| Despite the fact "big dog" newspapers such as the | | | | over $700 per month on the mortgage and another |
| OCRegister and the L.A. Times seem to be reporting | | | | $125 per month on taxes after the reduction. see |
| real estate going downhill fast, the actual numbers in | | | | details There are more deals out there for the buyer |
| a historic perspective say otherwise. As I see it from | | | | who seeks out the most motivated sellers. Sellers, |
| the numbers, the Orange County real estate market | | | | who have already purchased another home, are |
| is simply adjusting to a moderate market after 200% | | | | moving out of state, own there home "free and |
| gains in the last 6 years. I have seen these incredible | | | | clear", or are in financial distress. You can find a list of |
| gains have only been offset by about 5%-8% price | | | | these properties at and see more details on the |
| decreases in an 8 month time span and in my opinion | | | | above mentioned purchase. |
| that is hardly prices "plummeting" as the newspapers | | | | Here is the breakdown for those contemplating |
| put it. I think everyone know it's the newspapers job | | | | purchasing real estate in Orange County. If you own |
| to sell papers and dramatic headlines make for good | | | | a home and are moving to a larger home now is a |
| sales. | | | | great time to purchase a "move-up" property and it |
| So, how about employment? The last time real | | | | makes absolute financial sense to do so assuming |
| estate dropped significantly in value Orange County | | | | you don't need a negative amortization loan to afford |
| had double the unemployment rate, much higher | | | | your payment. However if you can't afford a |
| interest rates, and the aerospace industry moved | | | | "move-up" property now then it is highly unlikely you |
| along with many jobs. Is the decrease in real estate | | | | will be able to afford one when the market shifts |
| activity going to slow the economy here in Orange | | | | into an upswing. If you are a first time home buyer |
| County? Well, I don't have a crystal ball but I do | | | | and again can afford to purchase an Orange County |
| know the Kiplinger California Letter reports on the | | | | homes without over extending yourself in regards to |
| impact of $43 billion in bonds. According to the | | | | financing then now is a great time to purchase as |
| report, "A public works construction boom over the | | | | well. You will also start taking advantage of tax |
| next 10 years, benefiting builders, designers and | | | | benefits by doing so and inevitably build equity. |
| construction materials firms. Not since the 1960s has | | | | A reason NOT to move in Orange County's real |
| there been so much work undertaken on the state's | | | | estate market. O.K., here is a scenario where I would |
| infrastructure." The article further states an expected | | | | recommend holding on to the property if at all |
| 140,000 new jobs over 10 years, in excess of those | | | | possible ( another 3-5 years). If you own an Orange |
| to be gone in the current home-building downturn. | | | | County home and are looking to stay in Orange |
| These jobs will assist strengthen the employment for | | | | County but downsize to a smaller less expensive |
| more population entering California as well as the | | | | home don't do it yet! It just makes financial sense to |
| trickle down and trickle up economics associated with | | | | wait. |
| that number jobs. | | | | So if you are looking to "move-up" or are a first time |
| Is now a good time to buy? All I have to say is can | | | | home buyer seek out some of those motivated |
| you afford to purchase an investment which | | | | sellers and best buys I mentioned earlier in this article. |
| historically appreciates over time and offers huge tax | | | | Here are links where you can find a list of motivated |
| write-offs benefits. Across the street from my home | | | | sellers, price reduced homes, and best buys. |
| in Serrano Heights I saw a home listed for sale in | | | | This article can be freely published on a website as |
| April for what at the time was "priced right." By | | | | long as it is not modified in any way including author |
| October one persistent home buyer purchased it for | | | | bylines, plus the hyperlink must be made active just |
| $130,000 less than the original asking price and saved | | | | like below. |