First of all I want to thank all the members here who offer continual information and advice about real estate market in Irvine. USCTrojan stands out in my mind as well as Panda something or other and I am sure there are many others.
Just wanted to give some perspective as a buyer in the 750-900K range. I've been looking for a place with my wife for about the past two months. This is a true seller's market and every place where we have offered has had multiple offers at well above list. Some offers are so good that agents will accept the offer before their established deadlines. The last home we bid was 5% more than a comparable home that sold in October and there was a much, much stronger offer than ours. We bid at 3.5% above listing price and that was considered weak.
We've had to adjust our expectations as a buyer and are looking at homes that are substantially under our budget now to give us more room for making competitive bids.
In any case this is quite a frustrating experience. I know that buying picks up in spring and I can't imagine this getting any worse than it is. If we keep getting priced out of homes I am hoping our consolation would be to get some deals come fall / winter but even that seems like a longshot.
Just wanted to give some perspective as a buyer in the 750-900K range. I've been looking for a place with my wife for about the past two months. This is a true seller's market and every place where we have offered has had multiple offers at well above list. Some offers are so good that agents will accept the offer before their established deadlines. The last home we bid was 5% more than a comparable home that sold in October and there was a much, much stronger offer than ours. We bid at 3.5% above listing price and that was considered weak.
We've had to adjust our expectations as a buyer and are looking at homes that are substantially under our budget now to give us more room for making competitive bids.
In any case this is quite a frustrating experience. I know that buying picks up in spring and I can't imagine this getting any worse than it is. If we keep getting priced out of homes I am hoping our consolation would be to get some deals come fall / winter but even that seems like a longshot.