Low inventory?

The Motor Court Company said:
Lots of new homes are coming.

Cambria, Saratoga and Medocino in Stonegate
Sage, Garden Hill, and un-named development in Portola Springs
More SFRs in Woodbury
SFDs in Cypress Village
William Lyon's two projects in Woodbridge and University Park
Spring next year Great Park housing phase 1
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Cambria in Stonegate?
I'm guessing this will start high 900K or 1 mil.
With Toscana and San Marino nearing to be sold out, TIC will need something at this price range to offer.
Between planned Jeffrey trail and Mendocino will be perfect spot for Cambria.
 
guava said:
OMG
Irvine Home Inventory less than 325 today
Will it sink below 300 ?
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As of 5:55pm, we are down to 302 active listings in Irvine (that includes some new home listings...with the new homes we are down to 265 active listings).  We go below 300 very soon.
 
This low inventory is actually temping me to list our home... it seems like we can get top dollar now or will have to wait 5-10 years.
 
If you sold now, what's your plan? The home you'd buy could be priced at top dollar, too. Going to rent? Seems like rents are on the rise. Solution??
 
ps9 said:
Stay at inlaws, that'll really get you off the fence
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We actually did that for a few weeks while we were waiting for our new home to finish because our previous home had closed. It was a pain moving twice... and at the time we only had pets.

It wasn't that bad (well... it was my parents)... although they found out how often we eat out and were a bit irritated we didn't eat "at home" as often as they wanted. My dad had to stop walking around in his underwear for that short amount of time (what a cliche).
SoCal said:
If you sold now, what's your plan? The home you'd buy could be priced at top dollar, too. Going to rent? Seems like rents are on the rise. Solution??
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There's an argument that just because we are selling at top dollar, doesn't actually mean we'll be buying at top dollar. Segments of the market rise/drop differently... it seems like smaller SFRs could garner a higher premium because there is a lack of them (new homes in Irvine in the same square footage are usually detached condos or motorcourt homes) whereas larger homes are still a bit lower because there is inventory available in new homes. For example, I could probably sell my Irvine home and buy a larger home in Aliso Viejo or Foothill Ranch for just a little bit more. Even something in Las Ventanas or Plan 1 in Mendocino wouldn't be much more of a stretch... the problem is I'm not too keen on those floorplans or locations.

As for renting... probably not an option at this point. We want to get into another home to take advantage of these record low rates... it's almost like interest-free financing.
 
bones said:
ps9 said:
Stay at inlaws, that'll really get you off the fence
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Haha - couldn't agree more!  I've done this and while it was supposed to be for around a year, I hightailed out of there in 2 months.  I don't know how couples deal with living with their parents/in-laws in this new "multi-generational" living trend that's going on in Irvine.  But I guess when they provide the suitcase of cash.... it makes it easier to swallow?
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I think so. For a suitcase full, I would do it.
We are in a similar predicament too. But slightly different plans. We will downgrade, and rent this one out, and depending on the election/market conditions, plan the next move- upgrade to bigger and better, or come back to this place that we will rent out.

Our mistake was to buy just the house we needed. Right now, the house suits the size of the family and requirements, but doesn't suit the pocket. If I could drink up to every time people show off how much they were prequalified to, I would be in rehab now. (Like the number of APs and extracurriculars, Indians also like to show off how much they were prequalified to, and pretty much buy all the house they are allowed to legally).

Yeah, so, we will downgrade, make sure no one visits us for a while.
In the next decade suitcases full of cash will move in, but at least one kid will move out. Needs a lot of planning, this thing called life :)
 
@cz:

That's an interesting plan you have. Didn't the refi help with the cost?

So if I got this right, you will buy a smaller home with a smaller payment... and then in a few (or maybe more than a few) years, buy a bigger home than your current one?

My original plan was to buy a temp home... could be same size as our current, but in a better location... and then in a few years buy our forever home. The Mrs. has a different plan in mind... she's tired of moving and just wants to cut out the temp home.
 
irvinehomeowner said:
@cz:

That's an interesting plan you have. Didn't the refi help with the cost?

So if I got this right, you will buy a smaller home with a smaller payment... and then in a few (or maybe more than a few) years, buy a bigger home than your current one?

My original plan was to buy a temp home... could be same size as our current, but in a better location... and then in a few years buy our forever home. The Mrs. has a different plan in mind... she's tired of moving and just wants to cut out the temp home.
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Refi helped with the long term goals, and since we won't add principal payments anymore, monthly expenses are down significantly. Yes, accumulate more cash, temporarily move out, the rent in the area has grown enough to cover the monthly expenses of the house and generate some cash flow for fringe expenses. We will downgrade (buy a smaller house that would be our investment property at a later point), and stay there for a while.. Ideally two years, and revisit the plan based on market conditions.
 
So Cal and CZ have pretty clear vision on the issue. Low inventory is a combination of "Why should I move since I've got this great 3.50% rate?" and "Why should I sell when I'm only going to re-buy at a higher price?". I can't see moving down as an option because what's to move down to other than a rental? Where are those Temp homes to buy we're reading about? Rental monthly payments are getting closer to a house payment every day. IR said in the West Irvine area - 2000+ homes - there were only 3 listings. What will cause that market to shift quickly from "stay putters" to "mover uppers"? Not much that I can see.

Is there a compelling reason to sell and buy? I can see the sell and rent argument winning at this point which won't increase the transaction count by much.
 
interesting... never heard of ppl bragging about how much they can prequal... haha in that case, drink a negative shot for me... no banks were willing to prequalify me and the bank i ended up using doesnt do prequalifications... something about my business being only 1 year old... lol rough market out there for small business  :-\
 
world chaos said:
interesting... never heard of ppl bragging about how much they can prequal... haha in that case, drink a negative shot for me... no banks were willing to prequalify me and the bank i ended up using doesnt do prequalifications... something about my business being only 1 year old... lol rough market out there for small business  :-\
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I presume you are in some kind of architectural/ engineering services business depending on your construction knowledge. True or false?

 
homer_simpson said:
higher prequal = SWAG!!!

I'm going to carry around my prequal letter and show my peeps!!
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Oh yes, by all means :)
I am thinking of getting one done and framing it just to put an end to that kind of conversation!
 
homer_simpson said:
higher prequal = SWAG!!!

I'm going to carry around my prequal letter and show my peeps!!
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i dont have a prequal letter :'(... damn you fannie n freddie mac!! damn you!!!!
 
Cubic Zirconia said:
homer_simpson said:
higher prequal = SWAG!!!

I'm going to carry around my prequal letter and show my peeps!!
Click to expand...

Oh yes, by all means :)
I am thinking of getting one done and framing it just to put an end to that kind of conversation!
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When I run into you, remind me to show you!! I'm gonna carry it in my wallet!  :p

 
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