Many people do not realize that the market for houses under $ 500,000 in Orange County and LA now is very busy, and there is even a shortage of houses to buy !
There are many reasons for this. Surprised potential buyers think they can make lowball offers on houses where the prices are already low. WRONG! Most of the bank-owned and short sale houses on the market now are already priced low, and they will sell around asking price or even higher. They may also sell fast ! You have to be ready, find a place, or ideally a few, that you like, then make an aggressive offer. If you do not, a long period of confusion and frustration will be your result.
This is a great time to buy; prices are low, interest rates are low.......but don't think you are the only person who has realized this.
In 10 years everyone will wish they had bought now.The market over a million $ is a place for tremendous deals if you have access to cash. The market there is slow, and there are a lot of houses that just have to be sold. If you are in that fortunate position, buy now.
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