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