Current Climate - Buyer or Seller Market?

Buyer or Seller Market

  • Buyer

    Votes: 13 29.5%
  • Seller

    Votes: 31 70.5%

  • Total voters
    44

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Any actual examples of whether sales offices are loosening up their rules/guidelines? In other words, will they accept contracts with contingencies such as needing to sell existing home before closing on new home? Any negotiating flexibility for homes where construction hasn't begun yet or is "menu" pricing still in-effect?
 
oh you're talking specifically about new developments? i think that'll be very location/community dependent.

eg some homes in beacon park is moving pretty slow so they're tossing as much incentives as they can. after all the 1 mil+ market is moving a bit slow.

whereas at eastwood village they seem to be doing very well.

seems like best bet is to test the water and ask sales office?
 
Depends on the sales office.  We are currently at just under 3 months of resale inventory in Irvine which is a weak seller's market but there's a bit more to it than that.  The market for sub $800k is a strong seller's market in Irvine in the resale market.  The $800k to $1.1-$1.2m market is a weak seller's market, $1.2m to $1.5-1.6m is neutral, and $1.6+ is a weak buyer's market.  Best selling new home developments currently are Strada and Petaluma.  Worst selling developments are anything non-Ellwood at Beacon Park.  haha
 
Would you say reseller market between 800-1.2 is weaker because most people in that price range are buying new instead?
 
acf said:
Would you say reseller market between 800-1.2 is weaker because most people in that price range are buying new instead?

I think it's because of two reasons....less buyers and more new home development products to pick from (on the margin).  But then it also depends on the floor plan and location...any San Mateo home within comps will sell FAST today. 
 
acf said:
What makes San Mateo so desirable? I'm guessing 3 bed detatched.

It's the entry level detached 3 bedroom condo with an open floor plan in Irvine.  There's a reason why Irvine Pac had 3 phases of San Mateo in Stonegate (even replacing half of the San Marcos tract).  That's why Petaluma is selling so well in Eastwood. 
 
So what is everyone's opinion on the market in the next 6-12 months? Is the market going to decline with higher interest rates?  flatten out? Or keep steadily rising (Irvine specifically) with high demand, low inventory?
 
eyephone said:
Have you been following the financial news? They are talking about a rate hike.

Yes...that's where my question stems from. Irvine seems to defy all logic when it comes to real estate.
 
IrvineBS said:
eyephone said:
Have you been following the financial news? They are talking about a rate hike.

Yes...that's where my question stems from. Irvine seems to defy all logic when it comes to real estate.

I hope this doesn't shock you, but "almost" everywhere real estate has been going up.
 
Since my little S**tshack is up (according to Zillow and Redfin) 48% since I bought in October of 2013 I'm calling it a sellers market
 
eyephone said:
IrvineBS said:
eyephone said:
Have you been following the financial news? They are talking about a rate hike.

Yes...that's where my question stems from. Irvine seems to defy all logic when it comes to real estate.

I hope this doesn't shock you, but "almost" everywhere real estate has been going up.

hey thanks, dick.
 
morekaos said:
Since my little S**tshack is up (according to Zillow and Redfin) 48% since I bought in October of 2013 I'm calling it a sellers market

You got on the train at the right time. I'm in the same situation.


 
eyephone said:
morekaos said:
Since my little S**tshack is up (according to Zillow and Redfin) 48% since I bought in October of 2013 I'm calling it a sellers market

You got on the train at the right time. I'm in the same situation.

But God honest truth, it doesn't matter to me.  We waited to buy in a very specific neighborhood that me and Mrs. Morekaos agree that we are going to die in.  If I sold today I could not afford to re-buy anywhere near me.  All along, with the help of IHB and TI, I was waiting for the right price. My kids will be the benefactors of that decision down the road.
 
morekaos said:
eyephone said:
morekaos said:
Since my little S**tshack is up (according to Zillow and Redfin) 48% since I bought in October of 2013 I'm calling it a sellers market

You got on the train at the right time. I'm in the same situation.

But God honest truth, it doesn't matter to me.  We waited to buy in a very specific neighborhood that me and Mrs. Morekaos agree that we are going to die in.  If I sold today I could not afford to re-buy anywhere near me.  All along, with the help of IHB and TI, I was waiting for the right price. My kids will be the benefactors of that decision down the road.

The key is "I was waiting for the right price."

Same thing with the Financial sector during the crisis. I bought when crap was hitting the fan.
 
eyephone said:
morekaos said:
eyephone said:
morekaos said:
Since my little S**tshack is up (according to Zillow and Redfin) 48% since I bought in October of 2013 I'm calling it a sellers market

You got on the train at the right time. I'm in the same situation.

But God honest truth, it doesn't matter to me.  We waited to buy in a very specific neighborhood that me and Mrs. Morekaos agree that we are going to die in.  If I sold today I could not afford to re-buy anywhere near me.  All along, with the help of IHB and TI, I was waiting for the right price. My kids will be the benefactors of that decision down the road.

The key is "I was waiting for the right price."

Same thing with the Financial sector during the crisis. I bought when crap was hitting the fan.

My trades during that period (both long and short) funded the majority of my down payment....ironic.
 
eyephone said:
Have you been following the financial news? They are talking about a rate hike.

Ummm, they raised interest rates in Dec and mortgage rates are down from then.  The Fed controls short term interest rates, mortgage rates are based upon long term interest rates so what the Fed does may or may not effect mortgage rates one way or another. 
 
IrvineBS said:
So what is everyone's opinion on the market in the next 6-12 months? Is the market going to decline with higher interest rates?  flatten out? Or keep steadily rising (Irvine specifically) with high demand, low inventory?

I think rates will slowly drift around, likely staying flat maybe dipping down a bit.  There's too much money out there chasing yield for Mortgage rates to rise.
 
USCTrojanCPA said:
eyephone said:
Have you been following the financial news? They are talking about a rate hike.

Ummm, they raised interest rates in Dec and mortgage rates are down from then.  The Fed controls short term interest rates, mortgage rates are based upon long term interest rates so what the Fed does may or may not effect mortgage rates one way or another.

There are so many factors. (election, jobs, economy)
 
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