Is now a good time to buy? All I have to say is can you afford to purchase an investment which historically appreciates over time and offers huge tax write-offs benefits. Across the street from my home in Serrano Heights I saw a home listed for sale in April for what at the time was “priced right.” By October one persistent home buyer purchased it for $130,000 less than the original asking price and saved over $700 per month on the mortgage and another $125 per month on taxes after the reduction. There are more deals out there for the buyer who seeks out the most motivated sellers. Sellers, who have already purchased another home, are moving out of state, own there home “free and clear”, or are in financial distress. You can find a list of homes for sale in Yorba Linda and see more details on the above mentioned purchase.
Here is the breakdown for those contemplating purchasing real estate in Orange County. If you own a home and are moving to a larger home now is a great time to purchase a “move-up” property and it makes absolute financial sense to do so assuming you don’t need a negative amortization loan to afford your payment. However if you can’t afford a “move-up” property now then it is highly unlikely you will be able to afford one when the market shifts into an upswing. If you are a first time home buyer and again can afford to purchase an Orange County homes without over extending yourself in regards to financing then now is a great time to purchase as well. You will also start taking advantage of tax benefits by doing so and inevitably build equity.
A reason NOT to move in Orange County’s real estate market. O.K., here is a scenario where I would recommend holding on to the property if at all possible ( another 3-5 years). If you own an Orange County home and are looking to stay in Orange County but downsize to a smaller less expensive home don’t do it yet! It just makes financial sense to wait.
So if you are looking to “move-up” or are a first time home buyer seek out some of those motivated sellers and best buys I mentioned earlier in this article. Here are links where you can find a list of motivated sellers, price reduced homes, and best buys.