In Riverside County, home values tumbled 28.6% from May 2007 to May 2008, DataQuick said. But the volume of home sales in May of this year actually increased by 4.1% from a year earlier, to 3,444.
We are seeing the lowest prices on homes that we have seen in a few years and people are buying. Anyone who was thinking about buying before the prices started to drop, are in the market now. There are low priced home and deals to be had in every level of the market. Even people who didn't think they could afford a house, can now find something in their price point. The foreclosures have forced prices down even if the seller in not facing finacial difficulties. If you want to sell a house today it has to be priced right. And that means a price tag considerably lower than what the house would have sold for a year ago.
Those who decided to wait till the market bottomed out - well now is the time. The interest rates are starting to rise and the inventory is huge.
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