HOMES REDUCED PRICE

[eyephone]

The new tax law will hurt a lot of people regarding relying on the real estate deductions. (As I previously stated)
People be like man housing is expensive with high taxes and you are telling me I can’t deduct it. (F’ it, I’m selling)

It’s called the eyephone effect. Lol

Since you believe you have been correctin the past,What is your prediction, % wise?

I guess I was previously correct. The music is slowing down.

 

[Jantoven]

I wouldn’t put too much stock into some price drops for overpriced housing.  Things are a bit slower now than a few months ago, but I feel that is somewhat normal - spring usually seems to have a more rapid selling pace than mid-summer.

 

[Ready2Downsize]

The new tax law will hurt a lot of people regarding relying on the real estate deductions. (As I previously stated)
People be like man housing is expensive with high taxes and you are telling me I can’t deduct it. (F’ it, I’m selling)

It’s called the eyephone effect. Lol

Since you believe you have been correctin the past,What is your prediction, % wise?

I guess I was previously correct. The music is slowing down.

So these people who would be selling because they can't afford their houses due to reduced deductions will just notice this when they fill out their tax forms next year and we should see a large number of homes entering the market at that time?


OTOH, investment expenses are deductible so maybe the real smart ones were the ones who bought investment properties. Think they will say omg...………… I better sell because um no one will want to rent (the other sellers who can't afford their houses will just go poof I guess so no up in demand there) and they're upset because...…….. well it's not because they can't deduct their property taxes cuz they can and it's not because they can't deduct their interest because they can and it's not because they can't deduct their HOA dues and insurance because...…………. they can...…… up till their rent which of course won't go up because the previous sellers have all gone poof.


But if somehow those sellers who suddenly all found out their stuff is too expensive for their pocketbook, did become renters, then the rents go up and suddenly their houses don't look all that bad.


Only ones on shaky ground are those who can't afford their houses without a tax subsidy and they shouldn't have bought something that expensive anyway. You can never depend on the government to keep the rules the same.

 

[eyephone]

The new tax law will hurt a lot of people regarding relying on the real estate deductions. (As I previously stated)
People be like man housing is expensive with high taxes and you are telling me I can’t deduct it. (F’ it, I’m selling)

It’s called the eyephone effect. Lol

Since you believe you have been correctin the past,What is your prediction, % wise?

I guess I was previously correct. The music is slowing down.

So these people who would be selling because they can't afford their houses due to reduced deductions will just notice this when they fill out their tax forms next year and we should see a large number of homes entering the market at that time?


OTOH, investment expenses are deductible so maybe the real smart ones were the ones who bought investment properties. Think they will say omg...………… I better sell because um no one will want to rent (the other sellers who can't afford their houses will just go poof I guess so no up in demand there) and they're upset because...…….. well it's not because they can't deduct their property taxes cuz they can and it's not because they can't deduct their interest because they can and it's not because they can't deduct their HOA dues and insurance because...…………. they can...…… up till their rent which of course won't go up because the previous sellers have all gone poof.

Believe it or not. There are people out there that didn’t even know the tax code changed.

Also, 78% of Americans live paycheck to paycheck. So I assume there will be people not saving for their income tax.
(Reasonable assumption)

 

[fortune11]

eyephone is correct that most people are not paying attention till they actually file taxes.  also that most people live their financial lives a bit too close to the edge. 

but where I differ is the price setting mechanism in Irvine -- it is the marginal buyer that matters -- in this case FCB, young couple w dual income and kids or no kids, local supply of good paying jobs etc.

this is why looking at average salaries in a given zipcode and extrapolating to home prices has been a bad strategy in the past and people who applied that to coastal los angeles and also Newport beach, missed out of some really great bargains

not saying that Irvine is a bargain - but always look at where the next buyer is coming from , not the average household 

 

[the.irvine]

The new tax law will hurt a lot of people regarding relying on the real estate deductions. (As I previously stated)
People be like man housing is expensive with high taxes and you are telling me I can’t deduct it. (F’ it, I’m selling)

It’s called the eyephone effect. Lol

Since you believe you have been correctin the past,What is your prediction, % wise?

I guess I was previously correct. The music is slowing down.

So these people who would be selling because they can't afford their houses due to reduced deductions will just notice this when they fill out their tax forms next year and we should see a large number of homes entering the market at that time?


OTOH, investment expenses are deductible so maybe the real smart ones were the ones who bought investment properties. Think they will say omg...………… I better sell because um no one will want to rent (the other sellers who can't afford their houses will just go poof I guess so no up in demand there) and they're upset because...…….. well it's not because they can't deduct their property taxes cuz they can and it's not because they can't deduct their interest because they can and it's not because they can't deduct their HOA dues and insurance because...…………. they can...…… up till their rent which of course won't go up because the previous sellers have all gone poof.

Believe it or not. There are people out there that didn’t even know the tax code changed.

Also, 78% of Americans live paycheck to paycheck. So I assume there will be people not saving for their income tax.
(Reasonable assumption)

I believe on this theory too, but on opposite side this could make renting more expensive, which already is in Irvine. This may present perfect opportunity for investors to buy a place, and rent it out. I am looking at renting at SFH 4Bed+, and guess what there is hardly anything decent available under $4500 per month.

 

[irvineband]

i’m really pissed i didn’t sell just before the downturn in 1981-2.
https://fred.stlouisfed.org/series/MSPNHSUS

 

[AnteaterGoogler]

The new tax law will hurt a lot of people regarding relying on the real estate deductions. (As I previously stated)
People be like man housing is expensive with high taxes and you are telling me I can’t deduct it. (F’ it, I’m selling)

It’s called the eyephone effect. Lol

Since you believe you have been correctin the past,What is your prediction, % wise?

I guess I was previously correct. The music is slowing down.

So these people who would be selling because they can't afford their houses due to reduced deductions will just notice this when they fill out their tax forms next year and we should see a large number of homes entering the market at that time?


OTOH, investment expenses are deductible so maybe the real smart ones were the ones who bought investment properties. Think they will say omg...………… I better sell because um no one will want to rent (the other sellers who can't afford their houses will just go poof I guess so no up in demand there) and they're upset because...…….. well it's not because they can't deduct their property taxes cuz they can and it's not because they can't deduct their interest because they can and it's not because they can't deduct their HOA dues and insurance because...…………. they can...…… up till their rent which of course won't go up because the previous sellers have all gone poof.

Believe it or not. There are people out there that didn’t even know the tax code changed.

Also, 78% of Americans live paycheck to paycheck. So I assume there will be people not saving for their income tax.
(Reasonable assumption)

I believe on this theory too, but on opposite side this could make renting more expensive, which already is in Irvine. This may present perfect opportunity for investors to buy a place, and rent it out. I am looking at renting at SFH 4Bed+, and guess what there is hardly anything decent available under $4500 per month.

oh? I thought 4bed+ for $4500 per month should not be hard to get in Irvine. Which Irvine area are you looking for?

 

[shadyoc]

My friend who told me NOT to buy in Irvine back in 2011 bought this one.  Look at the resale.

https://www.redfin.com/CA/Los-Altos/734-S-El-Monte-Ave-94022/home/673247?utm_source=ios_share&utm_medium=share&utm_campaign=copy_link&utm_nooverride=1&utm_content=link



I should have listened.

 

[OCLuvr]

Were you in Bay Area?

 

[iacrenter]

My friend who told me NOT to buy in Irvine back in 2011 bought this one.  Look at the resale.

https://www.redfin.com/CA/Los-Altos/734-S-El-Monte-Ave-94022/home/673247?utm_source=ios_share&utm_medium=share&utm_campaign=copy_link&utm_nooverride=1&utm_content=link



I should have listened.

Will that be a tear down?

 

[shadyoc]

Were you in Bay Area?

We were.  I thought Irvine would be a better quality of life.  Good schools, safe city, clean.  Did I miss out on opportunities!!!!!!!

 

[Mety]

My friend who told me NOT to buy in Irvine back in 2011 bought this one.  Look at the resale.

https://www.redfin.com/CA/Los-Altos/734-S-El-Monte-Ave-94022/home/673247?utm_source=ios_share&utm_medium=share&utm_campaign=copy_link&utm_nooverride=1&utm_content=link



I should have listened.

Did you buy 2011 in Irvine?
Then you didn't miss anything.

 

[Lallo]

Things are slowing down in my neck of the woods but I’m in the suburbs. Anything near 700k takes longer to sell and are seeing more and more price reductions. We started the year out strong but it suddenly changed. Will it continue?  Who knows...

 

[Mety]

Things are slowing down in my neck of the woods but I’m in the suburbs. Anything near 700k takes longer to sell and are seeing more and more price reductions. We started the year out strong but it suddenly changed. Will it continue?  Who knows...

But remember, Irvine is a little special place according to many people here.

 

[Mety]

Things are slowing down in my neck of the woods but I’m in the suburbs. Anything near 700k takes longer to sell and are seeing more and more price reductions. We started the year out strong but it suddenly changed. Will it continue?  Who knows...

But remember, Irvine is a little special place according to many people here.

More than $25,000 price reduction in just 2 weeks?https://www.redfin.com/CA/Irvine/222-Overbrook-92620/home/51681381

Man, this is doing some competition by the price reduction with others nearby like,https://www.redfin.com/CA/Irvine/256-Kempton-92620/home/58557490https://www.redfin.com/CA/Irvine/83-Fairfax-92620/home/58557462

 

[Mety]

Just how low is enough to get them sold? These kept reducing prices like $50,000!
https://www.redfin.com/CA/Irvine/70-Kestrel-92618/home/143914995https://www.redfin.com/CA/Irvine/79-Kestrel-92618/home/143914985

 

[ThirtySomethingWEquity]

Just how low is enough to get them sold? These kept reducing prices like $50,000!
https://www.redfin.com/CA/Irvine/70-Kestrel-92618/home/143914995https://www.redfin.com/CA/Irvine/79-Kestrel-92618/home/143914985

It's three story.  You'd have to pay me to live there.  It's trash.  Irvine definitely has trash products, those dropping like rocks do not indicate how the properties people actually want to live in will do.  Look at the great park, plenty of trash there that will soon be a fire sale.  Similar to how there will soon be a fire sale for all those 2 million + properties.  Doesn't affect nice SFR or detached condos with good floorpans.

 

[Mety]

Just how low is enough to get them sold? These kept reducing prices like $50,000!
https://www.redfin.com/CA/Irvine/70-Kestrel-92618/home/143914995https://www.redfin.com/CA/Irvine/79-Kestrel-92618/home/143914985

It's three story.  You'd have to pay me to live there.  It's trash.  Irvine definitely has trash products, those dropping like rocks do not indicate how the properties people actually want to live in will do.  Look at the great park, plenty of trash there that will soon be a fire sale.  Similar to how there will soon be a fire sale for all those 2 million + properties.  Doesn't affect nice SFR or detached condos with good floorpans.

By fire sale, do you mean they will be selling well?
BTW, one of those links is 2 stories home. Detached.

 

[Mety]

Things are slowing down in my neck of the woods but I’m in the suburbs. Anything near 700k takes longer to sell and are seeing more and more price reductions. We started the year out strong but it suddenly changed. Will it continue?  Who knows...

But remember, Irvine is a little special place according to many people here.

More than $25,000 price reduction in just 2 weeks?https://www.redfin.com/CA/Irvine/222-Overbrook-92620/home/51681381

Man, this is doing some competition by the price reduction with others nearby like,https://www.redfin.com/CA/Irvine/256-Kempton-92620/home/58557490https://www.redfin.com/CA/Irvine/83-Fairfax-92620/home/58557462

Impressive. Those listings got buyers right after I posted here except that last one.
Hope this thread was in any help promoting those.