Should I Wait Until Spring To Buy A Home In Orange County? | Fridays with Fred

2014 has been a fantastic year for Real Estate in Orange County.

As we approach the holidays there are still home buyers out there who would buy a home now but want to know if they should wait until the spring to resume their home search because of the holidays.

Important Questions to Ask Yourself

The answer to the question of waiting until the spring to buy a home in Orange County totally depends on your personal situation, and you should ask yourself these questions which we typically ask prospective clients in a buyer consultation:

• What are your plans for the home?
• Will the home be your primary residence or an investment property?
• Are You Using Your Own Funds to buy a home?
• Have you been pre-approved for a mortgage loan?
• How long do you plan on owning the property? Long term or short term?

Understanding Your Personal Situation

Although many home buyers might not want to pause their home search efforts until the spring, it’s not necessarily a bad idea for you to pause your own home search.

If you plan on owning a home for the long run (4 to 6 years) we feel that waiting to buy a home until the spring won’t make much of a difference.

You will make any appreciation back over the long term should mortgage interest rates or home prices go up between in the next 90 to 120 days.

Many homeowners will typically wait to list their homes until the spring so you may also have a better chance of finding the home you really want if you wait a few extra months to buy because you will have more inventory to choose from in the spring compared to the fall and winter months.