Orange County Information Center - Market Conditions

We are thinking of moving from San Diego County to Irvine. We have a lot of equity in the home we own now, but have noticed the prices dropping in our neighborhood by about $50,000 in recent months. We have never been in this type of market before and are unsure of what to do. We want to get more house for our money, however, but the housing prices in Irvine seem very competitive. Any advice?

My advice would be to work with a broker who specializes in the Irvine area who can help you find a home which is a good value and meets your other real estate needs. When you work with an agent who specializes in the area, they can help you determine the housing trends for particular neighborhoods and show you whether you are buying a home that is priced at the high end of the market or the low end.

In Irvine, there are a number of properties that are listed as needed an immediate sale, either for financial or work-related reasons (i.e. in foreclosure, a short sale, job transfer, estate sale, etc.). These properties often present opportunities to purchase a home below market value and thus can be a good purchase in any market, but most especially in a down market.

If you would like me to send you examples of such properties, please let me know. I'd be happy to help you find a home in Irvine that makes good financial sense to buy.

Warmest Regards,

Amanda Wheeland
Orange County Real Estate Advisor

<< Back to Real Estate Questions about Market Conditions in Orange County