Is now a right time to buy? All I have to say is can you afford to purchase an investment which historically appreciates over time and provides sizable tax write-offs advantages. Right across the street from my home in Serrano Heights I saw a property listed for sale in April for what at the time was "priced right." By October one persistent property purchaser bought it for $130,000 less than the original asking price and saved himself over $700 per month on the mortgage and another $125 a month on taxes after the decrease. There are many deals out there for the purchaser who searches for the most motivated sellers. Sellers, who have already purchased another real estate, are relocated out of state, possess their house "free and clear", or are in fiscal distress. You will be able to find a list of these real properties at ocbuyersmarket.com. and get more details on the above mentioned purchase.
Here is the breakdown for people thinking of buying real property in Orange County. If you own a home and are relocating to a larger home, right now is a terrific time to buy a "move-up" real estate and it makes good financial sense to do just that assuming you don’t need a negative amortization loan to make your payment. Buts if you are unable to afford a "move-up" home today then it is extremely implausible you will be able to afford one when the market shifts into an upswing. If you are a first time house purchaser and again are able to afford to buy an Orange County house without over extending yourself in regards to then right now is a great time to buy also. You’ll also begin taking advantage of tax gains by doing so and inevitably build up equity.
A reason not to relocate in Orange County’s real estate market. Alright, here is a scenario where I would suggest hanging on to the home if at all manageable (another 3 to 5 years). If you own an Orange County real property and you are looking to continue living in Orange County but downsize to a smaller less pricey home, do not do it just yet! It just makes financial sense to postpone doing so.
So if you are interested to "move-up" or are a first time home buyer, seek out some of those motivated sellers and optimum buys I brought up previously in this article.