November 2023 Irvine Housing Market Update

Liar Loan said:
We all know that if I had not purchased, you would also be trying to rub that in my face. And yet to your chagrin, I timed things perfectly.
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Not really. You should have bought in 2018... or even better... bought in 2010, another time when you were telling people not to buy.

It's only being rubbed in your face because you keep saying how right you were... not.
 
usctrojancpa said:
We all know that buying a primary is a big financial decision but for most people it is not just a pure numbers gain plus trying to time the market when you are looking for a very specific property in certain locations can be challenging (I would be the extreme case of that). I submitted offers on 3 homes in over 2 years and got the 3rd home. I could personally care less what the value of my home was 6 months or today or what it will be next year because I'm not selling it. And since that time that I bought my home, there hasn't been a home as good or better that hit the market so I know I made the right decision for me.
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90% of buyers would not fit in this category. With rates at 6-7%, prices higher than pandemic levels, and low inventory; it’s difficult to buy. It is very much a numbers game for the majority of folks buying this past year as not everyone can buy a home with cash or put a down payment of 50%+.

What you’re highlighting here is a small percentage of households in America. Let’s not let the 1-5% of buyers control the narrative of the current housing market.

While Irvine is a stronger market than others, it’s not immune to downturns either as people have mentioned before. The lack of inventory on for SFH < 2.5m speaks volumes. When one comes up and prices keep climbing, one should be concerned. That’s a sign of an unhealthy and abnormal market.
 
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irvinehomeowner said:
Not really. You should have bought in 2018... or even better... bought in 2010, another time when you were telling people not to buy.

It's only being rubbed in your face because you keep saying how right you were... not.
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My personal experience lines up with what you're saying.

We upsized and closed on our home in Nov of 2017 and moved in around Feb of 2018. Paid ~1.4mm, home is now worth 1mm more than that and I have a 2.5% fixed rate, not sure how I could beat that right now or anytime between then and now or in the near future. Smaller house up the street on the same block sold for ~2.3mm in August of this year.

It wouldn't make sense for me to sell, which is why there is likely low inventory. Homes in the area rent for $5500-7k, that covers my mortgage, HOA, insurance, property tax. We're we'd be cash flow positive...crazy to me.

My wife bought a home in 2010 before we started dating in Tustin Ranch. She still has it and has the same tenant in there since 2016 when we moved out. We're way under market on rent and still cash flow positive. Our tenant is great, don't think we'd raise rent much next year or think about selling anytime soon.

My only regret is not keeping the phase 1 Ellwood home we closed on in early 2016 and sold in 2018 after the 2 year mark. It was a corner lot with driveway on a detached condo...didn't make much on it at the time since we wanted to upsize, could have stretched and kept it though.
 
irvinehomeowner said:
Not really. You should have bought in 2018... or even better... bought in 2010, another time when you were telling people not to buy.

It's only being rubbed in your face because you keep saying how right you were... not.
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I did buy in 2010!!!! And I was telling people to buy like crazy starting in mid-2009 on the Lansner blog, to which I suffered all kinds of abuse similar to what I experience on this forum.

You and the losers on the Lansner blog have a similar mindset. You are willing to sacrifice your integrity to win a pointless argument, even while missing out on opportunties to make money for your family. Imagine if you had kept those rentals how rich you would be?

Irvine did lose value starting in 2018, as Kenkoko affirmed and as @usctrojancpa's chart on this thread shows, and it started taking off again in late 2020 thanks to the largest money printing operation in human history. If anybody here did not make at least $1 million during the pandemic, you were doing something wrong. It was the easiest opportunity to make money of our lifetimes.
 
Liar Loan said:
I did buy in 2010!!!!
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But yet you were telling people not to buy in Irvine in 2010 on. I had quoted that post elsewhere.

So not only were you wrong... you are a hypocrite too... or are you going to say that it's only Irvine you're not supposed buy in.

I like how you always try to question my integrity... everyone else knows the real story here.
 
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