Is a low priced home in a good neighborhood better than a high priced in an OK neighborhood? The answer to this question is depends on where you are in life, and the current state of the Orange County or Nationwide Real Estate market.
When it’s Your First Home
If you’re planning on buying your first home for Real Estate Investment, or a starter home, it may be a good idea to buy a low priced home in a good neighborhood because, a good neighborhood will be perfect for you to start a family and ultimately enable your home to have good resale value when it comes time to sell and move up to a bigger home.
Is It Really The Right Area?
Before buying a low priced home in a good neighborhood, or a high priced home in an OK neighborhood, it’s important to find out what’s really going on with Real Estate in that neighborhood. For example: how many short sales or foreclosures have there been there in the last year? This question is important to ask because homeowners in areas where there were a lot of foreclosures may find that their home values are taking longer to recover from the recent Real Estate crisis compared to the rest of the Real Estate market in Orange County.
Look For Stability
What you really want to look for when buying a home for sale in Orange County, is an area that has a lot of long time homeowners there; preferably homeowners who have lived in the same area for 15 years or longer. Areas with long-term homeowners means that Real Estate matters to them and you will find that there were fewer foreclosures over the last five years, and homes in areas with long-time homeowners have retained their values nicely.
How Close To The City?
Last of all, but most important, another key to buying the right home is to find a home that’s close to the city or located near all major sources of transportation so you can have a quick commute to your job or other activities you care about. This is important because it doesn’t matter if it’s a high priced home in an OK neighborhood, or a low priced home in a good neighborhood, if the home is far away from the city you will find fewer buyers for that home especially during down times in the Real Estate market. For more home buying tips, or to view the latest Orange County homes for sale, contact us anytime by calling (949) 272-0125.