If you are a first time home buyer (anyone who has not owned their primary residence for the past three years) that sound you hear is the expiration date of the First TIme Buyer's Tax Credit. Could be worth up to $8,000 to you as a dollar for dollar reduction in your income tax liability.
There are lots of rules you need to meet. Speak with your tax professional about your personal situation. But, if you qualify for this incentive, there isn't much time left and you don't want to throw away that kind of money, do you?
You can find lots of buying opportunities in most of Orange County, but even in this market, well priced homes are moving quickly.