the.irvine
Active member
Is it a good time to buy now? SFH greater than 1.3+
Is it a good time to buy in Irvine: May-Sep 2018
- Thread starter the.irvine
- Start date
NEW -> Contingent Buyer Assistance Program
That's a very loaded question but what I will say that you'll probably have the largest selection of home to pick from during that period as it's peak summer selling season. Also, the market is more neutral as you get closer and closer to $1.5m.
you will also have a lot more competition as that is when everyone else is also looking to buy (and trade up, etc.). the real question is whether the inventory increases to levels to where the offer:home ratio is higher or lower during this time than Oct - Apr?
There arent many homes available in the market, the ones which are sitting for several weeks. Wondering what price trend this summer season would bring. Up or Down
I think the number of buyers in the market during the peak summer selling season is marginally higher than during the non-peak summer season. When buyers find the right home, they jump on it. On average, I have seen both agent showing traffic and open house traffic slightly lower for my listings during June through Sept than my listings Oct through May for the past 4 years. I'm not sure why but it could be a combination of things like people being on vacation/out-of-town during the summer and more inventory on the market. I'll have a few listings coming up in the summer so it'll be interesting how things play out this time.
I've only gotten a few of those "submit an offer first and go see the home later" offers over the years. Obviously the number of offers that I get on a listing will vary based upon the price point and how I price the listing, but on average yes I seen slightly less offers on a listing in the June-Sept period vs. the Oct-May period. Also, it's not a perfect correlation but the volume of agent showings and open house traffic gives me an idea of how quickly and how many offers I might get on my listings. Being the analytical/numbers guy, I like to track information like that. haha
I am just looking at trends, and the way market is behaving.
How about 2?
1. Is this for a "home" that you'll live in, or an investment property that will be rented out?
2. If this is a "home", for what reasons (other than price) do you want to live there? (what do you like about the house specifically, how does the house make you feel, etc.)
Here is how I would rate
3.
2.
1.
4.
5.
usctrojancpa
Well-known member
the.irvine said:
That's a very loaded question but what I will say that you'll probably have the largest selection of home to pick from during that period as it's peak summer selling season. Also, the market is more neutral as you get closer and closer to $1.5m.
USCTrojanCPA said:
you will also have a lot more competition as that is when everyone else is also looking to buy (and trade up, etc.). the real question is whether the inventory increases to levels to where the offer:home ratio is higher or lower during this time than Oct - Apr?
the.irvine
Active member
Kings said:
There arent many homes available in the market, the ones which are sitting for several weeks. Wondering what price trend this summer season would bring. Up or Down
davidchase
New member
I'm an agent with First Team Real Estate. There should be more inventory than there is now in the summer. There has been low inventory for a few years which is helping drive prices up. With interest rates rising and a shaky stock market, things could change but I don't see that happening within the next month or two if that is your question. Hope that helps.
usctrojancpa
Well-known member
Kings said:
I think the number of buyers in the market during the peak summer selling season is marginally higher than during the non-peak summer season. When buyers find the right home, they jump on it. On average, I have seen both agent showing traffic and open house traffic slightly lower for my listings during June through Sept than my listings Oct through May for the past 4 years. I'm not sure why but it could be a combination of things like people being on vacation/out-of-town during the summer and more inventory on the market. I'll have a few listings coming up in the summer so it'll be interesting how things play out this time.
sgip
Well-known member
Trying to not sound too "sales-y", but anytime is a good time to buy - as long as the right house is available. Yes, prices go up and down, but are you going to be happy in a low priced home with appreciation potential if your neighborhood isn't what you wanted, the floor plan isn't working for your family, and the peeps next door just bought a drum kit. Cashing in when you sell might overcome the pain of living in that home, but is it worth it to live like that for a few years?
I'm in the "find a house that works, worry about other factors" later bucket. Not saying it's the perfect way forward for everyone, but sometimes price and appreciation are over emphasized relative to what the purpose of a home is - comfortable shelter.
I find when a buyer narrows their focus to neighborhoods or specific models, price becomes less of a factor in the decision making process. Do recommend over buying? Hardly. Many people I've worked with who look at a smaller pool of properties tend to under buy because they found the home they want, not the price they can get.
Supply and price are elastic. As noted earlier, more homes come on market in that time period - so do buyers - and often sellers in multiple bid situations are in the drivers seat. Find 2-3 "must live in" neighborhoods. Get floor plans from USCT. Go to the open houses. Walk the area. If one of the 5 or so homes that fits your wants, needs, and desires comes on line, then go "all in". That may happen in May-September. It might be in 2019.
Good luck with your search.
My .02c
I'm in the "find a house that works, worry about other factors" later bucket. Not saying it's the perfect way forward for everyone, but sometimes price and appreciation are over emphasized relative to what the purpose of a home is - comfortable shelter.
I find when a buyer narrows their focus to neighborhoods or specific models, price becomes less of a factor in the decision making process. Do recommend over buying? Hardly. Many people I've worked with who look at a smaller pool of properties tend to under buy because they found the home they want, not the price they can get.
Supply and price are elastic. As noted earlier, more homes come on market in that time period - so do buyers - and often sellers in multiple bid situations are in the drivers seat. Find 2-3 "must live in" neighborhoods. Get floor plans from USCT. Go to the open houses. Walk the area. If one of the 5 or so homes that fits your wants, needs, and desires comes on line, then go "all in". That may happen in May-September. It might be in 2019.
Good luck with your search.
My .02c
the.irvine
Active member
77K price drop in 25 days.
www.redfin.com/CA/Irvine/256-Desert-Bloom-92618/home/51684571
www.redfin.com/CA/Irvine/256-Desert-Bloom-92618/home/51684571
usctrojancpa
Well-known member
Kings said:
I've only gotten a few of those "submit an offer first and go see the home later" offers over the years. Obviously the number of offers that I get on a listing will vary based upon the price point and how I price the listing, but on average yes I seen slightly less offers on a listing in the June-Sept period vs. the Oct-May period. Also, it's not a perfect correlation but the volume of agent showings and open house traffic gives me an idea of how quickly and how many offers I might get on my listings. Being the analytical/numbers guy, I like to track information like that. haha
irvinehomeowner
Well-known member
I?m with SGIP.
As long as you can afford it and you can stay 5+ years, any time is good.
Even those people who bought in 05-06 at the peak saw it return by 10-11. But... this is specific to most hoods in Irvine, others took a little longer.
We took the wrong approach and went for value rather than ideal plan/area, still worked out but this last home we were much more discerning with what we wanted even though we paid more than we prediicted.
As long as you can afford it and you can stay 5+ years, any time is good.
Even those people who bought in 05-06 at the peak saw it return by 10-11. But... this is specific to most hoods in Irvine, others took a little longer.
We took the wrong approach and went for value rather than ideal plan/area, still worked out but this last home we were much more discerning with what we wanted even though we paid more than we prediicted.
Based on my experience with the previous 4 purchases -- try and look out at-least 3-5 years and buy a house for where you expect yourself to be in terms of family needs and career progression and not necessarily looking at current or past life.
As IHO said, Selection >> Price. Buy the highest quality home you can comfortably afford in the best neighborhood you can. Value purchases may end up being a Value Trap when it comes time to sell .
As IHO said, Selection >> Price. Buy the highest quality home you can comfortably afford in the best neighborhood you can. Value purchases may end up being a Value Trap when it comes time to sell .
the.irvine
Active member
OK. How would you rate these homes? Based on value, location and looks. All being very close to each other
1.https://www.redfin.com/CA/Irvine/120-Fieldwood-92618/home/51682483
2.https://www.redfin.com/CA/Irvine/70-Forbes-92618/home/51682958
3.https://www.redfin.com/CA/Irvine/41-Native-Trl-92618/home/40101856
4.https://www.redfin.com/CA/Irvine/128-Tomato-Spgs-92618/home/58551993
5. https://www.redfin.com/CA/Irvine/120-Tomato-Spgs-92618/home/58551989
1.https://www.redfin.com/CA/Irvine/120-Fieldwood-92618/home/51682483
2.https://www.redfin.com/CA/Irvine/70-Forbes-92618/home/51682958
3.https://www.redfin.com/CA/Irvine/41-Native-Trl-92618/home/40101856
4.https://www.redfin.com/CA/Irvine/128-Tomato-Spgs-92618/home/58551993
5. https://www.redfin.com/CA/Irvine/120-Tomato-Spgs-92618/home/58551989
the.irvine
Active member
bones said:
I am just looking at trends, and the way market is behaving.
How about 2?
momopi
Well-known member
the.irvine said:
1. Is this for a "home" that you'll live in, or an investment property that will be rented out?
2. If this is a "home", for what reasons (other than price) do you want to live there? (what do you like about the house specifically, how does the house make you feel, etc.)
OC_relocation
Member
bones said:
Here is how I would rate
3.
2.
1.
4.
5.
