mk3gtr_IHB
New member
Sorry, should have been more clear. I'm not the buyer haha. I just asked my realtor what the final closing price was 
Long time lurker and bear finally bites the bullet in Mission Viejo
- Thread starter mk3gtr_IHB
- Start date
NEW -> Contingent Buyer Assistance Program
irvine_home_owner_IHB
New member
Okay... so you thought $550k would be fair but it's $570k.
Are you okay with not getting it?
And what are your plans now?
Are you okay with not getting it?
And what are your plans now?
mk3gtr_IHB
New member
Well, I'm not kicking myself for not getting it thats for sure. I guess the main feeling I have now is confusion. We all know that one of the main reasons RE pricing went out of hand in 2006 is that bank were accepting 100% financing and NINJA loans. Thus, the price of the house became irrelevant to most people. Someone flipping burgers at McD could afford a 500K house.
Prices are finally coming down to a more "reasonable" level, yet a lot of people feel that these REO properties are UNDERPRICED and bidding wars ensues despite the tight lending and expected high downpayments.
It just blows my mind. I've read about the lack of inventory and the giant tsunami of foreclosed homes that should hit us any day now, but how much would that change the RE landscape? Would that mean that this house in MV would sell for the listed price of 512K instead of 570k? Isn't that kind of getting back to square one anyways? I mean...the issue that I see now is not hoping for prices to come down, but hoping that bidding wars stop!
Yes, I know there is no way that this bidding war nonsense trend can go on for years. My feeling is that this mass hysteria will end by 1Q10. I mean...500K is alot of money and the income levels don't really support that. Yet people are snatching decent 500K houses left and right. Add that the dollar might depreciate and that makes houses even more affordable to foreigners. IMO for prices to come down the buyers need to have a psychology change and start feeling again that houses are still overpriced (as many people are able to come up with full doc applications). The issue does not seem to be that RE is so expensive that people want but can't buy anymore.
Anyways...those are my feeling for the 500-600K market....
Prices are finally coming down to a more "reasonable" level, yet a lot of people feel that these REO properties are UNDERPRICED and bidding wars ensues despite the tight lending and expected high downpayments.
It just blows my mind. I've read about the lack of inventory and the giant tsunami of foreclosed homes that should hit us any day now, but how much would that change the RE landscape? Would that mean that this house in MV would sell for the listed price of 512K instead of 570k? Isn't that kind of getting back to square one anyways? I mean...the issue that I see now is not hoping for prices to come down, but hoping that bidding wars stop!
Yes, I know there is no way that this bidding war nonsense trend can go on for years. My feeling is that this mass hysteria will end by 1Q10. I mean...500K is alot of money and the income levels don't really support that. Yet people are snatching decent 500K houses left and right. Add that the dollar might depreciate and that makes houses even more affordable to foreigners. IMO for prices to come down the buyers need to have a psychology change and start feeling again that houses are still overpriced (as many people are able to come up with full doc applications). The issue does not seem to be that RE is so expensive that people want but can't buy anymore.
Anyways...those are my feeling for the 500-600K market....
usctrojanman29_IHB
New member
[quote author="mk3gtr" date=1252754699]Well, I'm not kicking myself for not getting it thats for sure. I guess the main feeling I have now is confusion. We all know that one of the main reasons RE pricing went out of hand in 2006 is that bank were accepting 100% financing and NINJA loans. Thus, the price of the house became irrelevant to most people. Someone flipping burgers at McD could afford a 500K house.
Prices are finally coming down to a more "reasonable" level, yet a lot of people feel that these REO properties are UNDERPRICED and bidding wars ensues despite the tight lending and expected high downpayments.
It just blows my mind. I've read about the lack of inventory and the giant tsunami of foreclosed homes that should hit us any day now, but how much would that change the RE landscape? Would that mean that this house in MV would sell for the listed price of 512K instead of 570k? Isn't that kind of getting back to square one anyways? I mean...the issue that I see now is not hoping for prices to come down, but hoping that bidding wars stop!
Yes, I know there is no way that this bidding war nonsense trend can go on for years. My feeling is that this mass hysteria will end by 1Q10. I mean...500K is alot of money and the income levels don't really support that. Yet people are snatching decent 500K houses left and right. Add that the dollar might depreciate and that makes houses even more affordable to foreigners. IMO for prices to come down the buyers need to have a psychology change and start feeling again that houses are still overpriced (as many people are able to come up with full doc applications). The issue does not seem to be that RE is so expensive that people want but can't buy anymore.
Anyways...those are my feeling for the 500-600K market....</blockquote>
Besides the lack of real inventory out there, the government providing FHA loans up to $729k in So Cali with a 3.5% downpayment doesn't help matters. Your time and home will come just be patient if you can. I have a handful of buyers looking in Irvine and it's more than frustrating with what's going on with the market.
Prices are finally coming down to a more "reasonable" level, yet a lot of people feel that these REO properties are UNDERPRICED and bidding wars ensues despite the tight lending and expected high downpayments.
It just blows my mind. I've read about the lack of inventory and the giant tsunami of foreclosed homes that should hit us any day now, but how much would that change the RE landscape? Would that mean that this house in MV would sell for the listed price of 512K instead of 570k? Isn't that kind of getting back to square one anyways? I mean...the issue that I see now is not hoping for prices to come down, but hoping that bidding wars stop!
Yes, I know there is no way that this bidding war nonsense trend can go on for years. My feeling is that this mass hysteria will end by 1Q10. I mean...500K is alot of money and the income levels don't really support that. Yet people are snatching decent 500K houses left and right. Add that the dollar might depreciate and that makes houses even more affordable to foreigners. IMO for prices to come down the buyers need to have a psychology change and start feeling again that houses are still overpriced (as many people are able to come up with full doc applications). The issue does not seem to be that RE is so expensive that people want but can't buy anymore.
Anyways...those are my feeling for the 500-600K market....</blockquote>
Besides the lack of real inventory out there, the government providing FHA loans up to $729k in So Cali with a 3.5% downpayment doesn't help matters. Your time and home will come just be patient if you can. I have a handful of buyers looking in Irvine and it's more than frustrating with what's going on with the market.