent. Think about it, what incentive would property owners have to become landlords? What should we do???? Let the market fix itself without government intervention! I highly encourage you to do your own research and look into rent controlled areas like Venice for example; try finding a rental place there or buying an affordable house. Please vote responsibly.

Should you buy a home now or wait for prices to come down? Unfortunately there’s no crystal ball to help answer this question. Based on market trends, supply and demand of homes, the economy, and many other factors; home prices are not expected to come down anytime soon in California. The good time to buy a home is when YOU are financially ready and can afford the loan payments regardless of the real estate market trend. If you are thinking of buying a home and you are financially ready, then it would be wise to take advantage of the low interest rates and the many programs still available for first time homebuyers.