Home Buying in Mission Viejo>Question Details

Frank & Susan…, Real Estate Pro in Coto de Caza, CA

Is this a good time to buy or should I wait?

Asked by Frank & Susan DiLauro, Coto de Caza, CA Wed Jan 21, 2009

Help the community by answering this question:


Mission Viejo is showing signs that the market is O.K. for now. there will be ups and downs but I don't think it will be big swings.
0 votes Thank Flag Link Mon Jul 13, 2009

You are the pro. I think it is a great time to buy.
0 votes Thank Flag Link Mon Jul 13, 2009
I have a property I just reduced from 649,000 to 499,000 it will be the best price we have seen. Not a forclosure or Short sale.

This property is free and clear.

Call today.
0 votes Thank Flag Link Mon Jul 13, 2009
Mission Viejo is holding the bottom prices right now and that is good news. Equity home owners are asking about selling and buying a larger home, good news again.
0 votes Thank Flag Link Mon Apr 6, 2009
Dear Frank,

It is still a good time to buy a home for many people.

First, the government is looking to help you. If you are a first time buyer (which, to the government, is defined as anyone who has not owned a home in the last three years), you are entitled to a maximum $8,000 tax credit. Additionally, interest rates are at all-time lows and the Federal government is taking steps to insure and make these loans available to more and more people.

Also, there is the concept of Leverage. Leverage is defined basically as borrowing money to supplement existing funds for investment. Imagine if you invested ten thousand dollars in stocks and those stocks earned ten percent, you would have earned one thousand dollars. But investing ten thousand dollars on a home, and having that home's value increase ten percent; effectively, you would have earned ten thousand dollars. Which sounds like a better investment to you?

Here is something else to consider. Regardless of the market, you have to live somewhere. And so does everyone else. According to nationwide statistics, approximately 800,000 new households are created each year in the United States alone. Each of these households will need housing, regardless of the state of the economy. Also, the economy is a cycle, and like a cycle, what goes down must come back up. With the right fixed-rate mortgage, you are basically ensuring the same payment for thirty years. If you try to rent an apartment for thirty years, odds are that every year or so, your rent will be increased. That does not happen with mortgages.

Good Luck!
Web Reference: http://www.crestico.com
0 votes Thank Flag Link Mon Apr 6, 2009
If you're purchasing real estate as a long term investment, it's always a good time to buy. Today interest rates are at historically low levels and will eventually go up. Prices are down. Some communities here in Sonoma County have seen a 30-50% decrease in home prices over the past 2 years. Add to that a 4 - 6 month inventory depending on location and you have choices, lots of homes to choose from. As one other colleague mentioned, no one knows when we will hit the bottom until after its gone. And its virtually impossible to time the market and buy at the precise bottom. Plus I personally believe we will experience a rocky bottom - where instead of experiencing a huge dip with an immediate, significant increase, we will instead experience a small tide of ups and downs before we see a significant, long term increase.

With that said, if you hold onto the home for 10 years will you really look back then and wonder if you had only waited 2 more months to buy, maybe you could have purchased the home for less? I doubt it. Instead you'll look at the 10 years of tax write offs you've had and the appreciation you've earned. Most importantly with any home purchase, you need to find the right home, in the right location, at the price that works for you with a comfortable payment. Then you will be happy with your purchase, your investment and the place you call home.
-Dee Dee Lombardi
Century 21
0 votes Thank Flag Link Wed Jan 28, 2009
It's pretty cheesy to ask this question as a Realtor and then answer it yourself...like we cannot see your picture and name...I bought in Mission Viejo 14 years ago...that was the best time to buy...if you were in real estate for as many years as you've said..It was definately a steal then. A typical home in M.V. went for 140,000 (two bed closer to Lake Forest) to 200,000 or lower on Alicia and by the Mall, Foreclosures on every corner..and the banks 13 years ago started fixing up the houses because they couldn't sell them in the crap 1973 condition they were in...new roofs, new paint, and repo beige carpet replacing the shag. Come on....It's still not the best time in 30 years to buy!...I think in 5 years it will be the best time to buy...so save your money...I have no vested interest in the SoCal market...I moved out 6 years ago at the height of the market...I had to put Mission Viejo, because they didn't have the Idaho town I live in now...
0 votes Thank Flag Link Wed Jan 28, 2009

Any time is a good time to purchase property as long as it involves the perfect home, in your ideal location, and being offered at a price you just can't walk away from.
0 votes Thank Flag Link Thu Jan 22, 2009
Hi Frank,

Are you currently buying property?

Just curious.

0 votes Thank Flag Link Wed Jan 21, 2009
Deborah Madey, Real Estate Pro in Brick, NJ
My market is Central Florida and I started keeping monthly inventory in August 2005 when there were only a few hundred homes on the market. The inventory peaked in Feb 2008 and has steadily declined since then. January of 2009 saw 12% less than Jan 2008. What does all of this mean? The market is correcting. Prices and interest rates will not stay down forever. Buy, Buy, Buy!! If you can afford it and like the house...Buy it!!
0 votes Thank Flag Link Wed Jan 21, 2009
Robert, apparently you didn't realize that the question you've responded to, was actually posed by a fellow Realtor - kind of a theoretical query. It WAS a bit tricky - perhaps even a violation of Trulia guidelines, more appropriate as a blog post, rather than a question - especially one that they answered themselves, LOL.
Web Reference: http://BobPhillips.net
0 votes Thank Flag Link Wed Jan 21, 2009
Dear Home Buyer,

I firmly feel that this is one of the best times to buy. Home prices are down! Interest rates are down! The question is, are you going to wait until the media begins to report, "Now is the time to buy." Please be aware, that they will print that quite some time AFTER the bottom has hit and things shift upwards. They will wait to see a consistant upward trend before they give "Their blessing to buy." Of course, by this time the market will have more buyers, meaning multiple offers, meaning that sellers will begin to raise the asking prices - and not to mention...no one knows where interest rates will be!

But ultimately it depends on what your needs are at this time. How long you plan on living within that home? What you can afford and why you are buying.

I would suggest sitting down with a Realtor to get a no obligation, no sales pitch consultation.

Best of luck,

Robert M. van der Goes
(714) 305-2050
0 votes Thank Flag Link Wed Jan 21, 2009
By all means, this is a great time to buy! Prices are dramatically below their levels of the last few years, and interest rates are at an all-time low. Couple that with lease rates that are at our above previous highs, and you get perhaps the best time I've seen to buy in my 30 years in real estate sales in Southern California.
Web Reference: http://www.frankdilauro.com
0 votes Thank Flag Link Wed Jan 21, 2009
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