There are several factors you should consider when thinking of making a purchase. Your current housing needs, your personal and financial situation, availability of financing, availability of desirable homes in your target area, etc.
Right now, banks ARE making loans, but you must have decent credit and be ready to provide plenty of documentation. Interest rates are likely to remain where they are through the end of this year, but after that, I am not certain and neither are the economists. Banks are also lowering loan limits on jumbo loans, making financing a pricey home more expensive.
Most economists agree (and you have probably heard it on TV) that the housing market in Southern California has pretty much bottomed out and will bounce along the bottom for perhaps another year. So if you are waiting for the bottom in Orange County, we are here! Inventory of homes, though, remains at levels lower than it has been for a few years. This has probably helped us to reach a bottom. The amount of distressed homes on the market as a percentage of all available homes has been slowly, slowly decreasing.
One factor you should not take into account is what everyone else is doing. Your needs are your alone and your situation is unique. What is good for George or Linda may not be good for Martin or Yvonne.
I can help you determine what your needs are and sift through the local housing data and get you in touch with reputable lenders who can get you pre-qualified. Once you determine that now is the right time to buy, we can then find you just the home at a good price.
Let’s get started! Call me today for more information 949.525.5905.