Market Conditions in 92627>Question Details

Swelman, Other/Just Looking in Costa Mesa, CA

I was surprized to see my question referred to two years later. Update I am still renting in CM and ask the same.

Asked by Swelman, Costa Mesa, CA Wed Oct 12, 2011

I would think in the last two years things have gotten worse in the housing market and more short sales and foreclosures have come to market. The economy has not gotten better in two years especially in southern california. I would think prices have come down in previosly stable areas.

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Sally Picciuto’s answer
Yes, you are right. Prices are down from two years ago. From the high end to the entry level condo, buyers expect a deal and can usually get it. Banks are only going to loan on the latest comparable, so if short sales and reo's drive the market down, that is where the prices are going. Right now, with the interest rates as low as they are, it is a great time to buy. It is cheaper than renting! Buy now!
Web Reference: http://sallypicciuto.com
0 votes Thank Flag Link Wed Oct 12, 2011
If you have been renting for the last 2 years I'm sure you've seen home prices steadily increase and that interest rates have been extremely low to help the purchasing power of first time and even seasoned buyers.

If you've been on the sidelines for 2 years hopefully you have been saving extra money that can be used for a sizable down payment for your home purchase.

There are a lot of options for you to look at.

Feel free to give me a call.
Rand Penrod
Torelli Realty
949 294 5234
0 votes Thank Flag Link Tue Apr 9, 2013
Hi Swelman,
Yes, you were right for the last 2 years. Keep renting. Wait to buy, prices are declining. Good Luck
0 votes Thank Flag Link Mon Oct 17, 2011
Well, it really depends on what type, size, price range and location you are interested in.....

All in all, there is lots to select from for Buyers, prices are low ---- in some areas lower even --- and interest rates are still low, so in general a very good time to buy.

Are you waiting for the "bottom" of the market? I am just wondering what you are thinking.... When buying a home these days, consider your personal situation, your job security, your down payment, your monthly income discuss your options with a local Realtor and get a lender involved before even looking around....

But if this is the right time for you, The Market certainly offers a ready and willing buyer a lot of options and a lot to select from....

Good Luck to you
Edith YourRealtor4Life! And Chicago/NorthernIllinois Expert
Working always in the very BEST interest of her clients....
0 votes Thank Flag Link Mon Oct 17, 2011
Yes, the market is still in a slump in many areas albeit we've actually seen an increase in coastal properties in the San Diego market. However, having said that there are several areas where values continue to decline so if you have the means to invest and with interest rates at their all time lows but starting to creep up a tic or two in might be a good time to revisit the notion.

If you ever want to consider the San Diego market please feel free to contact us and take a moment to log onto our very informative and user friendly MLS linked website.
0 votes Thank Flag Link Thu Oct 13, 2011
Swelman,

Hopefully, the past two years have given you the opportunity to raise your FICO's even higher and save up more for a down payment. You will need all the financial wherewithal possible as it's become more difficult to qualify for a mortgage.

If you are serious about buying, your first step should be to talk with a lender to find out what you can qualify for. If you don't have a lender, I have several really good ones with whom I work. I'd be happy to refer you to them.

As other answers have stated, this is a great opportunity to buy a home and get out from under renting. Prices are good and interest rates are great. There are indicators that the economy could be at the early stages of recovery though some economists are telling us we're entering the "second dip". What's that joke about asking ten economists the same question and getting ten different answers?

Anyway, I'd be happy to help you out and promise to focus on you and your wants and needs. Give me a call or drop me an email.
Web Reference: http://www.TimKunze.com
0 votes Thank Flag Link Thu Oct 13, 2011
Good morning,
I am a Costa Mesa agent and depending on where you are looking will depend on how the prices are doing. If you are on Eastside prices haven't decreased like some of the other areas. Rents on the other hand are the same if not higher and with rates low and rebate incentives from lenders, buying may be a good option. Great question and if you need anything, please let me know.
0 votes Thank Flag Link Thu Oct 13, 2011
Yes, prices have dropped and still can find some good deals. Yes, interest rates are the lowest in 50years. Yes rents are now climbing and is the time to buy while the home prices are low also.
This happens every so often when home prices are low and rents become high that it's the best rime ro buy and pay the same or less than renting.
What area are you interested in buying a home and we can compare the rent vs a mortgage payment
You my already know that if the interest rates go up you will not be able to buy as much house. Payment wise. Text call or email me and I will get you the information.
Some areas are declining a little and other areas are increasing. There are not as many bank owned property or short sales as there use to be. And now there are alot more standard sales on the market.
Talk to you soon

Ingrid Ski Realtor
949.874.0432. Cell & text
OCHomesToday@gmail.com
0 votes Thank Flag Link Wed Oct 12, 2011
Hello Swelman;
first I should say , I like your picture. You have a kind face and a beautiful smile. Yes the market has declined in most areas but stayed stable in some cities in south O.C. One of the most important reason for declining Real Estate Market is not because there are enough buyers, is because the lenders counting foreclosures and short sales as comparable and do not consider the difference in condition vs. standard sales. Yes there more inventory available but trust me there more buyers now that two years ago. If you ever wanted to buy now is the time. Just look at the interest rates! I have the great first time homebuyer loan program with down payment assistant. If you like to know more about it just give me a call 949-510-1955. Why are you renting?! what are you waiting for! just take advantage of this market. When do you think you can buy a property in south O.C with these prices at this rates?
Best of Luck for what ever you do
Shadi Kian
Broker
0 votes Thank Flag Link Wed Oct 12, 2011
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