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Exercise Your Purchasing Power on a Whittier Home

by The Domis Team

money, houseWhen I look at the market, I see so many conditions favorable to home buyers that expand your options in the market place.  Consider this:  Both prices and interest rates are low right now, so your purchasing power is at an all time high.  According to some recent stats released by the California Association of Realtors, 60% of Orange County residents can afford to buy an "entry level" home in Orange County on a yearly household income of $63,000 per year. In contrast, in 2006, only 21% could take the plunge - and needed $121,000 to do so.  Over 75% could afford to become condo purchasers.

An entry level home in some parts of Orange County costs $409,000 or less and has a payment of $2,100. If this sounds pricey to you, the "Realtors® math" assumes that your starter home is valued at 85% of the median price of houses in the area.  You will put 10% down on a low rate fixed or adjustable rate loan and be comfortable with devoting a third of your income to housing.  Right now, the median price in Whittier is $310,000, so homes here are even more affordable.  Using the "Realtors® math," you could buy a starter home priced at $263,500 for an income in the mid-40's. 

I wouldn't advise you to cut things this close, especially on your first house, but the point is clear: you can get a great housing value now.  If your credit is good, you are in a position to take advantage of these unique market conditions.  The best way to determine whether you are ready is to obtain pre-approval from a lender.  Even if your lender suggests that you clean up your credit report before you can qualify for a loan with favorable interest rates, you will still be able to find an affordable home in 6-12 months.  I have no crystal ball to tell you exactly where the market will be in that time, but we have so much recovery to do that I can state with certainty that an affordable home will be out there for you when you're ready.

Before you decide to buy a distressed property, give me a call.  I can open a world of affordable choices to you, right here in Whittier, La Habra, La Habra Heights, and the surrounding area.  You don't have to settle for a foreclosed home with a marketful of choices. Exercise your purchasing power on the home of your dreams.

For some interesting insights on the housing market, I welcome you to listen to my interview on the House Calls Radio show, conducted by loan officer Carlos Dandridge on area stations AM 830, 920, 1310, and 1510. 

Courtesy of Linda and Tim Domis, Neighborhood Specialists

How much is your home worth?  http://www.homevalueslahabra1.com/

Contact Linda and Tim at:

http://www.whittierhomes.com

http://www.lahabrahomesonline.com

http://www.lakeparkbrea.com

http://www.lakeparklahabra.com

Email the Domis team at linda@lindadomis.com.

home, foreclosureIf you are a potential Orange County, California home buyer, you would have to be from Mars not to realize that there are plenty of foreclosure properties available here.  Our state has been one of the top foreclosure states for several years.  Bank owned homes, in particular, as well as homes sold at short sale for less than the amount their sellers owe, typically have prices that are very attractive to home buyers.  I am frequently asked “Should I buy one?”

Much of our housing inventory right here in Orange County is distressed property.  In Whittier alone, there are twice the number of foreclosure properties on the market as there are resales from owners.  Many good deals are available, but I strongly urge buyers to consider the advantage of buying an equity property sold by the owner.  You don’t have to settle for a foreclosed home with a marketful of choices.  As I noted in a recent radio interview, foreclosure properties have a whole set of problems the buyer needs to consider.  

Such properties are often in poor condition; aside from some obvious problems, but there may be hidden defects that will not come to light until a thorough inspection is done.  In the absence of full disclosure about the defects, as a buyer, you can unknowingly commit yourself to spending what I like to call “no show dough” to repair or replace plumbing or electrical systems.  For a new owner on a budget, the constant stream of money required to make the home safe and livable can take away some of the pleasure of home ownership.  Most people want to add some personal touches when they buy a new home.  You may not be able to buy the new furniture, put on the deck, or renovate the living room if you have to first pay for costly repairs to basic systems.  Even if you are willing to put some “sweat equity” into your home, you don’t want to get in over your head

Because of the sheer number of distressed properties in our market, you will probably look at foreclosures in your home search, but keep this in mind.  Many properties were “distressed” long before they were officially classified as foreclosures or short sales.  Owners, faced with job loss or other financial problems, found themselves owing more than the house is worth in the current market.  They simply were unable to properly maintain the home.  Faced with the choice of putting the money they had toward keeping the lights on and food on the table or upgrading the plumbing, they did not make needed repairs.  Even if, in the case of short sellers, they did just a few basic things to make the home attractive to buyers, they stopped there.

I’m not saying “never buy a distressed home,” but I do advise you to do so only after considering all the facts and only after consulting with professionals to help make your choice.  A knowledgeable Realtor®, like myself, who knows the neighborhood and  has both experience and recent statistics about  recent sales at hand, can help you assess whether the home appears to be a “good deal.”  I can direct you to home inspectors and repair specialists who can help you decide if the repairs are manageable for you.

Before you decide to buy a distressed property, give me a call.  I can open a world of affordable choices to you, right here in Whittier, La Habra, La Habra Heights, and the surrounding area.  You don’t have to settle for a foreclosed home with a marketful of choices.

For some interesting insights on the housing market, I welcome you to listen to my interview on the House Calls Radio show, conducted by loan officer Carlos Dandridge on area stations AM 830, 920, 1310, and 1510. 

Courtesy of Linda and Tim Domis, Neighborhood Specialists

How much is your home worth?  http://www.homevalueslahabra1.com/

Contact Linda and Tim at:

http://www.whittierhomes.com

http://www.lahabrahomesonline.com

http://www.lakeparkbrea.com

http://www.lakeparklahabra.com

Email the Domis team at linda@lindadomis.com

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Photo of Linda & Ryan Domis - The Domis Team Real Estate
Linda & Ryan Domis - The Domis Team
Keller Williams Realty
16310 E. Whittier Blvd. Suite F
Whittier CA 90603
Cell: 562-884-5373
Cell:562-458-6947
Fax: 562.902.5158
The Domis Team Real Estate, Whittier, La Habra, Orange County Homes for Sale The Domis Team Real Estate, Whittier, La Habra, Orange County Homes for Sale The Domis Team Real Estate, Whittier, La Habra, Orange County Homes for Sale The Domis Team Real Estate, Whittier, La Habra, Orange County Homes for Sale

Contact the Domis Team

Linda Domis - DRE #00571375 | Ryan Domis - DRE #01969771
Whittier Homes for Sale | La Habra Homes for Sale
Lake Park Brea Senior Community | Lake Park La Habra Senior Community

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