6 Tips for Buying a House in Orange County California
By Sean Creamer on January 19, 2024
There are few moments that feel more gratifying than entering your new home. And this is especially true if you just bought the house of your dreams in Orange County, California.
Buyers thinking of moving to the OC can find oceanfront cities and hillside towns filled with spacious properties just minutes away from the best nature has to offer. Beyond fantastic geographies, the region boasts various home styles to choose from, which is why buyers consistently gravitate to properties in the area.
To help homebuyers begin their property search, we’ve compiled a few expert tips for buying a house in Orange County.
Save early and often
Buying a home is one of the most costly transactions a person can make, and requires buyers to monitor their income and expenditures to save up the necessary funds for their purchase.
This is especially true in Orange County where home prices are much higher than the national average. Buyers will need substantial down payments as well as additional money for closing costs that can total between 2% and 3% of the home’s purchase price.
Before buyers start their search in their favorite section of Irvine or Laguna Niguel, they will need to know what their budget is before setting up property tours or making offers.
Get pre-approved for financing
Online real estate sites allow Orange County residents to shop for homes between tasks at any place and time of the day. But before buyers start setting up tours for homes in Aliso Viejo or Dana Point, they ideally should first get pre-approved for a mortgage.
Getting a pre-approval tells buyers just how much money is available to them once a lender officially approves them after a round of financial due diligence. Californians can get a pre-qualification letter that provides listing agents with an idea of their purchasing power, but serious buyers should go all the way and get pre-approved.
In the months before applying for a pre-approval, buyers should avoid any large transactions involving credit, like purchasing a car or running up credit card debt for large purchases. A squeaky clean financial record, coupled with your W-2s, bank statements, and credit score, earns you a pre-approval with enough heft to remain competitive in the Orange County real estate market.
Understand the goal of your home purchase
Once buyers commit to saving up for a house in Orange County, it is time to decide on which neighborhood and home type best suit their long-term goals. Every buyer has a different drive dictating their lifestyle and where they will live.
Orange County has a city or town that suits all buyers. From oceanside cities like Newport Beach offering surf and sun, to hillside enclaves like San Clemente, offering buyers homes with plenty of yard space for building an accessory dwelling unit.
Empower your search and purchasing power
Experienced Orange County homeowners and first-time buyers alike take pride in owning the home search process. Real estate search tools allow buyers to have greater control of the searching for properties, but they want expert advice when it comes time to make an offer.
Tech-savvy buyers can utilize modern digital homebuying platforms like Prevu Real Estate to find their dream home, then be connected with their local agents for the moments that matter.
By streamlining the homebuying process, Prevu rewards homebuyers with a portion of their commission at the end of the deal. Commission rebates are legal in 40 states, including California, and provide new homeowners with cash back that can total up to 1% of their purchase price.
Buyers knowing they are getting a commission rebate can place higher offers on homes or use the money for furnishings, rehabs, or other projects.
Visit properties as soon as they hit the market
Searching for houses is fun and provides buyers with a sense of how home values in the Orange County housing market.
But once a buyer scopes out a listing that includes their must-haves, they need to act fast and visit the property as soon as possible. Buyers interested in scooping up coveted Orange County properties need to be ready to head out at a moment’s notice, as the lack of available houses for sale means that many buyers are vying over the same homes.
Homebuyers need to get creative with their free time. Find time after work or on their lunch break to check out properties, so they can quickly place an offer and not lose out to other buyers.
Be confident amid the competition
Seeing as there is a glut of buyers and a lack of available listings, aspiring buyers are competing against each other over coveted real estate. Sellers generally want to move quickly on selling their property so they can transition to their next spot.
Considering this, buyers need to figure out what financial and non-financial negotiables they are willing to waive to give themselves a leg up in competitive markets. Depending on a seller's situation, buyers can waive inspections or provide leaseback options to sellers if they need living space before they move into their new home.
Handy buyers or ones with deep pockets can even accept property issues as-is, so long as they have the financials or technical know-how to take on an obvious fixer-upper.
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Prevu Real Estate, Inc. is a licensed real estate broker in California, license number 02134758.
