usctrojancpa
Well-known member
andy said:
Typically, the newer the property the higher the Mello Roos (supplemental property tax).
New Home versus Old Home
- Thread starter andy
- Start date
NEW -> Contingent Buyer Assistance Program
Typically, the newer the property the higher the Mello Roos (supplemental property tax).
Are you sure? Your own posted graph said otherwise.
IHO, it does depend on which month you look at in 2018...prices are down slightly from May 2018 when we hit the peak before the soft patch in the summer/fall of 2018. That being said, prices are up slightly since the end of 2018/early 2019. But we are not talking anything significant either way due to mix shift and you can say that prices are basically flattish for the entire market. Prices for higher end homes is definitely lower since any time in 2018 but prices for the lower end are up over the same period. It continues to be a tale of two markets and you can't just look at the median price per SF as there's more to it than that.
Get outta here!
I take at the Zillow/Redfin home value graphs with a grain of salt just like their home guestimates as I rely on the data that I pull directly from MLS. If you compare prices from 2018 as a whole versus where we are today then I would say prices are flattish. Sometimes the data has quirks in it like you saw for March 2020 where it becomes an outlying month so you can definitely cherry pick specific months to support a position of higher or lower prices but it's best to look at wider time frame to find real trends. I've said it before and I'll say it again, without a significant increase in inventory level we won't see any material price declines in Irvine.
There you go LL... USC is Team Irvine.
You know me IHO, I geek out on numbers.
At this time, I will agree with eyephone about waiting.
If you don?t have to buy, you should see how everything pans out.
But I don?t know your situation so only you can make that determination.
Typically, the newer the property the higher the Mello Roos (supplemental property tax).
irvinehomeowner
Well-known member
aqua loses the thread for mentioning rona first.
irvinehomeowner
Well-known member
Liar Loan said:
Are you sure? Your own posted graph said otherwise.
usctrojancpa
Well-known member
irvinehomeowner said:
IHO, it does depend on which month you look at in 2018...prices are down slightly from May 2018 when we hit the peak before the soft patch in the summer/fall of 2018. That being said, prices are up slightly since the end of 2018/early 2019. But we are not talking anything significant either way due to mix shift and you can say that prices are basically flattish for the entire market. Prices for higher end homes is definitely lower since any time in 2018 but prices for the lower end are up over the same period. It continues to be a tale of two markets and you can't just look at the median price per SF as there's more to it than that.
irvinehomeowner
Well-known member
@USC: I'm not using just price/sf... I was just using Redfin's p/sf and median price... and then to top it off, I used the Zillow graph that LL posted himself which shows a rise in median price since 2018 (was it March when certain people were claiming the slowdown started?).
My point is LL says that Irvine prices have been dropping since 2018 and I don't think that's true... it could be flattish or even slightly down... but not "dropping" or "in pain" as he likes to say.
Here is *his* graph again:
So maybe they did drop from the height in 2019 (seasonal?) but it generally looks like an upward slope from 2018.
My point is LL says that Irvine prices have been dropping since 2018 and I don't think that's true... it could be flattish or even slightly down... but not "dropping" or "in pain" as he likes to say.
Here is *his* graph again:
So maybe they did drop from the height in 2019 (seasonal?) but it generally looks like an upward slope from 2018.
irvinehomeowner
Well-known member
Mety said:
Get outta here!
usctrojancpa
Well-known member
irvinehomeowner said:@USC: I'm not using just price/sf... I was just using Redfin's p/sf and median price... and then to top it off, I used the Zillow graph that LL posted himself which shows a rise in median price since 2018 (was it March when certain people were claiming the slowdown started?).
My point is LL says that Irvine prices have been dropping since 2018 and I don't think that's true... it could be flattish or even slightly down... but not "dropping" or "in pain" as he likes to say.
Here is *his* graph again:
So maybe they did drop from the height in 2019 (seasonal?) but it generally looks like an upward slope from 2018.
I take at the Zillow/Redfin home value graphs with a grain of salt just like their home guestimates as I rely on the data that I pull directly from MLS. If you compare prices from 2018 as a whole versus where we are today then I would say prices are flattish. Sometimes the data has quirks in it like you saw for March 2020 where it becomes an outlying month so you can definitely cherry pick specific months to support a position of higher or lower prices but it's best to look at wider time frame to find real trends. I've said it before and I'll say it again, without a significant increase in inventory level we won't see any material price declines in Irvine.
irvinehomeowner
Well-known member
USCTrojanCPA said:
There you go LL... USC is Team Irvine.
usctrojancpa
Well-known member
irvinehomeowner said:USCTrojanCPA said:
There you go LL... USC is Team Irvine.
You know me IHO, I geek out on numbers.
marmott
Active member
To get back on topic, older home may require less immediate spending than newer ones. A new home comes with no landscaping done and no window covering for examples. I can think of other smaller items like appliances, garage storage or lighting that you may have to consider with a new home.
It's case by case but for having bought both old and new it's easy to overlook some of these costs that add up fast on a new home.
It's case by case but for having bought both old and new it's easy to overlook some of these costs that add up fast on a new home.
irvinehomeowner
Well-known member
Also, you worry less about competing bids on new homes... and while you can "bargain" on old homes, you can also submit lower offers to new home builders on standing inventory.
In times like this, I would ask for lots of upgrades including yard/patio landscaping if you're thinking of buying new homes. I think there are more unsold remaining inventories now days.
Also many condos have a basic landscaping already finished. It depends which tract though. $600-800k will most likely be an attached product. Most attached homes will have them done with no additional cost.
Also many condos have a basic landscaping already finished. It depends which tract though. $600-800k will most likely be an attached product. Most attached homes will have them done with no additional cost.
irvinehomeowner
Well-known member
eyephone said:
At this time, I will agree with eyephone about waiting.
If you don?t have to buy, you should see how everything pans out.
But I don?t know your situation so only you can make that determination.