Ten Reasons To Buy Orange County Homes Now…
…Before The Real Estate Market Changes
1. It’s a Buyers Market!
Now is the time you’ve been waiting for. Home Sellers in Orange County are negotiable and have to compete with other Sellers for a smaller pool of Buyers. The past 5 years, we have been in a “Sellers Market”. In a Seller’s Market, there are lots of Buyers and few Orange County homes available. Buyers in a Seller’s market pay over market value for homes. You’re now hearing about foreclosures and short sales involving Buyers who bought in a Seller’s market. That was the wrong time to buy. Now is the right time to buy.
2. Sellers Are Negotiable – On Everything
Sellers are negotiable on price as well as other terms they would not even consider when the Orange County real estate market was hot. You can get your closing cost paid by the Seller, which reduces your out of pocket money. Sellers will also consider “buying down” your interest rate. That reduces your monthly payment. Sellers also know they have to have their home in top notch condition, so they are making repairs for Buyers that they would not have considered a year ago and will not consider when the market changes.
3. The Orange County Home Selection is Phenomenal
Previously, a Buyer had only a few homes to choose from. The result of that is a Buyer had to compromise on features they wanted. Today, with such a wide selection of homes in Orange County available, it is much easier to find a home that has all the desired features. You can get a pool, a big lot, RV access, upgrades… features that are rare when the market changes.
4. No Bidding Wars
You are more likely to get your price and your terms when there are no other offers on the table. That gives you maximum negotiating power. With multiple offers and a bidding war, you get counter offers and you pay the highest price. In today’s market you can take your time without the threat of losing out to another offer.
5. Orange County Home Prices are at a Plateau
The inflated market has corrected and home prices in Orange County have dropped significantly. Historically, this gives you an opportunity to buy while the market is at or near the bottom and before it heads up again. Although it is possible for prices to drop further, no economic factors are in place that would cause anyone to speculate a drop of more than 2-4%. You could wait for that adjustment, but you risk missing today’s market opportunities altogether in an attempt to save a relatively small amount of money.
6. You Don’t Have to Rush into Anything
Time is on your side in today’s market. You actually have time to look and shop around for exactly what you want. You even have time to think about your purchase instead of jumping into the first home you like for fear it will be gone tomorrow.
7. You Can Make Low-ball Offers
When the market changes, Seller’s will not even respond to a low-ball offer. However, in today’s Orange County real estate market, any offer is a good offer. Some Sellers even intentionally price their home higher expecting low ball offers. If they have no other offers at their higher price, they just might accept yours and you get a deal. In today’s market you can start low and find out what the Seller might actually take.
8. Builders are Offering Incentives
Builders clearly overbuilt in the past few years in Orange County and other Southern California communities. Now they have inventory they must unload. The only way to get it sold is to attract Buyers away from re-sale homes. That means they now have to undercut the resale market and take their losses. Their loss is your gain. A good agent can help you get a Builder to throw in upgrades and other Buyer incentives.
9. Lenders Won’t Let you Pay too Much for a Home in Orange County
Lenders got burnt in the overpriced real estate market. Now they won’t make a loan on a home unless it is priced right. In addition to an appraisal, lenders follow extensive economic research about the future of the housing market to minimize their risk. Often, Sellers have no choice but to reduce their price if the lenders appraisal comes in low. When the market changes, a lender might let you pay too much since the appreciation will make up the difference quickly.
10. The News Media is on your Side
The news media loves negative stories and impending doom. Sellers are reading today’s headlines and are getting a reality check about what their Orange County home is really worth. Without the constant barrage of bad news, every Seller thinks their home is worth far more than its true value. But today’s news makes it impossible for a Seller to remain in denial. When the rela estate market changes in Orange County, it will only take a couple good news stories and every Seller will suddenly become stubborn about their price again.