Irvine 2018 Home Prices Poll

[usctrojancpa]

So how is it looking?

Looks like the collective has it right... flat to slightly down or slightly up.

I think it's about flat. But those who still list overpriced are not helping the market at all. They're actually hurting by sitting on the market a long time. Those who list a bit below (that's still pretty high to be honest) are doing well.

i would argue that those who list overpriced are helping move volume for appropriately priced product since they appear more reasonable in comparison

Yeah, I guess that's true too. But for a long run, if those homes just sit and start to pile up, the buyers are not going get fooled any more. That means the RE will have to experience a crash/downturn, minor or major. Irvine is doing not too bad so far, but there are other cities suffering which could lead a nation wide suffering.

Here's how it plays out with the same exact home (which Irvine has since it's a tract home city).  A home that is overpriced sits and sits and sits while they keep dropping the price to get to market all the while buyers think "what's wrong with this home" and then the price death spiral begins.  This home will sell for less than the same exact home which is priced right from the beginning and goes into escrow within 30 days.

 

[lovingit]

Next door neighbors

https://www.redfin.com/CA/Irvine/115-Bridle-Path-92602/home/58551629?utm_source=ios_share&utm_medium=share&utm_campaign=copy_link&utm_nooverride=1&utm_content=link

https://www.redfin.com/CA/Irvine/113-Bridle-Path-92602/home/58551621?utm_source=ios_share&utm_medium=share&utm_campaign=copy_link&utm_nooverride=1&utm_content=link

 

[irvinehomeowner]

So depending on what site you look at, prices are slightly down or slightly up (all within 5% +/-) so the collective got it right.

I wonder who predicted more than 10% down or more than 10% up?

Should I post a new poll for this year?