Economy experts and housing market analysts are telling us that home prices in Southern California have reached the point where home prices are now below their historical average compared with incomes. This means that more people can now afford to buy homes. This affordability turnaround is great news for buyers who have down payment money, steady jobs and good credit.
In Sylmar real estate, home prices fell along with the rest of Southern California (see chart below), and there are great home bargains out there in Sylmar — many foreclosure fixers as well as some not fixers being sold by “regular” sellers. Some experts predict prices may continue to fall, and they may be right if their crystal ball hasn’t clouded up.
Sylmar median prices fell from $400,000 to under $300,000 from Jan 08 to Jan 09
There is always a market correction in real estate, but the solid truth remains that owning a home for the long term can build wealth in the long term. So, if you haven’t thought about taking action to buy a Sylmar home, consider it now. Get prepared to buy. Don’t wait for the market to “bounce” and be one to wish you had bought when the time was right. For the long term, it’s now.