Rent vs. Buy in Orange County? We have the answer!

Posted on February 1, 2009. Filed under: First Time Buyer help |

 

This question is asked at dinner tables across the country. Here in Orange County, it may be the best time to buy vs. rent.

Orange County ranked #3 for most expensive rent afford ability through the United States metro areas.

Rents and leases are averaging $1,600+ per month; to comfortably pay rent, you would need to work a 72 hour work week just to pay your rent and utilities. Rent prices are going up in North Orange County and the priciest cities for renting remain Newport Beach, Irvine and Aliso Viejo.

December 2008 was the sixth straight month of new home sales gains and it looks like January 2009 will make a seventh straight month. Single family homes are selling for 42% less than during their “peak period” of June 2007, condo’s are selling for 44% below their March 2006 peak period and Builder prices for new homes are 43% below their February 2007 top selling period.

In the last several months, Orange County home shoppers bought 31% more residences vs the same time period one year ago.

PROS to buy- Financing is low- 5% or below. FHA loans and other loans allow only 3% down on your new home. When you own your home, you make the decisions! Paint, décor, landscaping, you name it. And of course, tax incentives. Talk with a certified mortgage planner for the latest information on interest rates and the BEST loan to fit your needs.

If you don’t think you have a down payment and it is cheaper to rent, it is not! After factoring the costs of security and pet deposits, first and last months rent, you could have the 3% down needed to own your dream home.

 

If you not registered on our website to start a home search, do so today! You can browse homes 24/7 and be up to date on home values in your area.

We look forward to helping our clients get out of the “renting rut” and into their new home in 2009!

 

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    Orange County, CA Real Estate for hip first-time buyers and investors. Plus, fun things to know and do in OC.

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