Observations from the front lines of the Irvine housing market?
- Thread starter usctrojancpa
- Start date
NEW -> Contingent Buyer Assistance Program
Very doubtful given how much properties have appreciated since Covid started. Why would an owner get foreclosed on when they can sell their home with equity? Will you get one-off foreclosures here and there? Sure, why not but no foreclosure wave is coming.
They probably know how much prices have increased so far this year and are factoring that in. Housing is local though.
Good, I want MORE inventory!
And the article also states this...
?It?s very important to keep these numbers in context,? Sharga noted. ?Foreclosure completions are still far below normal levels?less than half as many as in January of 2020 before the pandemic was declared, and about 60% lower than the number of foreclosure completions in 2019. We?re likely to continue seeing large year-over-year percentage increases for the rest of this year, but it?s also likely that foreclosure activity will remain below historically normal levels until the end of 2022.?
Like I said, I would welcome and more balanced market with more inventory because that's where good agents can shine on both the buy and the sell side.
Doesn't rate increases do that to all markets?
Not too mention looming threat of war and drops in stocks.
This would be good news though as like USC said... we need more inventory and lower prices to help balance this crazy environment.
Still dealing with multiple offers on both sides of the table. Got 12 offers on my Costa Mesa listing and around $200k over list price and even on non-Irvine homes my buyers are competing with 5+ other buyers. Some of my first-time/lower end buyers have began to get priced out so they are going to the sidelines for now. The slowdown is probably happening on the margin but nothing that will move the needle at this point. One of my buyers who bid on a Palermo lot got outbid by about $100k so no slowdown on the new home side.
It's a mixed bag, some homes are getting a dozen+ offers while others are getting a few. I had a buyer who I got a home in Mission Viejo and Baker Ranch with both homes having 4-5 offers and prices were $70k-$90k over list price. Builder waitlists are full for many, many months but more resale inventory has hit the market. I look forward to a more balanced market. I still predict that 2022 prices will be up 5-10% but those of those gains will be in the first half of the year.
BlackKnight
New member
I?ll buy a place next to Playboy mansion in metaverse.eyephone said:
The Motor Court Company
Well-known member
if it can be like the Matrix, why not?
eyephone said:
Davidlee199
Member
This is an investment property I want to buy if I have $1M cash:
407 Saint Andrews Ave, Placentia, CA 92870
A $1.1M foreclosure sold for $825K. Can be rented for $5-6k.
Costs min. $1.5M in Irvine to collect $6000k rent/month.
More foreclosures are coming once the COVID-19 National Emergency is ended 3/1/2022.
407 Saint Andrews Ave, Placentia, CA 92870
A $1.1M foreclosure sold for $825K. Can be rented for $5-6k.
Costs min. $1.5M in Irvine to collect $6000k rent/month.
More foreclosures are coming once the COVID-19 National Emergency is ended 3/1/2022.
Hugo Township
Active member
usctrojancpa
Well-known member
Davidlee199 said:
Very doubtful given how much properties have appreciated since Covid started. Why would an owner get foreclosed on when they can sell their home with equity? Will you get one-off foreclosures here and there? Sure, why not but no foreclosure wave is coming.
zubs
Well-known member
Zillow: Our 2022 housing forecast is way off?home prices now set to spike 16%
https://finance.yahoo.com/news/zillow-2022-housing-forecast-way-093355186.html
https://finance.yahoo.com/news/zillow-2022-housing-forecast-way-093355186.html
The Motor Court Company
Well-known member
how is Zillow?s track record of predicting home prices? I would think it is fair to say it is at least less than stellar (look at what happened to their iBuyer business?)
Ready2Downsize
Well-known member
zubs said:
They probably know how much prices have increased so far this year and are factoring that in. Housing is local though.
usctrojancpa
Well-known member
Zillow is garbage period. Trust them as far as you can throw them.
Irvinehomeseeker
Active member
I see more homes coming for sale here in Eastwood this week...probably the biggest in over 5-6 months. Looks like sellers want to take advantage of prices and market before rates go up.
usctrojancpa
Well-known member
Irvinehomeseeker said:
Good, I want MORE inventory!
Davidlee199
Member
Bluffs and Highland each released 2 homes Feb 5th and only 1 home has been reserved, NONE are sold so far?? Interesting??
Besides, foreclosures are up 139%from Jan 2021 YTY.https://dsnews.com/daily-dose/02-10-2022/foreclosure-completion
Besides, foreclosures are up 139%from Jan 2021 YTY.https://dsnews.com/daily-dose/02-10-2022/foreclosure-completion
usctrojancpa
Well-known member
Davidlee199 said:
And the article also states this...
?It?s very important to keep these numbers in context,? Sharga noted. ?Foreclosure completions are still far below normal levels?less than half as many as in January of 2020 before the pandemic was declared, and about 60% lower than the number of foreclosure completions in 2019. We?re likely to continue seeing large year-over-year percentage increases for the rest of this year, but it?s also likely that foreclosure activity will remain below historically normal levels until the end of 2022.?
Like I said, I would welcome and more balanced market with more inventory because that's where good agents can shine on both the buy and the sell side.
mightybluff
New member
For the real estate agents and those closely monitoring the Irvine market, are you noticing a very slight softening in the market right now? I have been monitoring the Irvine market more closely the last several months, as I'm a buyer and searching for a move-up property in the 4 bed up to $2M range... and purely anecdotally, I'm noticing a slight increase of days on market for houses in my range. I've also noticed a few homes in the 25+ days on market range that I hadn't noticed before and lastly, for the first time, I've seen a handful of price reductions... These are just a few minor things I'm seeing but obviously the market is still super hot and I'm sure most homes that are properly priced or underpriced are getting many many offers... just curious if any of the realtors and experts are noticing anything change slightly in the past few weeks in Irvine?
irvinehomeowner
Well-known member
mightybluff said:
Doesn't rate increases do that to all markets?
Not too mention looming threat of war and drops in stocks.
This would be good news though as like USC said... we need more inventory and lower prices to help balance this crazy environment.
xlunaxoreox
New member
I think it is still varied. The newer homes in the villages of irvine seem to still have lotsa competition while other homes appear to have softened both in number of offers and purchase price above listing.
usctrojancpa
Well-known member
mightybluff said:
Still dealing with multiple offers on both sides of the table. Got 12 offers on my Costa Mesa listing and around $200k over list price and even on non-Irvine homes my buyers are competing with 5+ other buyers. Some of my first-time/lower end buyers have began to get priced out so they are going to the sidelines for now. The slowdown is probably happening on the margin but nothing that will move the needle at this point. One of my buyers who bid on a Palermo lot got outbid by about $100k so no slowdown on the new home side.
Martin,
Do you see the market show signs of cooling down a bit recently?
Some buyers might choose to wait due to all the uncertainties: the rising interest rate and Russia/Ukraine situation etc ...
I saw two agents sharing they seem to see a less competitive market in Irvine/So cal - still multiple offers, but not 10+ offers, more 3~5 offers.
Do you see the market show signs of cooling down a bit recently?
Some buyers might choose to wait due to all the uncertainties: the rising interest rate and Russia/Ukraine situation etc ...
I saw two agents sharing they seem to see a less competitive market in Irvine/So cal - still multiple offers, but not 10+ offers, more 3~5 offers.
usctrojancpa
Well-known member
huuur said:
It's a mixed bag, some homes are getting a dozen+ offers while others are getting a few. I had a buyer who I got a home in Mission Viejo and Baker Ranch with both homes having 4-5 offers and prices were $70k-$90k over list price. Builder waitlists are full for many, many months but more resale inventory has hit the market. I look forward to a more balanced market. I still predict that 2022 prices will be up 5-10% but those of those gains will be in the first half of the year.