Where the market is - Buyer Offers
- Thread starter usctrojancpa
- Start date
Irvinehomeseeker
Active member
Sometimes you wonder if the buyers finally say quits when prices reach so high...both existing and new homes have risen like 75-100K on average in Irvine in just 3 months. Even if financing its like 400-500$ more per month. And there are hardly any homes on the market, yet ppl keep bidding up.
Is the thought process like bid up and buy now or miss the boat forever?
And how are buyers stretching their budgets? I can understand buyers from northern CA with tech salaries able to afford but wonder about ppl from OC being able to compete.
Is the thought process like bid up and buy now or miss the boat forever?
And how are buyers stretching their budgets? I can understand buyers from northern CA with tech salaries able to afford but wonder about ppl from OC being able to compete.
sleepy5136
Well-known member
There is a TON of money and wealth being built due to COVID if you aren't in the bottom half of the income ladder. The stock market itself is already a great example and if you already have a home, your home already appreciated enough to be able to afford the higher payments. There is also a ton of overseas money coming in as foreign investors are putting their money into something more stable which would be US real estate. Now that US has opened its borders to international travelers, you may see a tick up in foreign investors in the housing market. You also have a bunch of parents helping their kids with the down payments as well.Irvinehomeseeker said:
zubs
Well-known member
After refinancing some properties due to the low interest rates in the past year, I'm paying $1100 less/month to the bank.
I'm sure lots of people have seen their mortgage payments drop in the past year....
There's only so much hookers n blow one can do before it gets tiresome.....Guess I'll stick it in the stock market like everyone else...or buy another house?
I'm sure lots of people have seen their mortgage payments drop in the past year....
There's only so much hookers n blow one can do before it gets tiresome.....Guess I'll stick it in the stock market like everyone else...or buy another house?
irvinebullhousing
Well-known member
The way I pursues any investment is to never chase ANYTHING that is over leverage, overly hyped and peaked. My top, is different from other top, compare with a person coming from high cost area else where. Of course, if life change events occur, you will need to do what you need to do regardless.
zubs
Well-known member
My previous post is an attempt to show anecdotally how the feds policies have affected me.
I'm now $1100/month richer just through refinancing and no real work.
Also my properties have gone up 25% in value.
Plus I can raise my rents while my mortgage goes down?...dafuq.
Quite inflationary.
Costco king crab legs last year $27.99
Today it's $39.99.
Probably going higher when holidays hit.
I'm now $1100/month richer just through refinancing and no real work.
Also my properties have gone up 25% in value.
Plus I can raise my rents while my mortgage goes down?...dafuq.
Quite inflationary.
Costco king crab legs last year $27.99
Today it's $39.99.
Probably going higher when holidays hit.
usctrojancpa
Well-known member
Maserson said:
Wait till you see my upcoming Crescendo Plan 1 Cadence Park listing. It'll also be around $700/sf but it sits on a corner lot of almost 10,000sf and has almost $1m in upgrades including $500k in landscaping with a kick ass pool and mature trees. It'll give the model home a run for it's money.
irvinebullhousing
Well-known member
zubs said:
Income producing assets such as a rental properties are doing extremely well in this environment. Lands and commodities, tangible assets is as good as gold.
Is it safe to say that we don't have speculators exist anymore in the realestate market? It's hard to say no, when you have homes appreciate 20-25 % annually, since last year. This will bring alot of speculation to the housing market and any speculation exist in an asset class will not end well. It is different though when someone buy to their root down. Whether the market goes up or down, we need a place to live, rent or buy. The heartache now is both rent and buy is coming into an extreme measures.
irvinebullhousing
Well-known member
USCTrojanCPA said:
Sounds like a kick ass pad.
usctrojancpa
Well-known member
Compressed-Village said:
Yeah, the house is awesome and the interior upgrades were done with the consultation of an interior designer so very tastefully done. I think he even upgraded the electrical panel to 400 amps because of the electronics in the home. Seller will be moving up to his LA home at the end of next month so I should have it ready to list in Nov/Dec.
TestingIrvine
Active member
$700 is the new normal in newer communities in Irvine.
Too much demand with Bay Area people putting down cash offers. A Redfin agent says 70% of his client are Bay Area
Too much demand with Bay Area people putting down cash offers. A Redfin agent says 70% of his client are Bay Area
Compressed-Village said:
I think there are tons of speculators and "investors" buying now.. A lot of people have a lot of money and real estate is just one asset that has inflated. But since lending standards are high, we won't see a crash like we did last time. What could cause something like that?
I do believe that society benefits from people buying homes for themselves to live in.
sleepy5136
Well-known member
once interest rates lift off, I think we will see a slow down. keyword, slowdown. Not a crash.zovall said:
irvinebullhousing
Well-known member
USCTrojanCPA said:
As a realtor, do you have access to homes that when it hit the MLS listing that you can tell if the homes are in forebearance status? Or only the bank's own the notes has this info?
usctrojancpa
Well-known member
zovall said:
Totally agree on what you said. All but one of my buyers in the past year were folks who were buying to occupy the home to live in (one was a client of mine who wanted to buy their first rental property). However, I've had 3-4 of my previous clients ping me about buying a rental property in the few months but I told them to be ready to go to war because it's a brutally market in the sub $1m price range with dozens of offers on each listing.
usctrojancpa
Well-known member
Compressed-Village said:
I don't see whether they are in forbearance or not through my MLS title records, I only see the the latest loans taken out. It's doubtful that there are many sellers in Irvine are in forbearance on their mortgage, but I wouldn't be surprised that there's more sellers outside of Irvine who are. Personally, I didn't want to do forbearance even thought I could have because I didn't want to have any potential issues when it was time to buy the next home.
You cannot see it in any public records unless it goes into some sort of foreclosure.
Either way forbearance is a trap. They say it doesn't affect your credit and they don't report it to the credit bureaus which is true. But what do your credit report looks like? You'll have many months of unreported payments. Put 2 and 2 together and it's obvious that you're on a forbearance plan.
Either way forbearance is a trap. They say it doesn't affect your credit and they don't report it to the credit bureaus which is true. But what do your credit report looks like? You'll have many months of unreported payments. Put 2 and 2 together and it's obvious that you're on a forbearance plan.