Housing Analysis

irvinehomeowner said:
eyephone said:
irvinehomeowner said:
eyephone said:
Buy because you need a place to stay is not a good reason to buy. A lot of people say that, but that?s the old way of thinking. You have to to be quick on your feet and pivot.
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So have you sold your house?

Don't just say it...
Click to expand...

I didn?t buy another one. (Almost but I vetoed it)
Click to expand...

But you still own your primary... you can't pivot in case coronazombies attack. :)

Do you mean you were going to buy a second home, or sell your first and buy another?

If you have the equity and can move up without increasing your monthly too much but end up in a bigger/nicer/newer/better located home... why not?
Click to expand...

We are moving up and set to close in a week.  It will be bigger/nicer/newer/better located than our current home.  Perhaps most importantly, it will have a 3CWG!  It is also a 1/2 mile from the water. 

At this price tier, there is some demand, but buyers have the luxury of waiting and being a little picky.  I didn't feel an overwhelming sense of urgency or that I was at risk of multiple offers coming in while we were deciding.  In fact, when we made our offer the seller's agent reached out to other interested parties to see if they wanted to bid and nobody took the bait.  We are using owning.com's discounted brokerage for this purchase, so our total buyer's commission is $4,000 with the rest being rebated back to us.  I will leave a full review when the transaction is complete.

We will be selling our existing home.  Priced right, I expect it won't take very long as there are only six houses for sale in our zip code, which is more of a mid-price area.  I'm also considering using Redfin's BuyNow program because they submitted a pretty competitive offer, so I have to decide how much discount that convenience would be worth to not clean or repair, and have a faster closing.  I also submitted our house for bids to Zillow's and Owning.com's home buying services, but neither of their offers were competitive enough to consider.

We are also selling a rental property in the desert of California.  These low rates have supercharged demand, and I've received three offers in the last two weeks, the most recent being for full listing price.  I listed it back in November even though I didn't expect much action over the holidays, just to see what would happen.  I did receive an offer early on, but it was a little too low and they weren't willing to budge.  Since then, I went for almost three months with zero action until these multiple offers came in over the past two weeks.  It shows that investors are getting off the sideline for the Spring season to take advantage of the drop in rates.

 
Congrats LL!!

Good thing you didn't listen to eyephone and got yourself a 3CWG. 1/2 mile from the water... I'm jealous... you probably have a large lot too. :)

Good luck in selling your other properties!
 
irvinehomeowner said:
Congrats LL!!

Good thing you didn't listen to eyephone and got yourself a 3CWG. 1/2 mile from the water... I'm jealous... you probably have a large lot too. :)

Good luck in selling your other properties!
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The lot size is 6,000 sqft, which is the same as our current place, but the larger footprint of the house makes for a smaller backyard.  At this point, our kids play and ride bikes in the front yard much more, so that was a sacrifice I was willing to make.  The 3CWG was not on our must haves list, but it was definitely something I was happy to have, if I could get it!

Mety said:
I though LL was forecasting the Armageddon in Irvine RE?
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Any price loss in Irvine is Armageddon.  It took many months of therapy for the posters here to admit it was happening.  Due to the busyness of the past couple of months, I haven't been paying attention to what is going on with Irvine real estate.  Looking at posts today, I noticed a thread on "discounts" for new builds.  That doesn't exactly inspire confidence.
 
Liar Loan said:
irvinehomeowner said:
eyephone said:
irvinehomeowner said:
eyephone said:
Buy because you need a place to stay is not a good reason to buy. A lot of people say that, but that?s the old way of thinking. You have to to be quick on your feet and pivot.
Click to expand...

So have you sold your house?

Don't just say it...
Click to expand...

I didn?t buy another one. (Almost but I vetoed it)
Click to expand...

But you still own your primary... you can't pivot in case coronazombies attack. :)

Do you mean you were going to buy a second home, or sell your first and buy another?

If you have the equity and can move up without increasing your monthly too much but end up in a bigger/nicer/newer/better located home... why not?
Click to expand...

We are moving up and set to close in a week.  It will be bigger/nicer/newer/better located than our current home.  Perhaps most importantly, it will have a 3CWG!  It is also a 1/2 mile from the water. 

At this price tier, there is some demand, but buyers have the luxury of waiting and being a little picky.  I didn't feel an overwhelming sense of urgency or that I was at risk of multiple offers coming in while we were deciding.  In fact, when we made our offer the seller's agent reached out to other interested parties to see if they wanted to bid and nobody took the bait.  We are using owning.com's discounted brokerage for this purchase, so our total buyer's commission is $4,000 with the rest being rebated back to us.  I will leave a full review when the transaction is complete.

We will be selling our existing home.  Priced right, I expect it won't take very long as there are only six houses for sale in our zip code, which is more of a mid-price area.  I'm also considering using Redfin's BuyNow program because they submitted a pretty competitive offer, so I have to decide how much discount that convenience would be worth to not clean or repair, and have a faster closing.  I also submitted our house for bids to Zillow's and Owning.com's home buying services, but neither of their offers were competitive enough to consider.

We are also selling a rental property in the desert of California.  These low rates have supercharged demand, and I've received three offers in the last two weeks, the most recent being for full listing price.  I listed it back in November even though I didn't expect much action over the holidays, just to see what would happen.  I did receive an offer early on, but it was a little too low and they weren't willing to budge.  Since then, I went for almost three months with zero action until these multiple offers came in over the past two weeks.  It shows that investors are getting off the sideline for the Spring season to take advantage of the drop in rates.
Click to expand...

Indeed congrats is in ordered.

Timing is great, you likely to get a very very attractive rate. Well played on the owning refunds, this is HUGE.

The location close to the water will always be desirable.

My wife and I always talk about buying beachy location when we retire. But it?s likely that when we do officially retire the beach might be too hip and too noisy for our taste, and not to mentioned the too high price by then.

Yeah, great move.

 
irvinehomeowner said:
Liar Loan said:
The 3CWG was not on our must haves list, but it was definitely something I was happy to have, if I could get it!
Click to expand...

You will never be able to live in a non-3CWG. :)
Click to expand...

My wife thinks a two car garage with driveway is as good as a 3 car garage with no driveway (our garage is ally loaded). She has no idea what she is talking about.
 
qwerty said:
irvinehomeowner said:
Liar Loan said:
The 3CWG was not on our must haves list, but it was definitely something I was happy to have, if I could get it!
Click to expand...

You will never be able to live in a non-3CWG. :)
Click to expand...

My wife thinks a two car garage with driveway is as good as a 3 car garage with no driveway (our garage is ally loaded). She has no idea what she is talking about.
Click to expand...

Time to find a new wife.
 
qwerty said:
irvinehomeowner said:
Liar Loan said:
The 3CWG was not on our must haves list, but it was definitely something I was happy to have, if I could get it!
Click to expand...

You will never be able to live in a non-3CWG. :)
Click to expand...

My wife thinks a two car garage with driveway is as good as a 3 car garage with no driveway (our garage is ally loaded). She has no idea what she is talking about.
Click to expand...

Tell her, the only way you'll upgrade the home is if the house has a 3-car garage with a full driveway.
 
So what the heck happened?

We had a pandemic, a Dow nosedive and then record highs, a "rigged" election, an almost coup, Tesla to the moon, failed im-peaches, lowest rates evah and now all the realtors are overbidding on homes.

Like I said... buy when you can afford it and forget trying to time greased lightning.

Where did meccos12 go?
 
irvinehomeowner said:
So what the heck happened?

We had a pandemic, a Dow nosedive and then record highs, a "rigged" election, an almost coup, Tesla to the moon, failed im-peaches, lowest rates evah and now all the realtors are overbidding on homes.

Like I said... buy when you can afford it and forget trying to time greased lightning.

Where did meccos12 go?
Click to expand...

Hah no response here.

So back when this thread started, people were predicting a "slow down" in pricing and recommending people not to buy.

Now with hindsight 20/20 technology... it seems like back then would have been a good time to buy because prices are outrageous right now.

Just goes to show that data can't always predict behavior and like I said... any time is a good time to buy as long as you can afford it and you can stay put for a while. In this case, you didn't even need to wait more than 2-3 years.

Irvine rules!
 
Miss Cleo was less wrong than others...sometimes you just wanna be the least shitty in a pile of shit.

As an example, the long beach ship pile up is causing a lot of back orders for my customers.  However, I have the least amount of backorders, since I ordered most of my parts 6 months ago.....so even though I don't have 100% in stock, I have more products in stock then my competitors.

I'm the least shitty vendor in this pile O shit called the supply chain.
 
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