The housing market outlook for Irvine and Southern California in 2019 suggests favorable conditions will start shifting from sellers to buyers as property values stabilize. The most recent S&P CoreLogic Case-Shiller Home Price Index shows that external factors such as higher mortgage interest rates will result in an overall improvement in home affordability. Prospective home buyers in Irvine will likely see more properties coming on the market in 2019, which means they’ll have more to choose from, but there will still be a need to formulate strategies to find the best listings. Here a few tips to help buyers locate great deals in Irvine.
Work with the Right Professionals
The first step in any house-hunting expedition should be to retain a seasoned real estate agent in Irvine, a home inspector, and a mortgage loan officer. The advantage of having these professionals working for you is that they’re connected to the market and are thus able to let you know if a listing matching your search criteria becomes available. It’s not unusual for loan officers to learn of mortgage deals that don’t make it to closing, and home inspectors often know about fixer-upper properties that are worth looking into.
Focus on Realistic Goals Instead of Hidden Gems
In active housing markets such as Irvine, the way information is managed doesn’t leave any room for hidden gems. Even “For Sale by Owner” listings are bound to have been thoroughly evaluated. The only situation approximating a hidden gem would be a new listing or one that’s returning to the market, and your real estate agent will notify you when these come up. Home affordability should be part of your realistic goals. Determining how much you can reasonably pay each month is more important than hunting for overlooked deals.
Make Early Offers
Once you establish how much home you can afford, you’ll be in a better position to make offers on fresh listings. Ask your real estate agent to set up an alert for new properties that match your criteria so he or she can get an early jump on making an offer. Bidding wars are still breaking out in Irvine as of early 2019, but not as frequently as before. Therefore, the early bird is now more likely to get the worm.
Stay Tuned to Development News
All prospective home buyers are prospective investors. It’s perfectly fine to focus on quality of life while considering investment potential. Staying abreast of real estate and urban development news can help you make a smart decision in terms of financial potential. For example, luxury rental development was very active between the Irvine Business Complex and the Westpark districts in 2018, which means property values in this area are set to increase over the next two years. Two good ways to keep up with the latest news about development include reading SoCal Real Estate and attending Irvine City Council meetings.
As Southern California real estate market conditions change, buying a home in Irvine is becoming more affordable, and there are quite a few listings to choose from. Before you buy, make sure to seek the advice of real estate agents with years of experience in buying and selling all types of homes in Irvine. Call the trustworthy professionals at Irvine Residential Living today at 714-454-6304.