Should you buy a home now? - Los Angeles Times
he drop in prices may mean it's time to jump in. Or is it too soon? Experts offer pros and cons.
By Peter Y. Hong, Los Angeles Times Staff Writer
August 3, 2008
Southern California median home sale prices are down about 30% from their peak. That's about as far as they fell in the 1990s real estate downturn, and enough of a decline to have many asking: Is it time to buy? ¶ Some are already answering with their checkbooks. In the inland areas where prices have crashed hardest, buyers are slowly returning. ¶ But many of those who study housing markets say the worst is yet to come for real estate. Buy now, they warn, and you'll regret it as prices continue falling. ¶ Others contend that prices are low enough that renters who aspire to own should buy now so they can start building their equity. ¶ Predicting price trends is a dodgy business, and there's no one right answer for everyone. But if you are thinking about buying now, here are some pros and cons to consider.
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