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Old 02-03-2016, 11:54 AM
 
6 posts, read 7,369 times
Reputation: 10

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Hi there,

My husband and I just moved to Orange County and are currently renting. We would like to buy soon so we are not wasting money on rent and can afford around $570,000. The market is crazy right now and I am wondering if anyone has any idea of when the market will go down or when to buy? We are looking at Lake Forest, Laguna Niguel or Mission Viejo.

Thanks
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Old 02-03-2016, 12:07 PM
 
Location: San Clemente
10 posts, read 13,009 times
Reputation: 14
Your probably in the condo or townhome option at that price. All three are very nice areas. [Mod cut: soliciting!] There are about 20 options for homes in those areas right now. If you can get an SFR I would usually suggest that as condos and townhomes have higher HOA's.

Last edited by elnina; 02-04-2016 at 06:31 PM.. Reason: adding info
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Old 02-03-2016, 12:14 PM
 
6 posts, read 7,369 times
Reputation: 10
Great! Thank you! I would need an SFR however, should we wait until winter to buy?
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Old 02-03-2016, 12:38 PM
 
Location: Laguna Niguel, Orange County CA
9,807 posts, read 11,147,437 times
Reputation: 7997
That's entirely up to you and no one knows what's best for you. I also don't get why you would believe that random posters on a public forum would know or could know what will happen in the housing market. It is expensive now. Buyer beware.
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Old 02-03-2016, 12:43 PM
 
6 posts, read 7,369 times
Reputation: 10
Thank you for your input. Forum's are for asking questions so if you don't agree with my post or have any feedback than you don't have to answer to it. I am simply looking for support from others who are willing to help.
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Old 02-03-2016, 12:48 PM
 
823 posts, read 1,786,039 times
Reputation: 453
I can't believe how prices continue to climb, but don't let that or anything anyone tells you discourage you from looking. My friends got outbid so many times, but finally got a house last spring, because their agent knew the selling agent (different realtor companies) and asked her to please give the house to my friends. What?!

I got outbid so many times. My husband gave up. When we tried again, I met a realtor who had a buyer who wanted a private sale. For some reason, the realtor picked my husband and me so we got into an exclusive contract with the realtor being the seller and buyer's agent. I wouldn't recommend that, but the point is, you just never know what is out there and what can happen.

Look now and keep looking until you find a house .
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Old 02-03-2016, 12:49 PM
 
Location: Laguna Niguel, Orange County CA
9,807 posts, read 11,147,437 times
Reputation: 7997
The market may still have upside, but prices are at, just below, or in excess of peak prices. That means serious risk. I don't know where you're from, but California has a history of boom and bust housing markets.
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Old 02-03-2016, 12:52 PM
 
5,381 posts, read 8,691,467 times
Reputation: 4550
Quote:
Originally Posted by krotari View Post
Hi there,

My husband and I just moved to Orange County and are currently renting. We would like to buy soon so we are not wasting money on rent and can afford around $570,000. The market is crazy right now and I am wondering if anyone has any idea of when the market will go down or when to buy? We are looking at Lake Forest, Laguna Niguel or Mission Viejo.

Thanks
No one really knows if the market will tank, or go up in the near future. As you know, CA real estate prices can go on wild swings.

While I can certainly understand your desire to buy rather than waste money on a rental, I would suggest that you might also benefit from looking at this forum:

http://www.city-data.com/forum/real-estate/

Good luck.
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Old 02-03-2016, 12:52 PM
 
823 posts, read 1,786,039 times
Reputation: 453
P.S. Regardless of where the market is, just don't go over your budget. Make sure you have enough savings for unexpected home repairs and emergencies that come up. Look now and take your time, because the right house might be out there.
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Old 02-03-2016, 12:54 PM
 
3,437 posts, read 3,288,934 times
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new SFRs in Lake Forest being built..inquire about The Oaks at Portola Hills
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