Bill M Godwin

With you budget you will most likely be purchasing a condo. There are cureently 220 condos offered for lease in Irvine with an average days on market of 39. The asking lease rate is an average of $1.83 per sq ft. While this may seem like a lot of competition, it will be comforting to know that in the last 60 days 235 leases have been executed. These properties averaged 47 days on market and returned a lease rate of $1.75 per sq foot.

These are rough city wide figures and will vary by market location and the age and condition of the property. There are many neighborhoods where almost half the properties are renter occupied.

You may visit my web site athttp:// www.BillMGodwin.com to search for homes that may make a positive cash flow. Fortunately for home owners in Irvine there have not been as many distressed sales as other parts of Orange County to drag down the values. For you that makes it harder to find a property that will return a positive cash.

Working with a professional Realtor(R) who knows the market will help you find the property you are looking for. It is very important that you get pre-approved with a lender in order to know exactly who much of a loan you qualify for and so that you can act fast when the property you desire becomes available.

Bill M Godwin
First Team real estate
949-606-5669
Bill@BillMGodwin.com - Wed Jul 16 2008, 17:40

Madevry,

The FHA loan program mentioned in the previous answer is a great program for its low down payment requirement. Other loan programs frequently require 10-20% down. The most import aspect of determining how much house you can afford is your "Debt to Income" ratio. This measures the about of debt payments you are making to how much income you have. The best way to know how much house you can afford is to get pre-approved by a lender. This enables you to move fast on the best deals and saves you time by only looking at houses you qualify to purchase.

I would be happy to assist you with recommendations for lenders if you do not already have a relationship with a lender. You offer will always look stronger if your approval is from a direct lender like Wells Fargo, Bank of America or Washington Mutual as opposed to a mortgage broker like "Cornerstone Lending and haircuts"

Bill M Godwin
First Team Real Estate
949-606-5669
Bill@BillMGodwin.com - Mon Jul 14 2008, 10:41

Hi Steven,

With home prices down and rents having actually incresed in most of Orange County it is possible for the first time in a while to purchase a property that will cash flow with current rents. If you would e-mail me your specific criteria in a home, I would be happy to present you with some options along with a projected income spread sheet. But hurry, interest rates have been moving up, off setting the advantages of lower housing cost with higher payments.

Regards,

Bill M Godwin
Firts Team Real Estate
949-606-5669
Bill@BillMGodwin.com - Sat Jul 5 2008, 20:10

Jennifer.

You should compare properties outside Ladera Ranch as well and look at your total cost to occupy. This will include the HOA and Mello-Roos fees mentioned in the previous answer. For properties of similar age and condition, $200 a month in extra fees equals $44,000 of initial cost if your were paying 20% down on an interest only loan at today's rate - and rates are going up as we speak. If there is not at least that much difference in the price, it might not be such a "good deal".

I would be happy to help make the comparative calculations as well as evaluating the differences in commuting cost between locations. There are many considerations that come into play when making a home purchase decision. My buyer consultation program is designed to allow us to work as a team in finding the property that best satisfies your requirements. Call anytime.

Bill M Godwin
First Team Real Estate
949-606-5669
Bill@BillMGodwin.com - Mon Jun 23 2008, 18:25

Jennifer,
I believe most of the Real Estate Pros that have answered you question, have professed to not being able to predict the future and as Eric pointed out there are many issues in the world today that can have an effect on the value of your home. Eric is one of those who lose sight of the fact that a home is purchased in order to provide shelter for you family - hopefully in a nice neighborhood with good schools and roads that make getting to and from work easy. If it provides the room and comforts you find necessary for you lifestyle then it has done its job. A home is not a stock certificate designed to make you money as an investment tool. The recent bull market in home prices has caused many people to draw a false analogy between the stock market and the housing market. No one ever said it was your inalienable right to make money on your home.
If you need to move because of a job change, a change in marital status, new children in the family, children going off to college or an aging parent needing to move in - and this is why 80% of real estate transactions get made - then find a Real Estate professional who will assist you in analyzing the merits of what is on the market now and making the best selection. We can only show you the relative merits of all the homes on the market now - we can't measure them against some future conditions that we can't predict.

Bill M Godwin
First Team Real Estate
949-606-5669
Bill@BillMGodwin.com - Sun Jun 1 2008, 11:19

Hi Jennifer,
I wish I could give you a definitive answer to your question. But since I can't predict the future, I can only provide you with some market indicaters that I watch. In each of the markets that I monitor the number of active listings has not increased dramatically as is characteristic for this time of year. At the same time the number of Bank owned properties listed has been decreasing. Of the bank owned listings which have sold in the last 30 days nearly 25% ten days or less and many for more than the asking price. That indicates a great demand for the affordable homes. When you see more demand and less supply it general leads to strengthening prices. While prices have gone up yet, it feels as if an equallibrium maybe approaching.
The best time to buy will be when you see a house that meets your needs that can be bought for a price that is within your budget. Work with an experienced full time agent and you can negotiate your way into a great deal now.

Bill M Godwin
First Team Real Estate
949-606-5669
Bill@BillMGodwin.com - Sat May 31 2008, 13:22