To buy it or not to buy

NEW -> Contingent Buyer Assistance Program
bones said:
A lot of ppl say/think Irvine is overrated (myself included) yet we all (not all as in everyone but all as in a lot of people) can't seem to quit the place :)
I whine about it all the time, yet outside of a short stint in South County, I've lived here pretty much my whole life. 
 
renter1 said:
Found A house I like in pavillion park- price is decent- wait or buy??? Interest rates climbing...

What does everyone think

If the price is decent and you like the house, why not, go for it.
 
bones said:
A lot of ppl say/think Irvine is overrated (myself included) yet we all (not all as in everyone but all as in a lot of people) can't seem to quit the place :)

I was born and raised in south LA. I appreciate places like Irvine. However, I wouldn't hesitate to consider living many other places should our jobs move from this area.
 
pricedoutJay said:
Now may concern is what can happen, let's say, in 5 years.  Can Irvine stay as strong as it's been the past 25 years or so?  Traffic is getting worse and population is growing fast.  New "affordable homes" are getting smaller and smaller.  More owners who bought their homes in 80s and 90s are moving out of Irvine or renting their homes and live in different cities. This may not be necessarily bad but if Irvine was so great place to live, why wouldn't they stay in their homes instead of renting them out to strangers?

In my opinion (I have two kids), IUSD is over rated also.  High API scores are mainly due to Tiger moms and Helicopter parents...  I don't see IUSD teachers are so much better than other district teachers.  May be students are better behaved...  I see talents in school sports and volunteerism (?) are going down since many FCBs and FOBs mostly focus on SAT, GPA, and music talents (this is purely my personal observation).

I know I'm rambling...  I don't see Irvine becoming Compton anytime soon and the value of the homes will still be supported but the quality of community and personal life, I am not 100% sure...  May be I'll move out of Irvine when I get older...
The key thing about Irvine that will never change is its location.

It's pretty much the center of Orange County and thus will always be valued due to that.

As for schools, while I do think Tiger Helicopters do bring up the API, I also think there are many normal non high achieving parents who care about what's going on and their kids do well. I don't push my kids academically, they don't go to Kumon, they aren't enrolled in 20 different sports/art activities but they do okay in school. The best thing for me about the Irvine schools, is that they are relatively safer than others. Which means more to me than the average API score. To me, that's probably the second factor why people prefer Irvine.

#IcicleGunsAside
 
irvinehomeowner said:
It's pretty much the center of Orange County and thus will always be valued due to that.
Also, the IBC is by far the largest employment center in OC.  In the 1960s TIC understood the need for a commercial center; the O'Neill developments further south did not understand this.  Bren created the Spectrum because he knew how important IBC was to Irvine and he wanted to create a second commercial center for Irvine.  The vast amount of jobs at the IBC and Spectrum will insure future demand for Irvine real estate.
 
If you're concerned, as I am, about buying now because mortgage rates could rise putting pressure on house prices, you should find some comfort in how quickly your debt will decrease.

On a 30-year fixed mortgage at 3.50%, after five years your mortgage balance will decline over 10%! After ten years your mortgage balance will be 23% lower!

If you're putting 20% down, it's hard to fathom a scenario where you'd ever find yourself underwater. If you build savings after buying, you might welcome a downturn in housing so that you can move-up getting a deal.
 
Perspective said:
If you're concerned, as I am, about buying now because mortgage rates could rise putting pressure on house prices, you should find some comfort in how quickly your debt will decrease.

On a 30-year fixed mortgage at 3.50%, after five years your mortgage balance will decline over 10%! After ten years your mortgage balance will be 23% lower!

If you're putting 20% down, it's hard to fathom a scenario where you'd ever find yourself underwater. If you build savings after buying, you might welcome a downturn in housing so that you can move-up getting a deal.

Yes and that's why the affordability, again, is the key.  However, if/when I buy this time (may be within 6 to 12 months), I don't want to move up or move at all.  That's why I'm not jumping on anything for the sake of buying home...  My rent is still way cheaper for now for an equivalent home...
 
pricedoutJay said:
I don't want to move up or move at all.
While buying your forever home may seem the case now, there is always a chance that may change.

3 houses ago we thought it was our forever home... and the one after that... and now this one. But who knows, in 5-10 years we might want to move to Tusin Legacy.

#sarcasm
 
I only had one "forever" home. And I thought I would NEVER move out of Irvine and back to Tustin....... ever. But times change. I'm basically trading in a good sized yard, 4 car garage and Irvine for about the same house in a different layout with a small yard and 2 car garage, pocketing several hundred $K and getting a new home with new appliances and the chance to redecorate (which I was going to spend money on in the "forever" home anyway) with a whole lot less yard maintenance.

Is the new home a "forever" home? Maybe. I would be ok living in it but maybe some day if prices go up some and I don't die first, I might trade it for something smaller but I doubt it will be a resale. Did that one time and don't want to do that again.
 
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