Orange County Real Estate Report October 2010

OC Market Update: The Housing Market is Better Than You Think

If you’re a bargain hunter, you naturally want housing prices to go lower. So it may seem like a good strategy to ride the housing recession all the way to the bottom before you jump in and buy.

The problem is … no one knows where the bottom is. Just when it seems prices won’t go any lower, buyers jump in, and interest rates rise. You may get the house for less, but you pay a little more in interest. Or sale volume improves and you end up competing with other buyers and paying a little more to get the house.

Consider what’s happening right now in one Southern California County: Orange. Housing sales were reported down 9% in August from a year ago, suggesting that buyers were waiting for prices to drop further. Instead, the opposite happened prices rose 2.9% over the same period a year ago, according to the latest DataQuick report.

If you’re waiting for prices to go back down, you may be right. But then again, you might not.

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