Orange County Information Center - Home Selling

Selling vs buy in a buyers market...It seems a Catch 22. I have to sell to afford to buy..So I am selling at a lower price but potentially buying at a lower price too? I own now, with a single income, but am looking to move to a nice, more expensive neighborhood, with a dual income household. Does it make sense to make the move in today's market?

A lot depends on your specific situation, and whether you are looking at your home primarily as a financial investment or a place to raise your family.

There are opportunities in most parts of Orange County because some sellers need to sell their home now and are therefore pricing it below market value. So it is a good time to be a buyer. On the flip side, it is a hard time to be a seller as the high number of homes on the market means it is taking a lot longer to sell a home than it did a year ago, and you'll need to be very competitive in terms of your asking price, and the price you will ultimately accept for your home.

If you do decide to put your home on the market, I recommend waiting to make an offer on another home until your current home has sold. You don't want to put yourself in the situation of carrying two mortgages if you don't have to.

Best of luck with your real estate decision!

Warmest Regards,

Amanda Wheeland
Orange County Real Estate Advisor

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