5 Reasons why NOW is the time to buy a home in Irvine!

by Robert Mack on September 8, 2009

in Irvine Real Estate

I work with buyers everyday in Irvine California and I know that they (especially now) are waiting for just the right time to buy their first home or take the leap and buy an investment property. So how do we know when the prices will be at their lowest?  The reality of it is that we never know when the prices have hit bottom, until they start going back up again. You must look at all of the factors and make a decision that makes sense to you.  So you may ask yourself, why is now the right time to buy? 

1. Interest rates are amazing – Right now, interest rates are ranging from the high 4’s to the low 5’s depending on the type of loan program you choose.  Yes, I know everyone wants the high 3’s and low 4’s (and most people probably want even lower), but the reality is, interest rates are much more likely to go up before they go down.   

2. Irvine Inventory is dropping – In April of 2009 there were 692 homes available in Irvine, and in the same month 348 homes were pending in escrow.  Now we are in September 2009 and as of today there are a total of 549 homes available for sale and the number of homes currently pending in escrow is 448.  The number of available homes has dropped over 21% and the number of pending sales is up over 28% from April.  We all know what this means – right?  Less homes available + homes are selling faster = higher demand.   

3. Home prices are so much more affordable now – Homes values in Irvine have dropped anywhere from 25-35% depending on each individual area, and in some cases even more.  With home prices down so much, it is much more of a reality for buyers to buy now.  Even when you consider renting vs. buying in Irvine, it simply makes more sense! 

4. Tax credits & benefits – The $8,000 home buyer tax credit expires on November 30th, 2009.  What this means is that a buyer must not only find a home, they must also close escrow by this deadline to be able to take advantage of the first time home buyer tax credit.  In addition to this credit, home owners have so many other tax benefits in comparison to renting.  For more information on tax credit, speak with your licensed CPA.               

5. Positive coverage in the media – For the last 3 years, the headlines would read that the bubble has popped, home prices are falling, buyers beware, and so much more.  Over the last several months, all I have seen in the paper is that interest rates are great, home sales are up, prices are up, and the list goes on.  We all know that the media and news can put their own twist on anything, however now that the news is positive, it is only a matter of time before buyers catch on. 

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Post by Robert Mack

Robert has written 724 articles.

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