Bank-Owned or Resale? Irvine or Other? Now or Later?...What to do, what to do

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WishUponAStar_IHB

WishUponAStar_IHB

New member
hello everyone, I'm new to the forum and have been reading a ton of threads. VERY cool site. .i've been trying to find a home in Irvine for a few months - and as expected - it's a frustrating process. I'm willing to live a little outside Irvine, though not too far. Where is the best place to live for:



- access to university

- access to airport

- access to South Coast Plaza

- access to freeways



my budget is $700-750K. i prefer a new home, but not necessary. i looked at portola springs, but decided against it based on location. plus the sales lady offered some incentives, then took them back.



it seems like resale is better than bank-owned homes in Irvine; the bank-owned ones move much too quickly.



i almost made an offer for this too-good-to-be-true home. the guy never called back and the next thing i know, there are backup offers - WTH??!

http://www.redfin.com/CA/Irvine/28-Teak-Brg-92620/home/5931637



Laguna Niguel is nice, but seems too far. Newport Beach may be something to dream about in another lifetime. Corona Del Mar? No such luck. Maybe Aliso Viejo? I don't know too much about Tustin other than the school district may not be as good as Irvine. Please offer any advice/input. Should I wait a few weeks/months? I check redfin and all those sites regularly and have not found one thing. Either the house is too old, too expensive, too inconvenient, or it's gone before i know it. Or do I need to make a move ASAP? I heard on the news today that housing prices are up by ~4%.





thanks for your help! =)
 
[quote author="WishUponAStar" date=1250262717]hello everyone, I'm new to the forum and have been reading a ton of threads. VERY cool site. .i've been trying to find a home in Irvine for a few months - and as expected - it's a frustrating process. I'm willing to live a little outside Irvine, though not too far. Where is the best place to live for:



- access to university

- access to airport

- access to South Coast Plaza

- access to freeways



my budget is $700-750K. i prefer a new home, but not necessary. i looked at portola springs, but decided against it based on location. plus the sales lady offered some incentives, then took them back.



it seems like resale is better than bank-owned homes in Irvine; the bank-owned ones move much too quickly.



i almost made an offer for this too-good-to-be-true home. the guy never called back and the next thing i know, there are backup offers - WTH??!

http://www.redfin.com/CA/Irvine/28-Teak-Brg-92620/home/5931637



Laguna Niguel is nice, but seems too far. Newport Beach may be something to dream about in another lifetime. Corona Del Mar? No such luck. Maybe Aliso Viejo? I don't know too much about Tustin other than the school district may not be as good as Irvine. Please offer any advice/input. Should I wait a few weeks/months? I check redfin and all those sites regularly and have not found one thing. Either the house is too old, too expensive, too inconvenient, or it's gone before i know it. Or do I need to make a move ASAP? I heard on the news today that housing prices are up by ~4%.





thanks for your help! =)</blockquote>


Hello Wisher,



I would question, "What does up 4% mean?" In your area? In your target price range? Over what period?



There are lots of tools available at this site:

<strong><a href="http://www.irvinehousingblog.com/calculator/">the rent vs. own calculator</a>. </strong>Plug in your numbers to see what you get.

<strong><a href="http://www.irvinerealtorsite.com/IrvineDowns.xls">www.irvinerealtorsite.com/IrvineDowns.xls</a></strong>. Check the closings for yourself to see the trends that suit you.

<strong><a href="http://www2.standardandpoors.com/portal/site/sp/en/us/page.topic/indices_csmahp/2,3,4,0,0,0,0,0,0,0,0,0,0,0,0,0.html">S&P Case Shiller index numbers</a></strong>. Larger-scale stats comparing prices a home has sold for presently vs. in the past.



If you'd like further help, please feel free to send a PM.



In my opinion, from the looks of the charts, prices seem to be continuing on their way down and there does not seem to be an urgency.

The fact that homes are being snatched up so quickly would seem to reinforce that sentiment.



Good luck, and welcome.

-IrvineRealtor



<img src="http://irvinerealtorsite.com/images/CS08132009all.JPG" alt="" />



<img src="http://irvinerealtorsite.com/images/CS08132009laoc.JPG" alt="" />
 
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