Home prices in Orange County are reaching new heights, causing first-time homebuyers to feel frustrated and priced out due to bidding wars and all-cash offers. However, owning your first home here is still possible with the right preparation and persistence. Orange County CA real estate agent Ariana Gaffoglio has witnessed this struggle firsthand and has concrete tips to help buyers compete and get their offers accepted:
Adjust your expectations
If you’re used to apartment living, prepare for some serious sticker shock when house hunting. You’ll likely have to sacrifice square footage, amenities, or location to find something in your price range. Focus more on the basics – enough bedrooms and bathrooms for your needs – than your dream home. Be ready to compromise, whether that means an older home, a longer commute, or doing some DIY upgrades down the line.
Save aggressively for a down payment
Gone are the days of 3% down payments if you want to be competitive. Have at least 10-20% of the purchase price saved to put strong offers well above asking prices. Cut discretionary spending as much as possible to bulk up savings each month. Don’t drain this account after submitting offers – you’ll need these liquid funds to buy.
Work on improving your finances
An excellent credit score, strong income, and savings will make you shine to sellers. Pay down debts, dispute any errors on your credit report, and keep monthly balances low. Lenders also want consistent income over the past couple of years. The greater the financial picture you can paint, the better.
Hire a knowledgeable agent
An agent with a keen understanding of rapidly changing market conditions is essential in this scenario. Seek referrals to find one who knows specific neighborhoods inside-out and leverages multiple listing services for the latest data. Your agent should be able to advise accurately on list prices, offer prices, and negotiation strategy and react nimbly as new listings appear. The right agent in your corner makes a huge difference.
Be ready to act quickly
New listings often get snatched up the same week they debut, if not the same day. Schedule showings immediately; if you love it, submit your strongest offer. Expect competition, so assume you’ll need to go beyond the asking price and waive contingencies that weaken your bid.
Luxury homes in Orange County
Orange County is renowned for its luxurious, high-end real estate. Multimillion-dollar mansions dot the coastlines and hillsides, with stunning ocean views and top-of-the-line amenities. Large estates feature designer details like custom marble finishes, home theaters, wine cellars, and resort-style backyard oases with pools, spas, outdoor kitchens, and lush landscaping. These lavish properties cater to the ultra-wealthy seeking stunning architecture and ultimate privacy behind their gates.
Homes for sale in Orange County
Orange County offers diverse homes for those looking to purchase property. From modern coastal mansions in Laguna Beach with ocean views to spacious suburban family homes in planned communities like Irvine, home buyers can find options at various prices. Orange County’s median home price is over $1.2M, but the market offers affordable condominiums and townhomes. Orange County continues to attract house buyers looking for the Southern California lifestyle because of its sunny weather and coastline position close to Los Angeles.
