2018 Housing Prices, what are the indications?

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irvineband said:
Does anyone have a pulse on what this looks like now that we are in the middle or peak buying season?
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Serious lack of resale inventory in the sub $1m market continues.  I see more and more listings with "wishful" listing prices, probably from sellers who aren't that motivated to sell unless they get their number.  I've been seeing prices continue to grind higher despite interest rates creeping higher this year. 
 
My parents used to always say just start small and gain equity then move up in house size later.  Wash, rinse, repeat.

That might have used to work in the old days but going from $1.0M home to $1.5M home ain?t easy unless you have some windfall of cash or significant earning increase.  That extra $2k-$3k a month goes a long way for other expenses.  A lot of my coworkers feel ?trapped? in their $1M homes because of this. 

The rest of the world would probably look at us and roll their eyes being trapped in our million dollar homes.
 
aquabliss said:
My parents used to always say just start small and gain equity then move up in house size later.  Wash, rinse, repeat.

That might have used to work in the old days but going from $1.0M home to $1.5M home ain?t easy unless you have some windfall of cash or significant earning increase.  That extra $2k-$3k a month goes a long way for other expenses.  A lot of my coworkers feel ?trapped? in their $1M homes because of this. 

The rest of the world would probably look at us and roll their eyes being trapped in our million dollar homes.
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Not to mention the double whammy of an increased property tax basis and higher mortgage rates.
 
paperboyNC said:
aquabliss said:
My parents used to always say just start small and gain equity then move up in house size later.  Wash, rinse, repeat.

That might have used to work in the old days but going from $1.0M home to $1.5M home ain?t easy unless you have some windfall of cash or significant earning increase.  That extra $2k-$3k a month goes a long way for other expenses.  A lot of my coworkers feel ?trapped? in their $1M homes because of this. 

The rest of the world would probably look at us and roll their eyes being trapped in our million dollar homes.
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Not to mention the double whammy of an increased property tax basis and higher mortgage rates.
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Probably one of the reasons why you are selling less resale inventory in the sub $1m.
 
USCTrojanCPA said:
paperboyNC said:
aquabliss said:
My parents used to always say just start small and gain equity then move up in house size later.  Wash, rinse, repeat.

That might have used to work in the old days but going from $1.0M home to $1.5M home ain?t easy unless you have some windfall of cash or significant earning increase.  That extra $2k-$3k a month goes a long way for other expenses.  A lot of my coworkers feel ?trapped? in their $1M homes because of this. 

The rest of the world would probably look at us and roll their eyes being trapped in our million dollar homes.
Click to expand...

Not to mention the double whammy of an increased property tax basis and higher mortgage rates.
Click to expand...

Probably one of the reasons why you are selling less resale inventory in the sub $1m.
Click to expand...


Are investors crowding that picture at all with all cash offers or has that slowed down?
 
irvineband said:
USCTrojanCPA said:
paperboyNC said:
aquabliss said:
My parents used to always say just start small and gain equity then move up in house size later.  Wash, rinse, repeat.

That might have used to work in the old days but going from $1.0M home to $1.5M home ain?t easy unless you have some windfall of cash or significant earning increase.  That extra $2k-$3k a month goes a long way for other expenses.  A lot of my coworkers feel ?trapped? in their $1M homes because of this. 

The rest of the world would probably look at us and roll their eyes being trapped in our million dollar homes.
Click to expand...

Not to mention the double whammy of an increased property tax basis and higher mortgage rates.
Click to expand...

Probably one of the reasons why you are selling less resale inventory in the sub $1m.
Click to expand...


Are investors crowding that picture at all with all cash offers or has that slowed down?
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Nope, there are still plenty of cash and financed investors (including 1031 exchange investors) out there.  Investors bought 6 of my last 20 listings over the past 18 months. 
 
aquabliss said:
Mety said:
irvineband said:
Irvine is 4th on the list!
https://www.realtor.com/news/trends/10-housing-markets-bidding-wars-increasing/
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The articles says, Woodbridge is a hot neighbor with bidding wars. Is that true?
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The realtor they quoted currently has 2 listings.  One of which is in.... (drumroll please):https://newportbeach.evusa.com/en/advisors/2942/ramzi-ataya/
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O you mean the 8 properties he has listed for sale in Woodbridge?? Yeah that is alot of commission. I can see why he was pushing Woodbridge so hard in that interview. ;)

Rather hear what USCT and others in real estate have to say on this?
 
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