irvinehomeowner
Well-known member
Especially via IVC.
Is this a good time to buy?
- Thread starter EatatAnteaters
- Start date
NEW -> Contingent Buyer Assistance Program
But I am glad that you are finally admitting that Irvine home owners lost thousands of homes. 6.2% of Irvine homes lost during that time means 1 in 16 which is an unmitigated disaster and ties into the point that I was making to @EatatAnteaters that the price you pay matters.
As nice as it would be for us to all reminisce about the housing gains of years past, it doesn't really help @EatatAnteaters make a decision about the current housing market does it?
An investment property is where the numbers (ie positive cash flow) work and profit is prioritized. Would you want to live there? Not necessarily.
A home is somewhere pleasant that you actually want to live in with your family. It’d be nice if it can be cash flow positive if you rent it out, but that is not the priority.
Now what you and I would agree is that one has to be very mindful about one’s budget, it’s best to not spend the absolute max of what you are pre approved for, buy when you can put a significant money down, have plenty of reserves set aside. See, this is pretty reasonable. One could accept that Irvine is a desirable place but still be mindful about how much one wants to spend and be disciplined. It does not have to be one or the other. Or do you think that no one is using a jumbo loan, is very secure financially, have put side of plenty of reserves, buying below the absolute max the can buy for, does not need to sell in the short to medium term? Or if someone is doing all that or is in that position , there is absolutely privilege and it is specifically that which really bothers you hence the bitterness and envy?
Liar Loan
Well-known member
You're putting quotes on those words. Where did I say "thousands of foreclosures that were profiled in IHB"?
But I am glad that you are finally admitting that Irvine home owners lost thousands of homes. 6.2% of Irvine homes lost during that time means 1 in 16 which is an unmitigated disaster and ties into the point that I was making to @EatatAnteaters that the price you pay matters.
Liar Loan
Well-known member
The reason I posted data from the past two years is because it pertains to the high price, high interest rate environment we are currently in.
As nice as it would be for us to all reminisce about the housing gains of years past, it doesn't really help @EatatAnteaters make a decision about the current housing market does it?
ThirtySomethingWEquity
Active member
But Liar Loan is a perpetual renter. He convinced his wife and kids to sell their house that it'd be "just for a little bit until the crash happens." But now they're priced out, stuck in a one bedroom apartment in santa ana, all the kids cramped in the loft, the kitchen appliances barely work.
Of course Liar is bitter about Irvine prices. Every day he looks at his tiny apartment, watches his NFTs, and says "those will go back up eventually, and irvine prices will come down, and I'll buy my Quail Hill 6 bedroom place next year!".
(fan fiction).
Of course Liar is bitter about Irvine prices. Every day he looks at his tiny apartment, watches his NFTs, and says "those will go back up eventually, and irvine prices will come down, and I'll buy my Quail Hill 6 bedroom place next year!".
(fan fiction).
Mawesome Sauce
Member
People who can’t buy homes will be affected by a downturn least. They don’t have much exposure to appreciating assets and instead rely on fixed income and wages. Deflation benefits them while screwing over everyone else. If they benefited from this inflation economy, they would have a house too.
Mawesome Sauce
Member
Yes.
momopi
Well-known member
An investment property is where the numbers (ie positive cash flow) work and profit is prioritized. Would you want to live there? Not necessarily.
A home is somewhere pleasant that you actually want to live in with your family. It’d be nice if it can be cash flow positive if you rent it out, but that is not the priority.
you say current high price (agreed on rates) environment but given you are a perma bear, are you saying ten years ago we were not in a high price environment? Because that’s not what you said and there is proof of that on this forum. 10 years ago, if you search these forums- there were comments on how Irvine RE is expensive, ten years later, it’s still expensive and the same homes that were expensive a decade ago costs $1-1.5MM more now. Referring to SFR homes. Top of mind- look at the homes in Montecito/woodbury. Plenty of other examples all over the city and there is nothing special about Montecito (if anything the motor court homes may not be very appealing for some people) but I mention it because I just recently came across a $2.25MM new listing there and so searched for comments and wanted to know the discussion and what they were selling for 10-15 years ago. Obviously lots of comments on how expensive it was. You would also say it’s expensive now and odds are 10 years later, there will still be comments on how it’s expensive. It may not be unique to Irvine. I suspect it’s the case with other desirable places like the peninsula/parts of east bay. It is what it is. Lot more people want to buy than the people want to sell, that does not appear to be changing.
Now what you and I would agree is that one has to be very mindful about one’s budget, it’s best to not spend the absolute max of what you are pre approved for, buy when you can put a significant money down, have plenty of reserves set aside. See, this is pretty reasonable. One could accept that Irvine is a desirable place but still be mindful about how much one wants to spend and be disciplined. It does not have to be one or the other. Or do you think that no one is using a jumbo loan, is very secure financially, have put side of plenty of reserves, buying below the absolute max the can buy for, does not need to sell in the short to medium term? Or if someone is doing all that or is in that position , there is absolutely privilege and it is specifically that which really bothers you hence the bitterness and envy?