What price range are you shopping for in Irvine?

[irvinehomeowner]

I don't think I need to screencap this but it looks like more members here are shopping in the $1m+ range... which is contrary to the sentiment that more TI members are shopping just for starter homes.

At least I think that's what this means... it could be that TI members that are shopping for starter homes have not voted.

 

[Mety]

I don't think I need to screencap this but it looks like more members here are shopping in the $1m+ range... which is contrary to the sentiment that more TI members are shopping just for starter homes.

At least I think that's what this means... it could be that TI members that are shopping for starter homes have not voted.

Yeah, looks like the majority of TI members are move up buyers who don?t need us to predict the % of upcoming price fall. They know what they?re doing with their well balance financial situation. Just look how they are so confident of what they believe from political threads.

 

[Kenkoko]

So based on pure numbers, you would rent today instead of buy?

I understand from a money aspect, people would rent, but just remember that many people buying homes aren't doing a rent vs own comparison. Like moc, they are just seeing what is affordable because they don't want to rent. I think most among us would pay more to own over renting.

I appreciate moc's post because this just shows how personal preferences affect what buyers are looking for, what price they are will to pay and will have some effect on pricing as a whole. These are the non-fundamental factors I referred to years ago during that last crash and contributes to Irvine price stickiness. Whether or not they will have an effect on the current situation is hard to tell but based on history (which some people prefer I not reference), they could.

IHO, I would not sell my house and become a renter. I?ve been fortunate to benefit from the biggest stock rally in my lifetime, so the extra cost of ownership would not make me a renter.

But if I were a first-time homebuyer or a first time move up buyer, it?d be enough to make me reconsider. If your long-term goal is to be a homeowner, then go for it. But if your long-term goal is to achieve financial freedom, you would benefit from being able to separate your needs and wants. You have a housing need, and you want to own your house. If renting the same home can get you to your financial freedom years or decade ahead, it?s worth considering.

Ready2downsize mentioned several good points of the advantage of being a renter. One of them is the ?stuck? factor. I would add to that by adding our personal experience. About 10 years ago, my wife was offered a great job opportunity in Irvine, but we lived in Arcadia and was already home shopping in Arcadia. Looking back, my wife most likely would have turned it down if we already owned a home in Arcadia. That would have been a big missed opportunity.

The poll really does look like a giant middle finger.

 

[irvinehomeowner]

The poll really does look like a giant middle finger.

Yes... it's being pointed at the "slowdown"... and the caption is:

"This is Irvine!!"

 

[Kings]

just want to say that i'm not shopping right now, but i voted for $750 to $1m to help even out the middle finger.  you're welcome.

 

[iacrenter]

I just grew the middle finger for fun

 

[mads]

Anyone know what the proportion of investment property buyers/sellers is in Irvine and nearby areas? Assuming they present stiff competition for first time buyers in the lower price ranges.

 

[Irvinecommuter]

Anyone know what the proportion of investment property buyers/sellers is in Irvine and nearby areas? Assuming they present stiff competition for first time buyers in the lower price ranges.

There are no investment properties in Irvine...too many FCB and prices too high.  You may able to go to Santa Ana or Garden Grove area but slim pickings.