Costa Mesa's Neighborhood Blog

A blog about Newport and Costa Mesa with an emphasis on Costa Mesa Real Estate and Newport Beach Real Estate, written by a lifetime local resident of coastal Orange County whose knowledge of the area, combined with a strong background in mortgages, real estate and being an attorney, gives her clients many advantages.

It's a Buyers' Market, Right? So Why Should First Time Buyers Be in a Hurry to Buy?

If you listen to the media and many others around, you'll hear that it is a buyers' market, that prices are falling, that inventory is climbing, and that sellers are desperate for any offer.  Right?

You may have also heard that in real estate, it's location, location, location!  Why is that?  Because real estate is local.  What's happening in one market does not determine what is happening elsewhere.

First time buyer

Here in Orange County, median values have fallen approximately 40% from our peak.  The result, many buyers who couldn't buy are eager to buy now. 

Several of my listings have sold with multiple offers and many buyers find themselves outbid.

Do you find this hard to believe?  See:

Waiting Lines for an Open House in a Buyers' Market

5 Ways to Compete in Today's Competitive Buyers' Market

Multiple Offers in a Buyers' Market

In Costa Mesa, inventory continues to fall almost every month, meaning that there are fewer homes on the market and/or that they are being snapped up.

Is this true of all homes?  Absolutely not, the well-priced homes are the ones that are disappearing from the market quickly, sometimes with multiple offers and over asking price.

So, if you're a first time buyer and you're wanting to take advantage of the first time buyer incentives like the $8,000 tax credit which is only good if you close on your new home by November 30, 2009, you may want to consider finding a home and making an offer now.

Why? Consider that many homes are selling quickly, and you may have to make several offers before one of yours is accepted. 

Additionally, if you make an offer on a short sale, it could take four months or more to close, and we're already at the end of May.

You don't want to wait until the last minute and have to settle just because you wanted to get your tax credit.

So, if you're interested in buying your first home in Orange County and want to take advantage of the tax credit, e-mail Me! or call me today at 714-319-9751 so that we can find the right home for you and make sure that you benefit in as many ways as possible.

Click below to hear the experience of one of our first time buyers.

 

 

Click for a free list of Orange County foreclosures or a free list of Orange County short sales

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About the author: Christine Donovan is a California Residential Real Estate Broker with experience in assisting clients buy and sell residential real estate.

Are you upside down in your home? Is it worth less than you owe? Are you concerned about making your mortgage payment? Contact me at christine@donovanblatt.com or 714-319-9751 to discuss your options.

Want to buy a home or to list your property for sale in Newport Beach, Costa Mesa, Huntington Beach or Orange County? Contact me at christine@donovanblatt.com or 714-319-9751 to learn about her system which will make your buying and selling experience easier.

Disclaimer: All information in this blog is deemed reliable but is subject to change at any time and is not guaranteed to be accurate nor are there any warantees either express or implied. This blog is not intended to offer any legal, tax or other advice.

Click Orange County homes for sale to view all OC homes for sale. Copyright © 2009 by Christine Donovan, All Rights Reserved.  It's a Buyers' Market, Right? So Why Should First Time Buyers Be in a Hurry to Buy?

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About the author: Christine Donovan is a California Residential Real Estate Broker with experience in assisting clients buy and sell residential real estate.

Are you upside down in your home? Is it worth less than you owe? Are you concerned about making your mortgage payment? For more information see Options to Foreclosures, understanding short sales or contact me at christine@donovanblatt.com to discuss your options.

If you want to buy a home or to list your property for sale, please click Newport Beach homes, Costa Mesa homes, Huntington Beach homes or Orange County homes.  Click the link if you are interested in buying a home at a courthouse auction sale.

Contact me at christine@donovanblatt.com or 714-319-9751 to learn about her system which will make your buying and selling experience easier.

Disclaimer: All information in this blog is deemed reliable but is subject to change at any time and is not guaranteed to be accurate nor are there any warantees either express or implied. This blog is not intended to offer any legal, tax or other advice.

Click Orange County homes for sale to view all OC homes for sale.

Comment balloon 0 commentsChristine Donovan • May 24 2009 07:03PM
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