Author Topic: Where the market is - Buyer Offers  (Read 48977 times)

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Offline USCTrojanCPA

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Re: Where the market is - Buyer Offers
« Reply #30 on: March 25, 2021, 01:58:39 PM »
The majority of buyers are age 22-40. I would love to see metrics of income for OC. The nationwide metrics specify that households are earning 100-113k. But that doesn't seem realistic with California prices.

Even if the stats say people aren't earning as much in the OC, if family/parents/overseas $ help with huge down payments, they don't need to make as much to cover the monthly payments.

It is futile to go with those average numbers. I am sure you all know/have seen a desk receptionist (or equivalent) driving off in a shiny BMW, and a high earner pinching every $ and dime he/she can, even if it is embarrasing at times..

Buying home has a lot to do with risk tolerance, spending habits etc. Income level is just a loose barrier.

Irvine is a bit different that most buyers there tend to be conservative and underbuy...when they can afford a $1.5m+ home they are looking around $1m.  I see people streching a bit more outside of Irvine.
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Offline akkord

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Re: Where the market is - Buyer Offers
« Reply #31 on: March 25, 2021, 02:15:40 PM »
The majority of buyers are age 22-40. I would love to see metrics of income for OC. The nationwide metrics specify that households are earning 100-113k. But that doesn't seem realistic with California prices.

Even if the stats say people aren't earning as much in the OC, if family/parents/overseas $ help with huge down payments, they don't need to make as much to cover the monthly payments.

It is futile to go with those average numbers. I am sure you all know/have seen a desk receptionist (or equivalent) driving off in a shiny BMW, and a high earner pinching every $ and dime he/she can, even if it is embarrasing at times..

Buying home has a lot to do with risk tolerance, spending habits etc. Income level is just a loose barrier.

Irvine is a bit different that most buyers there tend to be conservative and underbuy...when they can afford a $1.5m+ home they are looking around $1m.  I see people streching a bit more outside of Irvine.

That's b/c the stretch in Irvine is a lot more than elsewhere.  Bids of 100k+ over ask isn't chump change for the majority of people.  Whereas stretching 20-30k is fine elsewhere.  Must be nice to be a seller now. 

Offline sleepy5136

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Re: Where the market is - Buyer Offers
« Reply #32 on: March 25, 2021, 02:45:52 PM »
The majority of buyers are age 22-40. I would love to see metrics of income for OC. The nationwide metrics specify that households are earning 100-113k. But that doesn't seem realistic with California prices.

Even if the stats say people aren't earning as much in the OC, if family/parents/overseas $ help with huge down payments, they don't need to make as much to cover the monthly payments.

It is futile to go with those average numbers. I am sure you all know/have seen a desk receptionist (or equivalent) driving off in a shiny BMW, and a high earner pinching every $ and dime he/she can, even if it is embarrasing at times..

Buying home has a lot to do with risk tolerance, spending habits etc. Income level is just a loose barrier.

Irvine is a bit different that most buyers there tend to be conservative and underbuy...when they can afford a $1.5m+ home they are looking around $1m.  I see people streching a bit more outside of Irvine.
I bought in Lake Forest and qualified for 1m. Bought a 730k home instead :)

Offline crownedking

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Re: Where the market is - Buyer Offers
« Reply #33 on: March 25, 2021, 07:57:34 PM »
I'm curious to know what type of jobs does everyone here have where you can afford a multi-million dollar home.

It's family $ and overseas China FCB $ ...   I'm sure there are families where both earners are doctors, lawyers, small business owners, in finance (PMs, senior mgmt), engineers/programmers, or a combination of any of those.  I'm sure there are niche jobs that make a lot of $ too.   I'm poor thinking about it now.

I remember someone who submitted their app on our rental, they made ~$170k as mid lvl mgmt at the Taco Bell, that's just one of them.
The majority of buyers are age 22-40. I would love to see metrics of income for OC. The nationwide metrics specify that households are earning 100-113k. But that doesn't seem realistic with California prices.

Im 25 and just hit 6 figures at work, but still finding it impossible to find a property. Im single (so not dual income), maybe thats why? It feels like I'm going in circles; can't find a partner while living with my parents, but can't afford a reasonable house without a dual income  :-\

Offline Cares

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Re: Where the market is - Buyer Offers
« Reply #34 on: March 25, 2021, 08:37:20 PM »
I'm curious to know what type of jobs does everyone here have where you can afford a multi-million dollar home.

It's family $ and overseas China FCB $ ...   I'm sure there are families where both earners are doctors, lawyers, small business owners, in finance (PMs, senior mgmt), engineers/programmers, or a combination of any of those.  I'm sure there are niche jobs that make a lot of $ too.   I'm poor thinking about it now.

I remember someone who submitted their app on our rental, they made ~$170k as mid lvl mgmt at the Taco Bell, that's just one of them.
The majority of buyers are age 22-40. I would love to see metrics of income for OC. The nationwide metrics specify that households are earning 100-113k. But that doesn't seem realistic with California prices.

Im 25 and just hit 6 figures at work, but still finding it impossible to find a property. Im single (so not dual income), maybe thats why? It feels like I'm going in circles; can't find a partner while living with my parents, but can't afford a reasonable house without a dual income  :-\

If your future partner looks down on you for being financially sensible then they wouldn't be a good partner in my opinion. Why would living with parents while saving to purchase a home be a negative thing? It shouldn't.

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Offline sleepy5136

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Re: Where the market is - Buyer Offers
« Reply #35 on: March 25, 2021, 09:43:51 PM »
I'm curious to know what type of jobs does everyone here have where you can afford a multi-million dollar home.

It's family $ and overseas China FCB $ ...   I'm sure there are families where both earners are doctors, lawyers, small business owners, in finance (PMs, senior mgmt), engineers/programmers, or a combination of any of those.  I'm sure there are niche jobs that make a lot of $ too.   I'm poor thinking about it now.

I remember someone who submitted their app on our rental, they made ~$170k as mid lvl mgmt at the Taco Bell, that's just one of them.
The majority of buyers are age 22-40. I would love to see metrics of income for OC. The nationwide metrics specify that households are earning 100-113k. But that doesn't seem realistic with California prices.

Im 25 and just hit 6 figures at work, but still finding it impossible to find a property. Im single (so not dual income), maybe thats why? It feels like I'm going in circles; can't find a partner while living with my parents, but can't afford a reasonable house without a dual income  :-\
You could probably get a place for 500k-600k I would think. But it wouldn't be the prettiest place. May need some renovations too. Do you put your money to work or do you let it sit in the bank? It makes a huge difference.

Offline talkirvine

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Re: Where the market is - Buyer Offers
« Reply #36 on: March 25, 2021, 09:55:30 PM »
Salary increases dramatically in the past 5 years. The 9 month salary for a fresh finance/accounting assistant professor in the UC system has increased from 200k to 300k.

Offline Cornflakes

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Re: Where the market is - Buyer Offers
« Reply #37 on: March 25, 2021, 10:06:38 PM »
Salary increases dramatically in the past 5 years. The 9 month salary for a fresh finance/accounting assistant professor in the UC system has increased from 200k to 300k.

I highly doubt it.

There could be a miniscule % of tentured professors making tha kind of salary, but fresh guy? nO way.

UC salaries are public. should be fairly easy to search.

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Online qwerty

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Re: Where the market is - Buyer Offers
« Reply #38 on: March 25, 2021, 10:08:47 PM »
Salary increases dramatically in the past 5 years. The 9 month salary for a fresh finance/accounting assistant professor in the UC system has increased from 200k to 300k.

I highly doubt it.

There could be a miniscule % of tentured professors making tha kind of salary, but fresh guy? nO way.

UC salaries are public. should be fairly easy to search.

Yeah that seems way off

Offline best_potsticker_in_town

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Re: Where the market is - Buyer Offers
« Reply #39 on: March 25, 2021, 10:38:17 PM »
I'm curious to know what type of jobs does everyone here have where you can afford a multi-million dollar home.

It's family $ and overseas China FCB $ ...   I'm sure there are families where both earners are doctors, lawyers, small business owners, in finance (PMs, senior mgmt), engineers/programmers, or a combination of any of those.  I'm sure there are niche jobs that make a lot of $ too.   I'm poor thinking about it now.

I remember someone who submitted their app on our rental, they made ~$170k as mid lvl mgmt at the Taco Bell, that's just one of them.
The majority of buyers are age 22-40. I would love to see metrics of income for OC. The nationwide metrics specify that households are earning 100-113k. But that doesn't seem realistic with California prices.

Im 25 and just hit 6 figures at work, but still finding it impossible to find a property. Im single (so not dual income), maybe thats why? It feels like I'm going in circles; can't find a partner while living with my parents, but can't afford a reasonable house without a dual income  :-\

I was there before. Timing is everything and your time will come.

I happened to buy my first property at 25. It was a Bay Area condo that was built in 2010 - they were unable to sell the units so they rented them out. When the market got healthier, they started to sell the condos as leases expired. I was able to buy a 2-bd unit for $495,000. Lived there for a few years - unable to find a compatible partner and just living the ups/downs of single life. I eventually sold the unit and flipped a nice profit. Moved down to Irvine and bought a brand new condo in Eastwood. Dated a bit and was married within 2 years and had a kid a year later. With our dual income, we were able to buy a nice place here in Irvine that we both love.

My suggestions:

1. Save your money and don't be afraid to take safe risks. If you've saved up 20% - I say go for it and buy a place. If you haven't hit that threshold, save a little more. Get a cheaper condo here in OC and build some equity. Maybe something like this: https://www.redfin.com/CA/Tustin/1722-Mitchell-Ave-92780/unit-179/home/4617570
2. Invest in yourself - whether it's educational courses, self-improvement books, living a healthier lifestyle...whatever it is, utilize this time to groom healthy habits that will help you sustain yourself once you do find a partner and settle down.
3. Set short and long-term goals and milestones in your career and personal life and work towards those. Keep a journal - it's often the journey that's more enjoyable than the actual reward.
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Offline talkirvine

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Re: Where the market is - Buyer Offers
« Reply #40 on: March 25, 2021, 11:36:19 PM »
Salary increases dramatically in the past 5 years. The 9 month salary for a fresh finance/accounting assistant professor in the UC system has increased from 200k to 300k.

I highly doubt it.

There could be a miniscule % of tentured professors making tha kind of salary, but fresh guy? nO way.

UC salaries are public. should be fairly easy to search.

https://calsalaries.com/ben-lourie-5709687

He was hired in 2015. UC system pays more for more recent hires just to keep competitive on the job market.

Offline crownedking

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Re: Where the market is - Buyer Offers
« Reply #41 on: March 26, 2021, 12:29:44 AM »
I'm curious to know what type of jobs does everyone here have where you can afford a multi-million dollar home.

It's family $ and overseas China FCB $ ...   I'm sure there are families where both earners are doctors, lawyers, small business owners, in finance (PMs, senior mgmt), engineers/programmers, or a combination of any of those.  I'm sure there are niche jobs that make a lot of $ too.   I'm poor thinking about it now.

I remember someone who submitted their app on our rental, they made ~$170k as mid lvl mgmt at the Taco Bell, that's just one of them.
The majority of buyers are age 22-40. I would love to see metrics of income for OC. The nationwide metrics specify that households are earning 100-113k. But that doesn't seem realistic with California prices.

Im 25 and just hit 6 figures at work, but still finding it impossible to find a property. Im single (so not dual income), maybe thats why? It feels like I'm going in circles; can't find a partner while living with my parents, but can't afford a reasonable house without a dual income  :-\

If your future partner looks down on you for being financially sensible then they wouldn't be a good partner in my opinion. Why would living with parents while saving to purchase a home be a negative thing? It shouldn't.

I should have added that I'm a guy. Typically thats the attitude you can expect in the OC dating scene ;D haha
It somewhat makes sense to me though; you've got teenagers driving down Jamboree in Lamborghinis, why would a girl be interested in a 25yr old guy living at home haha. My friends that still live with their parents have had the same experience...

Offline HMart

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Re: Where the market is - Buyer Offers
« Reply #42 on: March 26, 2021, 11:35:18 AM »
I should have added that I'm a guy. Typically thats the attitude you can expect in the OC dating scene ;D haha
It somewhat makes sense to me though; you've got teenagers driving down Jamboree in Lamborghinis, why would a girl be interested in a 25yr old guy living at home haha. My friends that still live with their parents have had the same experience...

Literally everyone I knew in my 20s rented an apartment. As long as you're not doing something dumb like renting a $4k amenity building unit, you should be fine.

Honestly, I went on a shitton of dates while still living in a jr 1bd apt in Irvine and driving a Honda Accord just fine. I definitely was making less money than you. Right before I met my future wife, I was online dating like crazy, like 6+ dates/wk.

I think you gotta ignore all this conspicuous consumption.

If you are really fixated on buying a home, you should consider a smaller property in the area (e.g. Keller Dr in Tustin Ranch) or moving to a lower cost area.

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Offline Cornflakes

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Re: Where the market is - Buyer Offers
« Reply #43 on: March 26, 2021, 12:02:38 PM »
If I am a 25 yr old, making decent $, and facing financing hurdles with lenders because of a single income, this is what I'd do:

Have my parents help me with a down payment large enough that brings my DTIs to a desirable level. Give the parents their money back eventually or have their name as % owner on the title of the home.

Alternatively, get an FHA loan with lower down payment. When numbers improve in 2-3-5 years, refi out of it. Small price to pay but who know you get much more value out of owning and living in your own place than paying few more $ for an expensive loan.

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Offline USCTrojanCPA

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Re: Where the market is - Buyer Offers
« Reply #44 on: March 26, 2021, 09:15:53 PM »
I should have added that I'm a guy. Typically thats the attitude you can expect in the OC dating scene ;D haha
It somewhat makes sense to me though; you've got teenagers driving down Jamboree in Lamborghinis, why would a girl be interested in a 25yr old guy living at home haha. My friends that still live with their parents have had the same experience...

Literally everyone I knew in my 20s rented an apartment. As long as you're not doing something dumb like renting a $4k amenity building unit, you should be fine.

Honestly, I went on a shitton of dates while still living in a jr 1bd apt in Irvine and driving a Honda Accord just fine. I definitely was making less money than you. Right before I met my future wife, I was online dating like crazy, like 6+ dates/wk.

I think you gotta ignore all this conspicuous consumption.

If you are really fixated on buying a home, you should consider a smaller property in the area (e.g. Keller Dr in Tustin Ranch) or moving to a lower cost area.

Went on 6 dates per week?  Dang, you were really working it online.  haha
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