Orange County Information Center - Market Conditions

My husband and I are currently renting in Mission Viejo. Any recommendation about the best time to buy? Our lease ends in July.

That's a great question! In this market, any time is a good time to be a buyer. The inventory of homes is very high, which means that there are many more sellers than buyers. Thus in order to sell their home, sellers have to realistic about the value of their home. Otherwise, as a buyer, you will simply choose to purchase the home that is priced at market value.

Also, because the inventory is so high right now, there are opportunities to purchase a home below market value. If you purchase the home from a seller who needs to sell it right away, as opposed to having it sit on the market for 6 months or more, you can purchase a home thousands or tens of thousands of dollars below its market value.

Since your lease is up in July, I would start looking for a home sometime around March. I would allow plenty of time to see all of the homes you may be interested in purchasing and at least 30 days (preferably 45 days) for the escrow process.

I hope this helps! If I can be of further assistance, please don't hesitate to contact me directly.

Warmest Regards,

Amanda Wheeland
Orange County Real Estate Advisor

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