Hello Fellow Irvinians (if there's anything like that):
I would like to know from the senior-experienced members on this forum about the speculations that we will see a 20% drop in prices in the next 2 years (say by Dec 2018). Considering the infamous 7 year high & low cycle, will we ever be closer to the infamous 2011 drops? Based on my research, the southern california (orange county) market was only hit 20-25% even in the worst times of 2011 when entire housing collapsed.
Since it will be my second home purchase in Irvine, i have to strategize and focus on :
1. Sell foreign property to pump in the 20% down payment of 900k = $180k
2. Speculations dictate that interest rates will be upto 5% by 2019: i don't have the magic ball
3. New speculations are there about removing the tax break allowed to Californians who own a 2nd home, 31k people used it last year, i am not sure what is the future there as the golden welfare state now wants to house the homeless at the expense of hard working middle class.
4. I have had my big share of lessons learnt in my 1st condo purchase, so trying to learn from them as well as do much better this time.
5. From a tax-perspective, what are some of the key areas i need to focus on? Just paid a heavy yearly tax bill of nearly $9000 --> so not sure how much will Uncle sam give back to me (other than that i will deduct all interest paid).
6. From a mortgage - lender perspective, other than maintaining a stable job (W2) and showing corporate profits, what else do i need to think of?
Thank You Folks
PS: Irvine may not be the end of the world for me but by 2019, i will have to think about family planning etc, so schools again becomes the priority and i love So CAL and after living in Irvine, not sure if i can go anywhere else other than Newport /Huntington/Laguna etc. i.e. basically close to the beach, but not sure how to buy a single family for <1 million.
I would like to know from the senior-experienced members on this forum about the speculations that we will see a 20% drop in prices in the next 2 years (say by Dec 2018). Considering the infamous 7 year high & low cycle, will we ever be closer to the infamous 2011 drops? Based on my research, the southern california (orange county) market was only hit 20-25% even in the worst times of 2011 when entire housing collapsed.
Since it will be my second home purchase in Irvine, i have to strategize and focus on :
1. Sell foreign property to pump in the 20% down payment of 900k = $180k
2. Speculations dictate that interest rates will be upto 5% by 2019: i don't have the magic ball
3. New speculations are there about removing the tax break allowed to Californians who own a 2nd home, 31k people used it last year, i am not sure what is the future there as the golden welfare state now wants to house the homeless at the expense of hard working middle class.
4. I have had my big share of lessons learnt in my 1st condo purchase, so trying to learn from them as well as do much better this time.
5. From a tax-perspective, what are some of the key areas i need to focus on? Just paid a heavy yearly tax bill of nearly $9000 --> so not sure how much will Uncle sam give back to me (other than that i will deduct all interest paid).
6. From a mortgage - lender perspective, other than maintaining a stable job (W2) and showing corporate profits, what else do i need to think of?
Thank You Folks
PS: Irvine may not be the end of the world for me but by 2019, i will have to think about family planning etc, so schools again becomes the priority and i love So CAL and after living in Irvine, not sure if i can go anywhere else other than Newport /Huntington/Laguna etc. i.e. basically close to the beach, but not sure how to buy a single family for <1 million.