usctrojancpa
Well-known member
Prices can't drop when there's little inventory on the market. As I always say, inventory levels will be a tell on where prices are going.
Poll: Irvine Housing Prediction June 2022
- Thread starter irvinehomeowner
- Start date
irvinehomeowner
Well-known member
Most of the poll answers were flat to losing 10%... if that Redfin chart is a good indicator... barring any significant drop... it looks like from June 2022 to June 2023, prices are up... close to 10%... is that right?
CalBears96
Well-known member
The drop happened from April 2022 to June 2022, and it continued trending downward everywhere else.
OC and some more affluence areas in LA county picked up beginning of the year, thanks to China opening up (and 11 states forbidding Chinese to buy), but not so in Riverside.
TestingIrvine
Active member
Liar Loan is like Jim Cramer……Always correct!!!
Time to sell all your assets! I love to hate Irivine even though I don’t live here!!!!
I also hate The City of Industry for some reason! Post with my on TalkCityOfIndustry.com and help me make those residents feel bad because I have no life!!!
Liar Loan
Well-known member
The failure to spot this obviously sarcastic post shows just how tense CareBears is about home prices. It makes sense.
He has expressed incredible disdain for his neighbors that rent the same exact model, but they likely pay about half of the monthly cost that CareBears does. And they don't have to focus on the month-to-month gyrations in home prices because they aren't at risk of losing anything.
I never told anybody to sell anything in 2021, but I did point out that there were bubbles brewing everywhere - classic cars, bitcoin, stocks, bonds, and real estate. My message was be cautious because eventually the good times would end.
It was not until 2022 that I started discouraging CareBears and R2D2 from buying homes because the market was clearly about to peak. They both chose to ignore my advice and they will have to live with the consequences, but according to CareBears the market in Irvine did peak in April 2022 -- only a couple months after I started discouraging him from buying. How's that for market timing?
TestingIrvine
Active member
Listen to Liar Loan you Irvine Peons!
I have always telling you Irvine minions to never buy! Why the heck would you buy in 2021 when interest rates were sub 3%???
Renting is 100% better than owning because you don’t have to water your lawn!!! Why do I care about Irvine if I live in Lake Forest? I don’t know!!!
Closure of OC brokerage that handled iconic home sales may be beginning of real estate shakeup
Half of Villa Real Estate’s agents have joined rival Coldwell Banker after the boutique firm announced its shutdown.
www.ocregister.com
This makes some sense - rich Chinese don’t want Newport or LagunaClosure of OC brokerage that handled iconic home sales may be beginning of real estate shakeup
Half of Villa Real Estate’s agents have joined rival Coldwell Banker after the boutique firm announced its shutdown.
sleepy5136
Well-known member
I thought it’s because of the mansion tax being applied in CA on homes 5m+?
irvinehomeowner
Well-known member
It's June... where's the bread?
irvinebullhousing
Well-known member
I am waiting for the crash to buy cheap, cheap nothing burgers. If rates peaks at 8% and homes flat in Irvine, what happen when FED cut rate, will we be back to pandemic buying mania?
There is a bidding war right now going on. Imagine rate fall below 5.
There is a bidding war right now going on. Imagine rate fall below 5.
usctrojancpa
Well-known member
Exactly, I can't image what the real estate market will do once rates go below 5%. LL has been really quiet lately.
TestingIrvine
Active member
How dare you speak abusivey of LL.
Just like a broken clock is correct twice a day, LL will eventually be correct!
usctrojancpa
Well-known member
There's no way we could have predicted that prices would be up about 5% from the end of the year but I know it took me by surprise. But as I've kept saying, inventory levels will be the tell of where pricing are going.
irvinehomeowner
Well-known member
It's actually June 22 to June 23.
Are we up, down or flat?
Are we up, down or flat?
usctrojancpa
Well-known member
As of the end of May we are only down about 2% from the peak pricing in Irvine and I expect that we'll be back to peak prices in the next 1-2 months given the low inventory levels.
usctrojancpa
Well-known member
The crash is not coming, you need 5x the inventory in order for prices to fall....I don't see it happening.
irvinehomeowner
Well-known member
So a year later... interest rates are at least 50% higher but home prices are not even close to 50% lower.
Who predicted rising interest rates would cause housing prices to drop dramatically?
Rates vs prices are never proportional... as I've always said... buy when you can afford and only if you can stay long term.
I think someone is 0fer... 2011/2012, 2018 and now 2022.
Who predicted rising interest rates would cause housing prices to drop dramatically?
Rates vs prices are never proportional... as I've always said... buy when you can afford and only if you can stay long term.
I think someone is 0fer... 2011/2012, 2018 and now 2022.
Higher interest rates might actually be causing lower inventories. It's best to just stay where you at since you would be paying more for the same home you bought couple years back since the price is pretty much the same with 2 or 3 times higher interest rates. Rent prices are also ridiculous so why even rent if you can pay less with bigger home you're currently in. If you got cash and just buy homes for fun, then this doesn't really apply, but I'm speaking from the majority of American home buyer/seller's position.