Buying a house in Irvine with the budget less than $350,000. Is it possible?

Asked by Thaoh, Irvine, CA Fri Sep 9, 2011

I want to buy the house by the end of this year or beginning of next year with the budget less than $350,000. I wonder if this is possible since I know the housing price in Irvine is high. Please let me know if you think you think you can help me out. We can discuss more about my situation and procedures.

Help the community by answering this question:

+ web reference
Web reference:

Answers

10
Valerie O'Br…, Agent, Newport Beach, CA
Mon Oct 31, 2011
Dear Thaoh:
Absolutely, although they are few and far between. What really matters is what do you want for 350K. Two bedrooms or ? With that price what range can you afford for HOA's, mello roos. Is Irvine your choice due to school districts or proximity to your work?
There are many properties available in that price range if you are willing to move a little farther south.
Also what is your time frame? Shorts sales can often be a better deal if you have the time to wait.
The market is slower and depending on the seller they may be willing to match your price.
Let me know how I can help you.
Best regards,
Valerie O'Brien
http://www.OwnTheOC.com
949-478-2892
1 vote
Marlene Diet…, Agent, Corona Del Mar, CA
Thu Nov 3, 2011
It is possible. It depends on what you want for that $350,000. Attached will get you a larger home, and more bedrooms. The location will also play a part. Contact us. we will be happy to assist you
0 votes
Karen Parsons…, Agent, Laguna Beach, CA
Mon Oct 31, 2011
Hi Thaoh,

This is also a great time of year to be looking, the holidays are normally slow times for buyers and sellers traditionally negotiate more during these months, things tend to pick up again in the New Year.

I'd love to shoot you an email with some homes under $350k, if that would be helpful..send me an email and I'll get those to you.

Karen
0 votes
Felix Hung, Agent, Huntington Beach, CA
Thu Oct 27, 2011
Thaoh,

Yes you can afford condos in the area for $350k and some larger multi-level units in the Tustin Ranch area and other surrounding communities. Is your timing for the home purchase due to a lease or current living arrangements?

As a side note - it's not too early to get pre-approved for a mortgage. My sister just bought their first home in Las Vegas and I told her many times to get pre-approved. Long story short, she did so at the 11th hour and found out there was an error that dropped her score from the high 600's to the low 600's. Which delayed her approval process. Last year when she checked her score was in the 700's. Get someone to pull your credit - monitoring credit yearly is not frequent enough when purchasing a home.
0 votes
, ,
Wed Sep 14, 2011
If you can't find something that is suitable check neighboring communities. Irvine is surrounded by several nice communities.

Happy funding, Rudi
Web Reference:  http://wwww.umbocc.com
0 votes
Valerie O'Br…, Agent, Newport Beach, CA
Tue Sep 13, 2011
It is possible to find a condo, maybe not a house. THe real question becomes what can you afford monthly, be sure to include taxes, insurance, mortgage insurance, mello roos and condo fees. I have found a number of homes around the 300-350K range.
What exactly are your requirements- 2-3 bedrooms, a yard, attached garage, etc. Is the school district important? If not Tustin has some wonderful properties in nice neighborhoods and great schools also.
Interest rates are low so it is a fantastic time to buy, housing prices are lower that ever making it possible to buy.
If you become pre-qualified you will know exactly what you can buy, it makes you a cash buyer so you have an opportunity to make a good deal.
Are you willing to look at fixers, older properties that need a little TLC or do you want a newer home that is move in ready?
I would be pleased to help you in your search.
Best regards,
Valerie O'Brien
http://www.owntheoc.com
949-478-2892
0 votes
Sharon Paxson, Agent, Del Mar, CA
Sat Sep 10, 2011
Depending on number of bedrooms and location, it is possible to buy a condo at your price point. There are a number of short sales as well, so that process can take longer and there are more variables. It is a great time to buy now with interest rates. You have some good answers here, and meeting with a lender is key, and keep in mind the HOA dues in condo communities, and if there is mello roos as well.

Good luck!
0 votes
, ,
Sat Sep 10, 2011
If your budget limit is $350k based on monthly payments/qualifying for a mortgage, the amount of the condo HOA fees & if the property has mello-roos tax/how much mello-roos tax will play a big part of how much the monthly housing payments will be - as well as the type of financing you choose (FHA, VA, conventional, etc.).
0 votes
Thaoh, Home Buyer, Irvine, CA
Fri Sep 9, 2011
Oh, it was due to my typo. I initially meant condo instead of a single house. I apologize for this since I often use "house" for all places to live in.
0 votes
Walter 'Skip'…, Agent, Brea, CA
Fri Sep 9, 2011
Hi Thaoh,
With your budget you could purchase a condo but finding a single family home would be unlikely.
You might also want to consider Tustin Ranch area where prices are a little better than Irvine.
Good luck,
Web Reference:  http://ocnorth.com
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more