usctrojancpa
Well-known member
As of 11am today, we are back down to 193 active listings in Irvine. That little blip up in inventory didn't last very long. hahaCubic Zirconia said:
Low inventory?
- Thread starter irvinehomeowner
- Start date
usctrojancpa
Well-known member
One big difference between the crash and today is that most of the purchases are being bought with buyers who put down significant down payments or all cash. Folks who are putting down less than 20% or using FHA/VA loans are having a real hard time competing against all cash or large down payment buyers since the sellers have so many buyers to choose from. It's still a pain in the behind to get a loan done today as the lenders are strict. I would say that today's buyers can withstand good sized price decreases before they are even close to being underwater.gld2 said:feels very familiar before the crash??? :
irvinehomeowner said:
Liar Loan
Well-known member
USCTrojanCPA said:One big difference between the crash and today is that most of the purchases are being bought with buyers who put down significant down payments or all cash. Folks who are putting down less than 20% or using FHA/VA loans are having a real hard time competing against all cash or large down payment buyers since the sellers have so many buyers to choose from. It's still a pain in the behind to get a loan done today as the lenders are strict. I would say that today's buyers can withstand good sized price decreases before they are even close to being underwater.gld2 said:feels very familiar before the crash??? :
irvinehomeowner said:
Have you noticed a change in appraiser behavior now that it's clear we are in a rising market? They are supposed to take reasonable price increases into account when coming up with their values, although the way the incentives are aligned, it's still safer/easier for them not to.
usctrojancpa
Well-known member
I haven't run into an major appraisal issues in the past 3 months. I think it depends on the appraiser on how they come up with the adjustments (price trends, upgrades, location, lot size, etc) for the ultimate value. Most of my buyers put down 30-50% so even if the appraisal came in a little short, I don't think it would be a big issue.Liar Loan said:USCTrojanCPA said:One big difference between the crash and today is that most of the purchases are being bought with buyers who put down significant down payments or all cash. Folks who are putting down less than 20% or using FHA/VA loans are having a real hard time competing against all cash or large down payment buyers since the sellers have so many buyers to choose from. It's still a pain in the behind to get a loan done today as the lenders are strict. I would say that today's buyers can withstand good sized price decreases before they are even close to being underwater.gld2 said:feels very familiar before the crash??? :
irvinehomeowner said:
Have you noticed a change in appraiser behavior now that it's clear we are in a rising market? They are supposed to take reasonable price increases into account when coming up with their values, although the way the incentives are aligned, it's still safer/easier for them not to.
usctrojancpa
Well-known member
You are seeing a few lenders offer 80/10/10 loans again and I'm noticing more banks offering HELOCs so I think lending as loosened up a bit. The underwriting side of things is still very strict and they are very thorough nowadays.Liar Loan said:
jayl23
New member
USCTrojanCPA said:
With the occasional NINJA here and there....
http://www.zerohedge.com/news/2013-...-life-insurance-get-no-doc-mortgage-loan-free
irvinehomeowner
Well-known member
I think the biggest problem with low inventory is there is almost no room for haggling in nicer areas.
The list price is usually what most of the competing offers will be, if not higher. I've come across a few stories where they told me that offered above list or sold above list in the last few months... so bad.
The list price is usually what most of the competing offers will be, if not higher. I've come across a few stories where they told me that offered above list or sold above list in the last few months... so bad.
usctrojancpa
Well-known member
The other problem that it causes is that a perspective sell will see a similar home close in their tract and they will price their listing at what that home closed for plus a premium.irvinehomeowner said:
Fire blade
New member
Just drove by a short sale in my neighbourhood. Atleast 40 people in line to go inside the house. Even more outside in cars waiting. It's insane...boy am I glad I bought last year...
Serenity now..Insanity later!
Serenity now..Insanity later!
panda
Well-known member
Iho, did you ever buy your new irvine home or are u still at the same house that used to be a rental?
Give me a update. What's happening in the irvine housing market these days? Are u interested to know how I have been investing in real estate in the last 2 years?
Hehe.... I missed u :-*
Give me a update. What's happening in the irvine housing market these days? Are u interested to know how I have been investing in real estate in the last 2 years?
Hehe.... I missed u :-*
irvinehomeowner
Well-known member
Still in my used-to-be-a-rental home.Baby Irvine said:
I think we waited too long... prices are going up a little now and new home prices are too high.
Irvine seems a bit bubblicious again because of the low inventory and low rates... a 2200sf home in new Woodbridge project started at $970k last week and sold out first phase of 12 homes (their website now says starting in the low $1mil... bleh).
So how is Johns?
panda
Well-known member
Iho, what is your plan now?
Looking back it appears that the 2010 woodbury collection was the bottom. I have no doubt I made the right decision. Just refinanced my primary loan for 3.375%. Hopefully this will be the last. I purchased one new rental and already made back my down payment. My return is 51% for this rental and bought another 4bed sfr for 191k which should give me 36% return. Having a broker license is really awesome as it pays for your entire closing cost and anything left over I bring less to closing. I am looking to acquire another this year but there is nothing left under 200k anymore.
Iho, life is too short and I realized that when my dad passed last year. In 5 years, I plan to work from monday thru thursday and and take a 3 day weekend. Dont sell yourself too short, you deserve a much better lifestyle for all the hard work.
Looking back it appears that the 2010 woodbury collection was the bottom. I have no doubt I made the right decision. Just refinanced my primary loan for 3.375%. Hopefully this will be the last. I purchased one new rental and already made back my down payment. My return is 51% for this rental and bought another 4bed sfr for 191k which should give me 36% return. Having a broker license is really awesome as it pays for your entire closing cost and anything left over I bring less to closing. I am looking to acquire another this year but there is nothing left under 200k anymore.
Iho, life is too short and I realized that when my dad passed last year. In 5 years, I plan to work from monday thru thursday and and take a 3 day weekend. Dont sell yourself too short, you deserve a much better lifestyle for all the hard work.
irvinehomeowner
Well-known member
Yeah... tough to be a real estate mogul in inflated areas. Good to hear things are working out for you.
Not really sure if 2010 was the bottom... there were some good buys between 2010 and 2012... just not exactly what we were looking for.
It's tough to be a picky in a low inventory market... but at least we saved up money for the last few years... retirement funds are in much better shape than before. Our goal is to try to get one of us to be home at least part-time by 2015... we'll see how that goes.
Not really sure if 2010 was the bottom... there were some good buys between 2010 and 2012... just not exactly what we were looking for.
It's tough to be a picky in a low inventory market... but at least we saved up money for the last few years... retirement funds are in much better shape than before. Our goal is to try to get one of us to be home at least part-time by 2015... we'll see how that goes.
