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How should a home buyer approach the Orange County Real Estate market?

To many, it sounds like I am speaking out of both side of my mouth when I inform the general public that we are going into one of THE best times to buy in years. Shoot, I am in the real estate industry, why wouldn’t I say buy now, it is in my own best interest, right? Not so fast. Rates are dropping because the Federal Reserve Board wants to prop up the real estate market so that it does not have a negative impact on the overall general economy. The housing market is on the brink of doing just that. Once the general economy is on solid footing, they will increase rates again, cutting into a buyers buying power. Prices have dropped and they will very likely drop a bit more. But forecasting the exact bottom of the market is about as hard as pitching a no-hitter in baseball. If the professionals can’t do it, the general public certainly will have a difficult time isolating the precise point as well. Based on my own knowledge and experience as of right now, I'd bet the prices would level out towards the end of the first quarter of 2008. However, there will be more buyers in the marketplace then. Currently there is very little competition. As a buyer, if you plan on actually living in your home beyond the unrealistic expectations of flipping in a couple of years, then buy now. Be assured that owning a home in Southern California and Orange County in particular is not only an excellent tax write off, it is an exceptional, historical long term investment that will eventually erase the current downturn in the market. I would prefer purchasing in a climate where I can take my time, have a lot of choices, find a great interest rate and isolate the perfect home. That is a sharp contrast to just a couple of years ago where many buyers were forced to purchase their third, fourth or fifth choice in a lopsided seller’s market. The shoe is on the other foot now. So, isolate the right home, find a motivated seller who really must sell in the current market, which means they will be motivated with a realistic price in today’s market. Then, write an offer with the knowledge that successful sellers in today’s market are still obtaining 97% sales price to current list price. If you're looking to purchase a home in South Orange County, give me a call and we can discuss your specific needs and requirements.

The OC Coastal Group

Homes of Distinction Garry Loss

Principal / REALTOR

888-OCC-Views http://www.theoccoastalgroup.com

Posted by Garry Loss on 10/25/2007 08:48 PM

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