Author Topic: Observations from the front lines of the Irvine housing market…  (Read 136650 times)

moc and 5 Guests are viewing this topic.

Offline bones

  • Certified Irvine Addict
  • ****
  • Thanks
  • -Given: 196
  • -Received: 1099
  • Posts: 4481
Re: Observations from the front lines of the Irvine housing market…
« Reply #555 on: February 13, 2020, 04:37:41 PM »
Yeah, so now they're offering 10% down and they might slowly decrease that required amount to eventually 0 down? Who knows? While I think it's a good opportunity for some, it might also be a possibility that could start to get shaky.

There are no more "signature only" loans, all loans are fully underwritten including sourcing ALL deposits (even $1) and search for unrecorded debts by reviewing all payments going out from your bank/brokerage account statements.

Yup. In the midst of an (unplanned) refi and didn’t season the accounts 60 days so I’m in the midst of “explain this deposit” emails. Not fun.

Offline Irvinehomeseeker

  • Yearning for 949 / 714
  • **
  • Thanks
  • -Given: 38
  • -Received: 26
  • Posts: 226
Re: Observations from the front lines of the Irvine housing market…
« Reply #556 on: February 13, 2020, 05:27:14 PM »
With Cashcall and owning Refinances, I didn't have to explain deposits.

Offline bones

  • Certified Irvine Addict
  • ****
  • Thanks
  • -Given: 196
  • -Received: 1099
  • Posts: 4481
Re: Observations from the front lines of the Irvine housing market…
« Reply #557 on: February 13, 2020, 07:12:53 PM »
With Cashcall and owning Refinances, I didn't have to explain deposits.

Does Cashcall or Owning do ARM loans?

Offline Mety

  • Certified Irvine Addict
  • ****
  • Thanks
  • -Given: 148
  • -Received: 172
  • Posts: 1675
Re: Observations from the front lines of the Irvine housing market…
« Reply #558 on: February 14, 2020, 09:29:44 AM »
See? We already are starting to have these "too-easy-to-get" loans.

Offline Mety

  • Certified Irvine Addict
  • ****
  • Thanks
  • -Given: 148
  • -Received: 172
  • Posts: 1675
Re: Observations from the front lines of the Irvine housing market…
« Reply #559 on: February 14, 2020, 02:03:31 PM »
With Cashcall and owning Refinances, I didn't have to explain deposits.

As soon as Cashcall or owning.com start to offer 0 downpayment, you know where we're headed to.

Offline Dodgerinoc

  • Newbie
  • Thanks
  • -Given: 3
  • -Received: 1
  • Posts: 4
Hey guys. I’m completely new to this forum. But I’m not from Irvine but am looking to move here and buy a home here (first time buyer btw). I was wondering if you guys could give me some advice on when would be a good time to buy? A friend of mine told me to wait until the end of the year and even into next year. I know no one here can see the future but I’d appreciate any advice you guys have. Thanks. And please bear with me this is also my very first post. Thanks guys

Welcome to TI, there's a lot of great information on here for you to help you research more on your home purchase. I've predicted that this year will probably be flat but I think we might get a soft patch in the middle of the year as we head into the election as some buyers may pull back to wait and see who will be elected (the same thing happened in 2016).  After the 2016 election, both the stock market and the housing market increased well into 2018.  I would recommend that you start going around some open houses to check out floor plans and neighbors that you may be interested in to start narrowing down the type of home/s and location/s that you'll be most interested in buying. As you get closer to purchasing a home, start working with a lender to find out what your buying power is.  That being said, I would only buy if you plan on owning the property for at least 5+ years as no one knows where the market will go but beyond that it's safe to assume that prices will be higher than they are today.  If you would like any other input on the market or copies of floor plans that have sold, feel free to email or PM me. 

Btw, are you a Dodgers fan?

First off thanks for the input. I appreciate it. And yes I’m a life long Dodgers fan.

Offline Dodgerinoc

  • Newbie
  • Thanks
  • -Given: 3
  • -Received: 1
  • Posts: 4
@DodgerinOC - Welcome on-board.

Although I can't stand the realtor phrase "it's always a good time to buy".... sometimes it is. If you're looking for a solid neighborhood, good schools, and an easier commute, price and ROI aren't really major issue, right? Yes, everyone wants to see some return on capital, but by waiting for the right ROI you may miss the right property. If you've got ROI as a trigger point to buy, rest assured there are hundreds of other buyers at that same point in the purchase process. Should the absolute perfect home come up at a low price, will your bid be the winning one? Not always when dozens of other buyers leap in at the same time. 

If a solid 85-90 percent of your "must have's" can be found in a property the time to buy is now. I subscribe to the "Ecclesiastes 11:4" view of home buying: To paraphrase "If you wait for perfect conditions, you will never get anything done."

Still not sure about leaping in? At minimum getting a rental home in Irvine may be a wise first step. Sometimes planned communities are not for everyone, even though they might seem like it at the time. A sense of place helps narrow down where exactly you might want to convert cash into equity. If you rent for a year, you can still buy 6-8 months into your lease. In many ways it's nice to have a few months between properties, giving enough time for you to patch, upgrade, and improve your new home while still renting. Ask anyone who bought then remodeled while still living in the home. (blegh is an oft heard descriptor from those who stay in their home during a big fix up)

Engaging a solid Realtor is important. Getting your financing squared away is another. So many purchases collapse not because of the property, but because the strength of the Realtor and ability to get financing were put into play well after deposit money has been laid out. Don't be that buyer.

It's for all intents and purposes a giant leap of faith to make an investment of this size. There are an equal number of cheerleaders and naysayers trying to bend your ear on the subject. Read up - as you've done here - and be ready to make an informed decision, The right property will come to you within that period of preparation. Good luck with your home finding!

My .02c

Thanks I appreciate  the help. I do have some neighborhoods that I prefer but am looking and open to just about anywhere in Irvine. I appreciate this forum for all the great information available here and will definitely read up and try to get as much information anywhere I can.

Offline Dodgerinoc

  • Newbie
  • Thanks
  • -Given: 3
  • -Received: 1
  • Posts: 4
Hey guys. I’m completely new to this forum. But I’m not from Irvine but am looking to move here and buy a home here (first time buyer btw). I was wondering if you guys could give me some advice on when would be a good time to buy? A friend of mine told me to wait until the end of the year and even into next year. I know no one here can see the future but I’d appreciate any advice you guys have. Thanks. And please bear with me this is also my very first post. Thanks guys

TalkIrvine's very own genius member, eyephone suggests you wait along with financial experts, Liar Loan and Panda. But also at the same time, Irvine's trustful resident, irvinehomewowner says you should buy if you're going to stay a long time there (more than 5-10 years) and so does Irvine's expert realtor USCTrojanCPA say the same. I would suggest if you're going to buy here in OC, you should definitely buy in Irvine. If you want to rent a year or so, that would also be a very nice experience of how you like this city.

I suggest you buy/rent in newer areas like Eastwood, Orchard Hills, Stonegate, Portola Springs, etc. Please note though, those newer areas have Mello-Roos taxes which your realtor should explain to you about. If you don't want to deal with those, there are villages like Northwood, Westpark, and University Park. Woodbury, Northpark, and Quail Hill are also somewhat new, not too old, but floor plans here are not as modern. The villages themselves are very nice though. If you want to explore original Irvine, Woodbridge and Turtle Rock are the places to be. They're built in 70s though so you might have to deal with some maintenance of the home. If you hate HOAs and Mello-Roos or that Irvine feel, El Camino Real is for real. If you're into super trendy stuff, check out Great Park. There are like 7 parks villages they're still building out. There are also some hazardous history about this city which your realtor also should warn you about if you ask. If they don't know what you're talking about when you ask, find another realtor.

If you're super rich, look no further than Shady Canyon, Hidden Canyon, or Turtle Ridge. You'll be satisfied.

Thanks for the reply. I do have certain areas which I prefer.  I personally am trying to stay away from the places with higher hoa’s and mella rooses. Also thanks to the forum I did read up on the landfill and the communities adjacent to it.  I think my realtor is awesome. She’s very well informed and very patient with me.  My realtor did tell me about the landfill when I was looking at places in portola springs. That’s actually what brought me to this forum, while searching for more information about it I stumbled across the forum and glad I did.

Offline irvinehomeowner

  • The Unicorn Hunter
  • Certified Irvine Addict
  • ****
  • Thanks
  • -Given: 2215
  • -Received: 3599
  • Posts: 20921
  • 3CWG
Just look out for fake news and unexplained data.

:)
Once you go 3-car garage... your junk can never go back.
3CWG: 3-Car Wide Garage
FCB: Foreign Cash Buyer
I recommend:
www.irvinerealtorsite.com
member: Soylent Green Is People (loans/refis)

Offline eyephone

  • Certified Irvine Addict
  • ****
  • Thanks
  • -Given: 356
  • -Received: 619
  • Posts: 11270
No hoax.

 

Talk Irvine Links

[Recent Posts]
[FAQ / Rules]

Site Supporters



Related Links

Recent Posts

SimplePortal 2.3.5 © 2008-2012, SimplePortal