Your Home Sold Guaranteed Realty - Rudy Lira Kusuma Real Estate Team

Rudy L. Kusuma
Rudy L. Kusuma
DRE# 01820322

Are the Cheapest Houses For Sale Located in Irvine?

Most homebuyers want to find homes for sale located in Irvine that have the best prices. These homebuyers have their work cut out for them unless they have an experienced realtor by their side. An expert realtor can help you get the best interest rate on your mortgage and identify homes that are the best deals. However, there are steps you can take to offset costs.

In real estate, location is the name of the game: some locations are more desirable than others. In Irvine, the temperate climate, proximity to beaches and great attractions close by make this a desirable location for homebuyers. Demand is high but the supply of homes is less than the number of homebuyers interested in buying. This means that home prices can soar. 

Don’t lose heart – there are still ways to find cheap houses for sale in Irvine if you know where and how to look. Follow along as we take a deep dive into real estate prices in Irvine. 

Affordable Homes for Sale Located in Irvine

Irvine is currently a seller’s market. This means that there are more homebuyers than homes available for sale, which drives up the prices. The majority of homes are sold in less than 30 days because supply is so scarce. The average home value is $1,286,332 which is an increase of $137,644, up 12% since last year. Almost half of all homes are owned, with the other half are rentals. The number of residents with some higher education or a degree is 50.1%. So if you are looking for an area with long-term homeownership and neighbors with higher learning, Irvine is a great place to live!

How to Buy a Home For Sale Located in Irvine on a Budget

At Your Home Sold Guaranteed Realty - Rudy Lira Kusuma Real Estate Team, we understand that finding the best deal can be difficult. With so many options, it’s hard to know which one is best and how to get a great deal yourself. That’s why we have compiled a list of our top tips to help you on your real estate journey. 

Improve Your Credit Score

Your credit score is one of the most important factors used to determine your interest rate on a mortgage. The higher the score, the more money you will save on your mortgage. The 5 factors that impact your credit score are:

  • Payment history
  • Amounts owed
  • Length of credit history
  • New credit
  • Credit mix

Each one of these factors, if off by only a slight margin can make a big difference in your credit score.

Generally, the minimum credit score for FHA loans is 580. Having the bare minimum credit score, however, can make your interest rate prohibitively expensive. 

To best boost your credit score, take these steps:

  • Check your free annual credit report
  • Address negative credit issues

These steps can drastically reduce the amount of your future interest rate, saving you money over time.

Pay Down Your Debts

Another influencing factor on your interest rate is your debt-to-income ratio. Basically, the lender will take your total debt and divide it by your income. It’s a simple formula with potentially dramatic effects on your mortgage loan because lenders generally don’t want to give loans to high-risk individuals with lots of debts. It is important to pay down your debts (or raise your income) in order to have a better debt-to-income ratio which will result in a better interest rate.

Save for a Down Payment and Closing Costs

The age-old understanding about down payments is that you have to put 20% down on a new home in order to actually buy that house. This is not true. You can put that much down and it will eliminate the monthly private mortgage insurance (PMI) fee, but it is not absolutely necessary. 

There are many programs for mortgage loans which do not require an excessive down payment. The most common down payment percentage for a single family home is about 3.5%, but you can also find programs (like the USDA loan) which require 0% down! It is important to discuss these options with your lender to find out what you might be eligible for. 

You should also be aware that there will be closing costs that you need to pay for at the conclusion of the home buying process. Many people are not prepared for these costs and are surprised by them. Financial surprises are usually not welcome, so be sure to ask your lender exactly what closing costs you will need to pay and how much they will be in total.

Research Mortgage Brokers

Working with the right mortgage broker is just as important as choosing the best realtor to guide you through the process. You need a knowledgeable, experienced, and reliable broker you can work with throughout the process and will feel confident that the individual will get you to the closing table. One of the best ways to find the right broker is to ask your realtor. 

It is especially important to find a great mortgage broker if this is your first time buying a home or have little experience with the process. Your broker will be essential to your success.

Apply for Mortgage Pre-Approval

Once you have found a broker you want to work with, you can then apply for mortgage pre-approval. This is an important step because it will tell you what your interest rate will probably end up being and how much you will be able to afford. After getting this approval, you can find a home that is within your budget, and remember, you do not have to spend the entire amount. 

Mortgage pre-approval is also a great way to give you an advantage over the competition because your financing is in order and home sellers will not have to worry about any delays caused by your financing.

Choose a Specific Geographical Area That Meets Your Budgets

Whether you are very familiar with the area in which you are moving or have never been there, it is a good idea to do some research on the region and find out what parts of the city are within your budget. 

If you want to live by the beach, you should be prepared for fairly high prices. Other parts of the city further from the beach may be less expensive. Finding the cheapest houses for sale located in Irvine will take some time and patience. Working with a knowledgeable realtor can be very helpful in this endeavor.

Makes Two Lists: Needs and Wants

Another great way to reduce the prices of the homes you are looking at is to know what your absolute must-haves are and what your wants are. We recommend you make two lists: needs and wants. 

Needs, obviously, are things that are absolutely essential to your survival in the house. Wants, on the other hand, are things that would be great to have but you can live without. For instance, you need a bedroom but you may want a bedroom with a walk-in closet and en suite bathroom. One is necessary for daily life while the other is simply convenient. 

Work with an Experienced Realtor

When it comes to buying a home – a major financial investment – it is vital to work with an experienced and skilled real estate expert. Unless you have been through the process many times, it is advisable to have a professional to assist you and guide you through it. There are many factors to consider and things to keep in mind before the final closing day. 

Many things can go wrong if you are not careful and diligent. Buying a home essentially becomes a full-time job until the sale is complete. You need someone whose time and expertise are dedicated to this endeavor so that you do not have to stress out about it. When you are looking for a cheap home for sale located in Irvine, our team at Your Home Sold Guaranteed Realty - Rudy Lira Kusuma Real Estate Team can help you with your search and ensure that you find real estate success.

Our Realtors Can Help You Buy a Cheap Home For Sale Located in Irvine

Have you and your family decided to buy a home but are hoping to find an inexpensive house for sale located in Irvine? Be sure you are working with the best realtors in the area – Your Home Sold Guaranteed Realty - Rudy Lira Kusuma Real Estate Team. We have the experience, skills, and knowledge of the local real estate market to help you find that house and successfully make your investment. 

Our team is 100% committed to making your home buying experience as positive and easy as possible. We are happy to offer you the information, resources, tools, and guidance you need to navigate the process and make your investment. 

To get started on your journey to buying an inexpensive home for sale located in Irvine, give us a call at 626-789-0159 or fill out the form below with the requested information. One of our dedicated realtors will send you a detailed response as soon as possible. We look forward to hearing from you and helping you begin your home buying experience.