The real estate market is constantly changing, especially over the last 10 years. In the last 10 years we've seen the market crash from a peak, take 4 years to rebound back, and now homes are close-to if not at all time highs again. In Orange County the real estate market is seasonal with our high selling season starting in January and usually continues through mid September. In the fall and winter months through Christmas the market can be relatively slow, and this even magnified more as the presidential elections have everyone in a holding pattern. That being said, some of the best deals can be found during these 4 slower months. During this time some sellers need to sell their home and can't wait until after the New Years. These seller motivated homes have the potential to be good opportunities for buying a home at a good price. Sometimes seller's are motivated to sell for a variety of reasons. Job transfer, divorce, moving out of state are always motivating factors that cause seller's to want to sell their home. It's important to consider other motivating influences that you may not be able to see.
So how do you go about purchasing a home this time of the year? First, know your comps. Your real estate agent should be able to send you a list of sold properties in the immediate area where the home you are interested is located. Comparable sold properties should only be looked at going back 4-6 months since appraiser's typically go back this far when assessing the value. It's important to compare similar properties to the home you would like to buy. Once you have a ballpark of what the home is worth be prepared to put in a strong offer slightly lower than market value to see what kind of deal you can get. Of course it goes without saying that you should make sure you have a letter from you lender showing that you are qualified to purchase the home and include that with your offer.
Finally, use the seasonal market here in Ladera Ranch and Orange County to your advantage. The months of October, November and December are excellent months to buy a home. Once we've past the New Years the market typically gets very busy with many buyers refocusing on purchasing a home. The only downside to buying this time of year is the low inventory of homes on the market. But if you find a home you like it's a great time to jump for a property. For additional questions regarding the real estate market here in Ladera Ranch please don't hesitate to call us at 949-412-3515