Home Buying in Irvine>Question Details

Robin Aldrich, Home Buyer in Irvine, CA

Job relocating to Seal Beach........Looking at Irvine or Tunstin possibly to rent or buy.

Asked by Robin Aldrich, Irvine, CA Sun Jun 15, 2014

Hi there...my husband's job is being relocated to Seal Beach and we will be moving by next June (2015). We are thinking of looking at Irvine or Tunstin area to live. I currently work as a research associate for a pharma company that specializes in cancer research and would be looking to try and work for a similar company in Irvine, or a nearby area. We would love to buy, but the prices in CA are astronomical compared to where we are now (Seattle). We will be retiring in less than 10 years and wonder if buying in a market like California's is a smart thing to do with the money we would make on the sale of our house here in Seattle. We do not plan to stay in CA after retirement either. Would it be better to rent under these circumstances? Would my husband's commute from Irvine to Seal Beach (6am commute) be horrible? Is it more of a seller or buyer market currently?

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Answers

3
Hi,
Studies show that if you plan on staying in your home for more than 3 years, then its worth buying a home (due to closing costs, etc). While many people experience "sticker-shock" in the California Real Estate market, you will also be surprised at the price of rentals in this area. Usually, a rental will run you pretty close to the same price as a mortgage, without the tax benefits.
That being said, you have to invest your money as you see fit, and it might be best speak with a financial advisor for specific information about your situation.
Whether you are buying or renting, I would be glad to assist you!

Nicole Fedorchek, Realtor University of Washington, class of 1993
Tarbell, Realtors
714-914-5097
realtornicolef@gmail.com
http://www.nicolefedorchek.com
DRE 01920370
0 votes Thank Flag Link Mon Jul 21, 2014
Hello -

It sounds like you have received some good information so far, so I will not repeat any of the great info you have received. I did want to add that another great benefit of buying is that you could potentially even keep your unit and rent it out to someone after you retire. This could be beneficial in that the renters could be paying your mortgage for you, and you could possibly even make extra income. I would be happy to send over some current listings specific to your requirements. I know you are not planning to move for a while, but it might help you make a decision. Feel free to call or email me and I can also help answer any other questions for you.

Best regards,
Samantha Baksic
Precision Realty
sb@theprecisioncos.com
http://www.ocbeachcitiesrealestate.com/
714.330.2021 (cell)
CA DRE License #: 01904666
0 votes Thank Flag Link Tue Jun 24, 2014
Morning!

The rent v buy question is a great one. The home prices as a general rule are higher than in Seattle, but so is rent. As the lender below me mapped out many of the prices, I won't repeat what she's already written as she did a great job outlining that for you. What I will say is that as a general rule, we've seen a consistent increase in both home prices, and employment in orange county which leads to believe that home prices will continue to rise, and that purchasing a home could potentially benefit you. I would suggest checking out a few condos as well as apartments to see what your preference is. As I'm sure you're aware, one of the perks is you will continue to be paying into your mortgage which will give you some freedom once you're ready to sell.

As far as the commute is concerned at 6 AM it's about 30-40 minutes from Irvine/Tustin area to Seal Beach. Luckily he's fairly early so that helps as well.

Good luck!
Marsha Kennedy
(949)672-8952
BRE: 01925239
0 votes Thank Flag Link Fri Jun 20, 2014
thank you for the advice.......it's much appreciated...we are not interested in condos or apartments at all......been there....done that......we need at least a two car garage and are looking for outdoor space....unfortunately it narrows our choices way down. Hopefully we will end up finding something that can work, but rentals that can accommodate the above criteria seem to have a higher price tag than a mortgage.
Flag Sat Jun 28, 2014
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