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Yorba Linda Homes -- Is It Time to Buy? March 25, 2009

By
Real Estate Agent with TNG Real Estate Consultants

Is it time to buy Yorba Linda homes?  Really?

                                   yorba linda homes confused buyers

    Reasons to Wait...

           I've heard it time and time again..."We're waiting to see if the prices keep going down."  Is it possible for homes to continue to drop in value in Orange County, CA?  Of course.  We're used to that by now.  We've seen home prices come down since at least January of 2006, if not sooner.  The deflation of the "bubble" still isn't over, at least, in most price ranges.  So, waiting until the "bottom" hits, whenever that actually happens, is a legitimate reason to wait.  Some people that thought we were there a year ago are probably wishing they would have held off until 2009.  Since March of 2008, we've seen home prices come down at least 15% in most areas in most price ranges.

        I've heard this from future home buyers as well, "I just haven't found the right one."  That is a legitimate reason to hold off since you're entitled to find the as-close-to-perfect-as-possible home for you.  To this argument I have no answer other than there truly IS no perfect home, unless you have the ability to buy a $2 Million home.  At the same time, everyone has the right to wait until they're comfortable.

   Reasons to Buy... 

        Interest rates.   Interest rates at are the lowest we've seen since one point in 2003 when you could walk in to the bank and get a 30 year fixed for 5%.   Today I'm hearing 4.75%, sometimes with a point, and 5% all day long with no points.  Historically in the last 100 years, these are definitely some of the best rates we've ever seen.

        Tax Credit.  First time home buyers are receiving a tax credit for up to $8000 in the form of a rebate from the government.  From what I hear, it's actually 10% of the purchase price, so it is unlikely for a first time home buyer to receive the full $8000, unless, of course, they purchase an $800,000 home.  Still, $3000 or $4000 or $5000 can really help.

        Deals.  EVERYBODY wants a deal.  They're out there folks.  The short sales and foreclosures in Orange County have really brought condos and homes down to the level where people can afford to buy again.  It used to be that we would try to avoid using foreclosure sold prices in our comps, now, they ARE the comps.  Example:  I sold a condo to a sweet young couple for $119,990 in a great part of Fullerton.  Are you kidding me?  Fullerton for $119,990?!?!  I'm showing condos to a young man and his parents that are 3 Bedroom with awesome square footage in the mid-2's in Placentia.  One of these condos was listed at $414,000 in August of 2008!!!   Even IF you feel the market will continue to come down, and it happens this summer, you've already accounted for lost equity when you buy homes for these prices.

        It's Time.   You've waited, you've been patient, you've been putting up with the place you have for now, but it's just plain time to take the plunge.  The stars are aligning for you metaphorically and it's more than just an investment for you - it's a place to call home, to have people over and to show off to your family and friends.  A home certainly is a HUGE investment and we know you're not the hasty kind since you've waited this long, but a Orange County is Orange County and you can't keep a good County down.

Call Nic at (714) 272-3646 or email him at

npetrossi@yahoo.com

Website   ---------------->     www.NicPetrossi.com

 

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