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Dr WLS
Dr WLS, PhD
Category: General
Satisfied Customers: 483
Experience:  PhD degree in engineering/physics , online tutor since 1994 in general subjects
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Home Buying

Customer Question

Dear To Whom It May Concern:
I'm considering purchasing a 1968 4bd, 2bh, 2100sq. ft, 4 car garage for $330K . . .in San Bernardino, CA. The area is mediocre. My main concern is that if there is a real estate bubble burst this area would definitely go down in value to about 150K. I would be partially satisfied purchasing the house to live in for years and not expect increased equity. Other options: we could purchase a smaller home in Riveside or Corona (cities we work in) with an area we could take pride in. Any suggestions? Does 330K sound reasonable? There are about 3k worth of upgrades needed. Thank you. (email:[email protected])
Submitted: 11 years ago.
Category: General
Expert:  Dr WLS replied 11 years ago.
330 K does not sound unreasonable to me at this time for a house of that size in San Bernardino, even in a "mediocre" section. Although the real estate bubble may burst or level off soon, I do not think that home values in that price range and area will fall more than 25% in value.. in a worst case scenario.

If you do live in Riverside or Corona, and can afford a smaller home there in one of the newer areas, then that is what I would do. Desirable location usually pays off in the long run, both for your own enjoyment and for value appreciation.


My son and I both purchased our first homes in marginal areas and later regretted it... not because of a market bubble collapse, but because of the importance of Location, Location, Location. We learned our lessons and did quite well the next time, buying new or almost-new homes in the best area we could afford.

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