Irvine listings STILL going pending amid COVID-19

[panda]

Mety, you and your family have nothing to worry about so your mind should remain in peace and enjoy life. Psalm 91.

 

[eyephone]

Eh. Panda is being sensationalist.

3 months out and China is getting back into normalcy... I am optimistic for a fast recovery for the US (and Irvine).

Sorry I do not believe China?s stat.
They lied to the whole world/concealed it. (Trump would not say it, but I will)
Just because they do not know how to sanatize food/animals/I can keep on going.

 

[irvinebullhousing]

Eh. Panda is being sensationalist.

3 months out and China is getting back into normalcy... I am optimistic for a fast recovery for the US (and Irvine).

Without sensational headlines, you won?t get sensational reaction. I will bet that banks nationwide will do all that they can to defer delinquent and prevent foreclosed homes especially in extra ordinary time that we are in right now. Given the well capitalized buyers have in Irvine, I can see housing still a best shelter and safe place to be. To derive at 25 % for high end and 15 % for lower end, Panda must have some data to back up this claim. Panda have to know personal finances of all homeowners overall.

That is why banking Dodd Frank acts is crucial during the last several years. And to buy now Banks will be even more strict as credits tighten.

 

[Kenkoko]

Agree with Panda.

If you are a newbie Irvine buyer, it?s best to stay on the side lines. There?s really no upside to jump in now. We are heading into a deep recession.

For renters and people transitioning, now is the best time to rent a vacation home.

Larger sites like VRBO/HomeAway are forcing owners to refund huge amount of cancellations. Prices are significantly down.

My coworker just ended his lease with Irvine company and rented a fully furnished ocean view home in Laguna Beach for 70% off their monthly rate, from 9k to 2.7k. ( paid utilities, cable TV + internet)

Nothing better than awesome ocean view to sooth your cabin fever. 

And for IHO, they provide free toilet paper and sanitizers!

 

[peregrine]

My coworker just ended his lease with Irvine company and rented a fully furnished ocean view home in Laguna Beach for 70% off their monthly rate, from 9k to 2.7k. ( paid utilities, cable TV + internet)

This is month-to-month? The listed rates on VRBO do not seem that much lower. Direct negotiation with the owner?

 

[irvinebullhousing]

Agree with Panda.

If you are a newbie Irvine buyer, it?s best to stay on the side lines. There?s really no upside to jump in now. We are heading into a deep recession.

For renters and people transitioning, now is the best time to rent a vacation home.

Larger sites like VRBO/HomeAway are forcing owners to refund huge amount of cancellations. Prices are significantly down.

My coworker just ended his lease with Irvine company and rented a fully furnished ocean view home in Laguna Beach for 70% off their monthly rate, from 9k to 2.7k. ( paid utilities, cable TV + internet)

Nothing better than awesome ocean view to sooth your cabin fever. 

And for IHO, they provide free toilet paper and sanitizers!

Difficult for me to comprehend of that rate for a month. It?s always the other way around. I could not find it, unless it?s family or friend show me the listing and I will have you live there on my dime.

 

[Kenkoko]

This is month-to-month? The listed rates on VRBO do not seem that much lower. Direct negotiation with the owner?

Yes, 2700 is the monthly rate. He's renting mid March to end of May, and there is a one time departure cleaning fee ( I forgot how much)
So comes out to almost 7k.
He wanted longer but the owner was only willing to discount until the end of May. Probably just filling the immediate for sure vacancy and hoping things return to normal by summer so they can recoup some loss
Always negotiate with the owner, even during normal times.
Most of these platform will charge travelers a hefty "booking fee" if you book through them.

 

[Kenkoko]

Difficult for me to comprehend of that rate for a month. It?s always the other way around. I could not find it, unless it?s family or friend show me the listing and I will have you live there on my dime.

I have a vacation rental myself too. My unit has been vacant since end of Feb. Inquiry is down significantly, monthly page views are down 300% compared to 2019. The only recent inquiries I've had were extreme low-ball offers, asking for 40% + discounts.

 

[usctrojancpa]

There are 280 Irvine homes in escrow and 25 of them got into escrow since Monday of this week.

Thanks, this is good data that I think most of us have access to but it's not easily formatted and sorted/filtered the way that MLS users could view it.

Will be curious to monitor this and see how many went into escrow 1 week from now when looking at numbers Mar 23 - Mar 27.

It's super easy to sort through MLS and I'm happy to do it in this thread on every Friday.

 

[usctrojancpa]

The last housing crisis was a Mortgage crisis. This time round is the Corona crisis. I believe that last time the above $1M homes in Irvine corrected about 25% from top to bottom and 15% for the under $1M homes. I honestly think the housing correction is going to be a lot worse in Irvine this time round. I am in agreement with Eyephone. For buyers this is not the time to buy... wait until 2022 if you can. You will thank me later. My advice to the newbie Irvine buyer... Start building up your cash reserves and Gold for the next 24 months.. and when 2022 hits. buy an Irvine SFR with Cash or Gold when one wants them anymore.

Panda, why is gold down in the past month?

 

[irvinebullhousing]

Eh. Panda is being sensationalist.

3 months out and China is getting back into normalcy... I am optimistic for a fast recovery for the US (and Irvine).

Without sensational headlines, you won?t get sensational reaction. I will bet that banks nationwide will do all that they can to defer delinquent and prevent foreclosed homes especially in extra ordinary time that we are in right now. Given the well capitalized buyers have in Irvine, I can see housing still a best shelter and safe place to be. To derive at 25 % for high end and 15 % for lower end, Panda must have some data to back up this claim. Panda have to know personal finances of all homeowners overall.

That is why banking Dodd Frank acts is crucial during the last several years. And to buy now Banks will be even more strict as credits tighten.

https://www.yahoo.com/money/coronavirus-homeowners-delay-mortgage-payments-202251121.html


There it is, forget about buying cheap.

 

[qwerty]

I think the way it works though is if you get a forbearance of say six months, in month 7 you have to make all 6 past due payments.

If it is in fact that way, it is not going to help many folks.  Although I guess it gives them a fighting chance

 

[irvinebullhousing]

I think the way it works though is if you get a forbearance of say six months, in month 7 you have to make all 6 past due payments.

If it is in fact that way, it is not going to help many folks.  Although I guess it gives them a fighting chance

Not sure about all the details. Fannie and Freddie would rather work out a payment plan for you rather than push you out. We got enough homeless people on the streets so this works in our favors.

 

[eyephone]

I think the way it works though is if you get a forbearance of say six months, in month 7 you have to make all 6 past due payments.

If it is in fact that way, it is not going to help many folks.  Although I guess it gives them a fighting chance

Not sure about all the details. Fannie and Freddie would rather work out a payment plan for you rather than push you out. We got enough homeless people on the streets so this works in our favors.

Everybody is smiling now. But when the dust settles they might be not that nice.

 

[Irvinehomeseeker]

It will be interesting to see how many of these pending sales successfully  close or buyers back out....

 

[irvinebullhousing]

I think the way it works though is if you get a forbearance of say six months, in month 7 you have to make all 6 past due payments.

If it is in fact that way, it is not going to help many folks.  Although I guess it gives them a fighting chance

Not sure about all the details. Fannie and Freddie would rather work out a payment plan for you rather than push you out. We got enough homeless people on the streets so this works in our favors.

Everybody is smiling now. But when the dust settles they might be not that nice.

Smile? What do you mean? It?s help that people need in case of hardship from this BS. Not their fault.

 

[eyephone]

I think the way it works though is if you get a forbearance of say six months, in month 7 you have to make all 6 past due payments.

If it is in fact that way, it is not going to help many folks.  Although I guess it gives them a fighting chance

Not sure about all the details. Fannie and Freddie would rather work out a payment plan for you rather than push you out. We got enough homeless people on the streets so this works in our favors.

Everybody is smiling now. But when the dust settles they might be not that nice.

Smile? What do you mean? It?s help that people need in case of hardship from this BS. Not their fault.

Later on I predict there will be evictions.

 

[irvinebullhousing]

I think the way it works though is if you get a forbearance of say six months, in month 7 you have to make all 6 past due payments.

If it is in fact that way, it is not going to help many folks.  Although I guess it gives them a fighting chance

Not sure about all the details. Fannie and Freddie would rather work out a payment plan for you rather than push you out. We got enough homeless people on the streets so this works in our favors.

Everybody is smiling now. But when the dust settles they might be not that nice.

Smile? What do you mean? It?s help that people need in case of hardship from this BS. Not their fault.

Later on I predict there will be evictions.

I know there is always some deadbeat in the bunch, I also know that optimism and believe in good people do fall on hard times despite all their efforts. For those that needed an extra hands at time, we should reach out and do so. Don?t be a serial deadbeat.

 

[eyephone]

I think the way it works though is if you get a forbearance of say six months, in month 7 you have to make all 6 past due payments.

If it is in fact that way, it is not going to help many folks.  Although I guess it gives them a fighting chance

Not sure about all the details. Fannie and Freddie would rather work out a payment plan for you rather than push you out. We got enough homeless people on the streets so this works in our favors.

Everybody is smiling now. But when the dust settles they might be not that nice.

Smile? What do you mean? It?s help that people need in case of hardship from this BS. Not their fault.

Later on I predict there will be evictions.

I know there is always some deadbeat in the bunch, I also know that optimism and believe in good people do fall on hard times despite all their efforts. For those that needed an extra hands at time, we should reach out and do so. Don?t be a serial deadbeat.

A deadbeat? This is the best you can come up with.
Stop giving false hope. I am not the one telling people to buy homes when the music has stopped or shall I say the sky is falling.

People do not want to hear the fake news. Maybe some so. They want to hear what can happen.

 

[irvinebullhousing]

So you like to buy homes when it goes into foreclosed and much cheaper. I get it. All this means is that you have to wait just a little longer. It will be inevitable that you can do some bottom fishing. It will happen.