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Health & Fitness

Move Up and Over Orange County Real Estate Mania

Can you still find an Orange County home as frenzied buyers gobble up the inventory? Laguna Beach realtor Hillary Caston takes a look at the current Orange County real estate mania.

Once upon a time, people had money to buy Orange County homes. But they didn’t buy.  Instead, they ignored the wise Orange County realtor who declared that the market had hit bottom -- and that demand and prices soon would be climbing. Then, like magic, Orange County real estate mania gripped the land. First-timers, investors, move-ups all rushed the gates for Orange County properties. Even foreign buyers jumped in, thanks to Euro Zone troubles. And very soon, two things happened.

The Wise Realtor began gloating, and --

Inventories Became the New Endangered Species

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Mania-stricken buyers have been eating up housing inventory like frenzied sharks, especially in the last four months. Suddenly, there’s nothing left. Not a crumb. And you don’t require a doctorate in economics to know what that does to prices. You’ll need a telescope to see where they’ve gone. Now don’t look so surprised. Bargain prices and record-low interest rates never fail to stimulate buyer appetites. And when the two coincide, WHOOSH!  

The Way Out…and In

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Can you get out of the whirlwind of Orange County real estate mania and into the home of your dreams? Absolutely.  But escaping means getting in sync with the latest trends. And the trend catching on with supersonic speed is the move-up buy. This definitely is a refreshing turn of events. For eons, homeowners have parked their properties, afraid to make the slightest move. Even those with dream jobs and incomes remained glued. But now that the market is galloping, these owners are selling, selling, selling -- and snapping up new properties, generally in the $1-1.5 million range. Typically, they’re married, in their late 40's, and unwilling to let any more time pass before owning their dream home.

Once you take the move-up step, you’ll likely need financing. The mortgage options abound, depending on your situation.  Are you a major shareholder of a rising star company? Locked to a fixed income? One possibility is getting a conforming loan at a low fixed interest rate below 4%, then a second loan at 4.25%. The equity in your old home will supply the down payment.

Other options include a low-interest jumbo loan that covers the whole $1 million, or 5, 7, and 10-year adjustable rate mortgages, which recently have made their triumphant return to the marketplace.

But no matter which road you take, this definitely is prime time to move-up to the home of your dreams. If you’d like to learn more, contact the caring professionals at The Coastal Property Experts today to schedule your complimentary consultation.  We promise you’ll discover your perfect opportunity in the Orange County real estate market…sooner than you think.

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