Is this a good time to buy?

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Spring is usually the peak pricing, but probably also when there is the most inventories. Price starts coming down in the summer and even further in the fall. Mortgage rates had also been shooting up recently, so I would say now it's not a good time to buy.
 
CalBears96 said:
Spring is usually the peak pricing, but probably also when there is the most inventories. Price starts coming down in the summer and even further in the fall. Mortgage rates had also been shooting up recently, so I would say now it's not a good time to buy.
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Makes sense, probably will wait until late summer.
 
You have to take LL responses with a grain of salt. He’s anti-Irvine.

It’s nonsense that anyone who can afford their home and stay put for a while (which indicates job stability) will lose their home. If that’s the case, that’s not just Irvine.

Buy within your means and for the long haul and you should be fine. Of course there are outliers like all things and you should also consider rental parity. For some people, renting might make more sense than buying.
 
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EatatAnteaters said:
Were they unable to pay the mortgage? We're also concerned about the job market.
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This forum exists basically because people "bought what they could afford" in the early 2000's and then lost it all. The predecessor to this forum was the Irvine Housing Blog which was one of the earliest to call the 2007 housing bubble and then chronicled as thousands of Irvine home owners lost their homes.

The lesson from that era is that the price you pay for a home matters. Nobody thought their home values would decline, but they did, while at the same time many people lost their jobs and couldn't sell because their homes were underwater.

If you need a mortgage to buy, as most people do, then you really are not buying "what you can afford". You are using debt to buy which means you should be mindful of where we are in the housing cycle so you don't get caught holding the bag at the peak of the cycle, with debt that will magnify your losses.

The people on the forum saying "buy when you can afford to" have a vested interest in maintaining Irvine values. Some are real estate agents, and others are recent buyers who need prices to at least stay flat. IrvineHomeOwner acts as a pro-Irvine cheerleader on this forum. His net worth depends on Irvine home values staying high. I'm the only one who questions the official narrative that Irvine is always a good investment.

Here is the two year chart for Irvine so you can see there's certainly no rush to buy. And renting for half the monthly cost of owning is probably not a bad idea.

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This is misleading because those buyers really couldn't afford those homes (and again, not just in Irvine) due to deceptive lending practices.

For those who could, they made out like bandits... but you always ignore that. There are probably many more thousands of people in Irvine who bought in the late 2000s, stayed and even as early as 2012, had an equitable recoup (I know a few).

And why would I want to maintain Irvine values... it's stupid expensive right now.

Just because you were wrong on so many occasions doesn't mean you need to take it out on the facts.

Post more disinformation like how Irvine had thousands of foreclosures while ignoring that surrounding cities had more % wise.

I don't want to get in more pointless arguments with you but you can't just keep posting lies.
 
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