Foreign buyers are eligible to purchase a variety of properties in Orange County, including single-family homes, condominiums, duplexes, triplexes, quadriplexes and townhomes. There are a variety of loan options available, such as conventional mortgages and government-backed home loan programs. Each option has its own advantages and disadvantages, so it is important to consider your financial needs and objectives for the property before making a decision. Homes that sold below sale prices increased by 10.7% in Los Angeles and Orange Counties and by 10.3% in Riverside and San Bernardino Counties.
We recommend that you consult with a qualified broker, lawyer, or tax advisor to find out if buying real estate in California is beneficial in your specific situation. After settling in California, many Chinese newcomers see residential real estate as an attractive investment strategy that wasn't easily available in China due to government policy or the exorbitant cost. The reporting requirement involves everyone involved with the transaction (the buyer, real estate agents, lawyers, and title companies). The Orange County Down Payment Assistance Program offers loans to first-time homebuyers who meet income restrictions and can make a 1% down payment.
With current economic risks looming due to rising interest rates and stock market volatility, housing market trends remain upward. Make Orange County a safe, healthy and satisfying place to live, work and play, today and for future generations, by providing outstanding and cost-effective regional public services. Gordon warns that taxing foreign buyers is not the same as taxing foreign money that goes to local real estate. A major challenge in the Orange County housing market continues to be low inventory levels, which are driving greater competition among buyers and causing the oversupply mentioned above.
Despite current market challenges, home values in Orange County remain strong, in line with the national trend. The number of people from the Chinese diaspora who are already settled in areas such as Orange County and the San Gabriel Valley attracts a large amount of foreign investment because cultural and linguistic similarities facilitate the buying process. A real estate lawyer can review the sales contract for you, check the title and other documents related to your purchase, and advise you on legal and tax issues related to your property. The housing market is changing along with rising interest rates, the stock market crash, the cryptocurrency bloodbath, and other mundane things that pressure the status quo.
Some are wealthy enough not to need to finance a first (or second or third) home, or they simply prefer California real estate to the stock exchange. However, despite rising mortgage rates, recent buyer demand has eased concerns about a housing crash.
