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Why Buy Now - Joe Davis, President of the Irvine Community Development Company, Answers Questions About Investing in the New Home Market and Real Esta

Irvine, California (PRWeb) February 14, 2007 -- Joe Davis is president of The Irvine Community Development Company, an affiliate of The Irvine Company which is responsible for all residential development on The Irvine Ranch.


Active in the real estate industry for over thirty years and respected for his knowledge and experience, Mr. Davis is frequently interviewed by the media.

Below are Mr. Davis' recent answers to questions about why now is a good time to buy a home on The Irvine Ranch.

• "Over the last few weeks, we have seen a change in the attitude of potential homebuyers. The number of visitors at our Portola Springs Village and Woodbury Village on the Irvine Ranch has remained remarkably consistent, and home buyers like our homes and have shown a real interest in buying. Remember that existing home sales posted a recent increase--their first in months--another indication of a change in homebuyers' attitudes. As the economy remains solid, interest rates are still at very affordable levels, and sales prices stabilize, the extra supply of homes on the market could begin to dwindle as soon as the first or second quarter of next year. And we all know that as the supply decreases, prices will increase."

• "The attitude change in homebuyers mirrors recent sentiments by some analysts -- including former Federal Reserve Chairman Alan Greenspan, who recently said that he believes that the housing and new home market adjustment is over."

• "Portola Springs Village and the award winning Woodbury Village represent some of the last opportunities for homebuyers to enjoy the unique lifestyle offered on The Irvine Ranch. As we build-out our master planned communities, there is a limited number of new homes available for buyers."

• "The new home market in 2007 will remain a wise, sound investment for buyers. Population and job growth continue to put pressure on the limited supply of new homes and real estate in Orange County that are available, and interest rates remain low."

•"The underlying Orange County economy is both strong and growing. Orange County remains one of the hottest employment markets in the nation and the unemployment rate remains low, at just 3.1%. As businesses expand and/or relocate in Orange County - like The Capital Group moving some 2,000 employees and 800 new jobs to Irvine - it creates additional demand in the new home market."

• "First time home buying opportunities, such as Irvine Ranch real estate in Orange Country, remain attractive since long term appreciation has continued to provide equity growth, a hedge against inflation and a catalyst for upward mobility over time."

• "Real estate in Orange County continues to be a wise investment. Historically, our homes have appreciated an average of 7% per year, since 1988. Residential values of real estate in Orange County have doubled over the last five years (per Data Quick), so those interested in sound, long-term investments turn to housing. If someone is interested only in short-term gains, then the real estate or new home market isn't for them."

• "Recently the new home market has experienced record sales and historically tight supply, with buyers forced to bid over the asking price. With the market currently in transition, the supply of homes is at its highest level in over a decade and interest rates are still at historical lows. It's a great time to buy a home."

• "As we head into the new year, inventories are starting to decline, which means that sellers will be less willing to negotiate when the current housing freeze begins to thaw - which I foresee happening around spring."

• "Today's housing and new home market may be correcting, but the fact remains that Orange County is one of the most desirable places to live in the country. People will continue to be drawn to our area, families will outgrow their current home, couples will get married, others will continue to move up and down the various stages of the housing ladder. Nothing has burst; prices continue to appreciate -although more modestly than in recent years. In the past several years, supply simply could not meet demand, so the variable that experienced the biggest jump was price. Now that there are more options in the new home market, buyers can be more selective. But once that supply comes down, buyers may be faced with tough decisions."

To learn more, visit us on the web at The Irvine Ranch.

About The Irvine Community Development Company
Woodbury Village, Portola Springs® Village, and the villages of Quail Hill®, Shady Canyon, Crystal Cove, Northpark Square, and Pacific Ridge® are a part of The Irvine Ranch. All projects on The Irvine Ranch are in planned communities developed by The Irvine Community Development Company LLC, an affiliate of The Irvine Company LLC. Plan, pricing and square footage subject to change. Models do not reflect racial preference. For more information, contact The Irvine Ranch Homefinding Center™ at 866-377-2448 between 10am and 5pm daily or visit www.irvineranch.com.

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