To Purchase or Not to Buy an Orange County House Now – That is the Question
Is now a right time to buy? All I got to say is can you afford to purchase an investment which historically goes up over time and provides huge tax write-offs advantages. Across the street from my home in Serrano Heights I considered a property listed for sale in April for what at the time was "priced right." By October one determined home buyer purchased it for $130,000 less than the initial asking price and saved more than $700 a month on the mortgage and another $125 a month on taxes after the decrease. There are more deals available out there for the purchaser who seeks out the most driven property sellers. Property sellers, who have already purchased another real estate, are moving out of state, own their house "free and clear", or are in fiscal distress. You can find a list of these houses at ocbuyersmarket.com. and find out more details on the above mentioned purchase.
The following is the breakdown for those who are mulling over buying real property in Orange County. If you own a house and are moving to a bigger home, right now is a great time to buy a "move-up" real estate property and it makes good fiscal sense to do just that presuming you do not need a negative amortization loan in order to afford your monthly payments. However if you can’t afford a "move-up" home now then it is very implausible you will be able to afford one when the market shifts into an upswing. If you’re a first time property purchaser and again can afford to purchase an Orange County real property without over extending yourself with regards to then right now is a good time to purchase as well. You’ll likewise start taking advantage of tax benefits by doing so and be able to build up equity.
One cause not to move in Orange County’s real estate market. O.K., here’s a scenario where I’d suggest keeping the property if at all doable (another 3-5 years). If you own an Orange County real estate and you are looking to continue residing in Orange County but downsize to a smaller less costly house, do not do it just yet! It just makes financial sense to wait.
So if you are looking to "move-up" or you are a first time house purchaser, look for some of those driven home sellers and optimum buys I noted earlier in this article.