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Trusted. Experienced.
2008 is an excellent time to purchase a home in Orange County, California.
Orange County home buyers are seeing the best home prices in since 2004. Home prices have adjusted on average 20% lower making home ownership a very attractive investment today.
Some feel we could still see a little more price drop before leveling off. Its possible real estate prices could come down a little more before rising again. The problem is the low point in any market correction is only recognizable after 6 months of rising prices. Home buyers waiting to purchase at the bottom are often too late to take advantage of all the benefits of a correcting market. After a significant correction, the real estate market is bounces back and inventory levels drop again. This diminishes the excellent selection that was available when prices where near the bottom. Our real estate market has already experienced a significant drop in pricing. And although in the first few months of 2008 real estate inventory levels have already shrunk, historically we still have decent selection. The best time to purchase your home is when the market provides the best combination of price and selection. We are seeing that ideal combination today.
Our last two appreciation cycles began in 1985 and 1997. The time to purchase at the bottom of a real estate market price correction was 1984 and 1996. This is when the market offered the best combination of price and selection. Buyers who delayed their purchase waiting for evidence of the market bottom experienced two problems. By the end of 1985 and 1997 when the market change could be confirmed, these buyers had already missed out on 8% of price appreciation. This appreciation returned prices back to levels they could have purchased at in 1982 and 1994. This meant not only did they miss out on the enjoyment of living in the home they wanted; they experienced no financial benefit for the delay.
The second problem was now that other buyers began to recognize the market change; there were fewer and fewer homes to choose from. Home prices were rising and selection was diminishing quickly. Each additional month of delay brought even higher prices and less selection for which they now had to compete with other buyers entering the marketplace. By delaying their home purchase, these buyers in 1986 and 1998 often paid more and had to accept homes with less desirable features than if the purchased earlier when selection was better.
One of the most attractive benefits of purchasing a home today is the above average number of choices available. If we are buying a new car, TV, appliance or any other consumer item, we can delay our purchase while looking for a lower price. Whether we are right or wrong about the future price of an item, we will still be able to purchase that same item later. A home purchase is unlike any other purchase a family can make. Your home is where your family lives. Homes are very personal. Even the same model of a home is very different: Different upgrades, location, lot shape, lot size, orientation of the home on the lot, and so on. When more choices are available, you have a much better chance of securing the right home with more of the features you really want. As real estate prices rise again, buyer demand causes home inventory levels to drop. This makes it very difficult to find a home with the features you want.
8 Excellent reasons to purchase a home today:
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 , Dream Lot of over 11,000 sq ft. 3,457 Sq ft
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Fabulous Custom Home built in 2007. All New
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Brentwood Home on 6,100 SF Lot
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If you are considering a move in 2008; I invite you to give me a call. I can share the current market conditions, and where real estate is headed this year and next. We can discuss how you can make the most of your opportunity in the real estate market.
Just give me a call at 1-800-944-2441
As always, there is no obligation and our conversations are confidential.
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