Waiting to pull the trigger...

[traceimage]

Inspired by the "is Irvine affordable" thread. Have any renters out there been wanting to buy for a very long time (say two or more years), but you are waiting because you expect prices to fall? If so, how will you know when it's time to pull the trigger?

 

[usctrojancpa]

Inspired by the "is Irvine affordable" thread. Have any renters out there been wanting to buy for a very long time (say two or more years), but you are waiting because you expect prices to fall? If so, how will you know when it's time to pull the trigger?

When I find the right home at the right price.  I'm getting sick of renting.

 

[irvinehomeowner]

Not renting... but waiting to buy... even though prices haven't fallen as far as predicted.

 

[Nous]

Inspired by the "is Irvine affordable" thread. Have any renters out there been wanting to buy for a very long time (say two or more years), but you are waiting because you expect prices to fall? If so, how will you know when it's time to pull the trigger?

Everything is about comfort level and timing.  Some people will buy because they "can't stands no more!" like USC.  I won't buy until the market hits bottom in some meaning full way (like seasonally adjusted home prices are pointing up with interest rates doing the same while the general economy is in a stable situation instead of teetering on the brink).  And as for Irvine being affordable, that's all spin.  Ask 10 RE agents if now is a good time to buy and 9~10 will tell you it is.  They'll say that rates are as low as ever and prices are so low compared to 5 years ago.  But they won't tell you to wait out another 3~4 months until the dead of the slow season when you can get the best deals.

 

[usctrojancpa]

Inspired by the "is Irvine affordable" thread. Have any renters out there been wanting to buy for a very long time (say two or more years), but you are waiting because you expect prices to fall? If so, how will you know when it's time to pull the trigger?

Everything is about comfort level and timing.  Some people will buy because they "can't stands no more!" like USC.  I won't buy until the market hits bottom in some meaning full way (like seasonally adjusted home prices are pointing up with interest rates doing the same while the general economy is in a stable situation instead of teetering on the brink).  And as for Irvine being affordable, that's all spin.  Ask 10 RE agents if now is a good time to buy and 9~10 will tell you it is.  They'll say that rates are as low as ever and prices are so low compared to 5 years ago.  But they won't tell you to wait out another 3~4 months until the dead of the slow season when you can get the best deals.

I'm an analytical guy, I'll wait if the numbers don't add up for me. 

 

[Nous]

Inspired by the "is Irvine affordable" thread. Have any renters out there been wanting to buy for a very long time (say two or more years), but you are waiting because you expect prices to fall? If so, how will you know when it's time to pull the trigger?

Everything is about comfort level and timing.  Some people will buy because they "can't stands no more!" like USC.  I won't buy until the market hits bottom in some meaning full way (like seasonally adjusted home prices are pointing up with interest rates doing the same while the general economy is in a stable situation instead of teetering on the brink).  And as for Irvine being affordable, that's all spin.  Ask 10 RE agents if now is a good time to buy and 9~10 will tell you it is.  They'll say that rates are as low as ever and prices are so low compared to 5 years ago.  But they won't tell you to wait out another 3~4 months until the dead of the slow season when you can get the best deals.

I'm an analytical guy, I'll wait if the numbers don't add up for me.

To be completely honest, I just needed someone to point at and say they "can't stands no more!"

 

[usctrojancpa]

Inspired by the "is Irvine affordable" thread. Have any renters out there been wanting to buy for a very long time (say two or more years), but you are waiting because you expect prices to fall? If so, how will you know when it's time to pull the trigger?

Everything is about comfort level and timing.  Some people will buy because they "can't stands no more!" like USC.  I won't buy until the market hits bottom in some meaning full way (like seasonally adjusted home prices are pointing up with interest rates doing the same while the general economy is in a stable situation instead of teetering on the brink).  And as for Irvine being affordable, that's all spin.  Ask 10 RE agents if now is a good time to buy and 9~10 will tell you it is.  They'll say that rates are as low as ever and prices are so low compared to 5 years ago.  But they won't tell you to wait out another 3~4 months until the dead of the slow season when you can get the best deals.

I'm an analytical guy, I'll wait if the numbers don't add up for me.

To be completely honest, I just needed someone to point at and say they "can't stands no more!"

I really am sick of renting though.  Not sick enough to lose more money (on paper) than a certain amount.  Currently I'm "looking" at buying a home in Irvine right at rental parity on a gross basis (before any tax benefits).  I'll post up more after the dust settles if it happens.

 

[irvinerealtor]

To be completely honest, I just needed someone to point at and say they "can't stands no more!"

 

[morekaos]

I would buy right now if the right property comes by. As it stands, it is not the pricing that stops me , it is the lack of inventory.  I have all my ducks lined up and my finger on the trigger, just nothing to shoot at.

 

[irvinehomeowner]

I would buy right now if the right property comes by. As it stands, it is not the pricing that stops me , it is the lack of inventory.  I have all my ducks lined up and my finger on the trigger, just nothing to shoot at.

Truthful truthiness.

 

[akim997]

i'd buy tomorrow if the right house at the right price materialized.    I'm not concerned with price, I think I just need to see the right house the "just feels right".  To date, every house that has felt right is about $100,000 over priced. 

 

[Liar Loan]

Everything is about comfort level and timing.  Some people will buy because they "can't stands no more!" like USC.  I won't buy until the market hits bottom in some meaning full way (like seasonally adjusted home prices are pointing up with interest rates doing the same while the general economy is in a stable situation instead of teetering on the brink).  And as for Irvine being affordable, that's all spin.  Ask 10 RE agents if now is a good time to buy and 9~10 will tell you it is.  They'll say that rates are as low as ever and prices are so low compared to 5 years ago.  But they won't tell you to wait out another 3~4 months until the dead of the slow season when you can get the best deals.

You make it sound easy to buy in the dead of Winter but the inventory is typically reduced, which means it could take longer to find what you want.  For those really interested in attempting this, they should be out actively looking right now because it will take some time, and then try to make your offer between Thanksgiving and Christmas when people are the busiest and you will have the most leverage.  After New Years, the Spring season begins anew with new listings coming online, and potentially unrealistic sellers not willing to bargain.

 

[Nous]

Everything is about comfort level and timing.  Some people will buy because they "can't stands no more!" like USC.  I won't buy until the market hits bottom in some meaning full way (like seasonally adjusted home prices are pointing up with interest rates doing the same while the general economy is in a stable situation instead of teetering on the brink).  And as for Irvine being affordable, that's all spin.  Ask 10 RE agents if now is a good time to buy and 9~10 will tell you it is.  They'll say that rates are as low as ever and prices are so low compared to 5 years ago.  But they won't tell you to wait out another 3~4 months until the dead of the slow season when you can get the best deals.

You make it sound easy to buy in the dead of Winter but the inventory is typically reduced, which means it could take longer to find what you want.  For those really interested in attempting this, they should be out actively looking right now because it will take some time, and then try to make your offer between Thanksgiving and Christmas when people are the busiest and you will have the most leverage.  After New Years, the Spring season begins anew with new listings coming online, and potentially unrealistic sellers not willing to bargain.

Sale prices are typically lowest in February from the info I follow.  though you can get good Christmas deals exploiting the holiday season mentality.  Yes inventory is typically not as high, I guess I'm not as selective as most.  I'm not certain I agree what inventory is low.  Last time I looked at redfin there were like hundreds of homes for sale in Irvine.  Not to mention all the shadow inventory that is slowly leaked.

 

[irvinehomeowner]

High Inventory <> Buyable Inventory

A percentage of what is out there is either overpriced, a short sale, bad location, bad floorplan, bad schools (hee hee) etc.

That leaves a small percentage that will sell quickly or get bid up.

People are pickier nowadays so for those of use who know more than the average joe-shopper... buyable inventory isn't that great (I've been looking for 3 years).

 

[Liar Loan]

Everything is about comfort level and timing.  Some people will buy because they "can't stands no more!" like USC.  I won't buy until the market hits bottom in some meaning full way (like seasonally adjusted home prices are pointing up with interest rates doing the same while the general economy is in a stable situation instead of teetering on the brink).  And as for Irvine being affordable, that's all spin.  Ask 10 RE agents if now is a good time to buy and 9~10 will tell you it is.  They'll say that rates are as low as ever and prices are so low compared to 5 years ago.  But they won't tell you to wait out another 3~4 months until the dead of the slow season when you can get the best deals.

You make it sound easy to buy in the dead of Winter but the inventory is typically reduced, which means it could take longer to find what you want.  For those really interested in attempting this, they should be out actively looking right now because it will take some time, and then try to make your offer between Thanksgiving and Christmas when people are the busiest and you will have the most leverage.  After New Years, the Spring season begins anew with new listings coming online, and potentially unrealistic sellers not willing to bargain.

Sale prices are typically lowest in February from the info I follow.  though you can get good Christmas deals exploiting the holiday season mentality.  Yes inventory is typically not as high, I guess I'm not as selective as most.  I'm not certain I agree what inventory is low.  Last time I looked at redfin there were like hundreds of homes for sale in Irvine.  Not to mention all the shadow inventory that is slowly leaked.

Seasonal prices are usually at their lowest between mid-January and mid-February.  Care to guess when these contracts are signed?

 

[rkp]

we have been looking on and off for 8 years now.  since getting married in 2003, we have toured 1000s of open houses and new communities.  2003-2006 we didnt have much to put towards a house and the pricing felt insane.  once the bubble popped, we knew prices would go down so we kept holding off.  this year we became much more serious and almost entered escrow.

the positive is that we have saved up enough to buy the house for cash.  the downside is that we still havent found a place that we feel comfortable enough to tie ourselves down to.

for example, we love northwood 2 and were $50K shy of being the highest offer submitted for a $1M+ REO.  problem was that we didnt like the facade that much and felt nervous crossing the $1M barrier.  for whatever reason, $850K seems like the magic number for one of those houses.  but who knows, maybe $850K will roll around and then we still feel its over priced....

 

[IndieDev]

I'm waiting to pull the trigger to move out of Irvine. I first seriously started considering this move back in 2007-2008.

Prices in the areas I'm looking in are all over the place, there's really no uniform level of price change. Some homes are priced attractively, and some are bubblelicious, and they might be 500 yards apart.

I'm fairly sure I'll be making this move by early-mid 2012.

 

[rkp]

where are you moving to IndieDev? 

 

[IndieDev]

where are you moving to IndieDev?

I've kind of narrowed it down in the past year, but it'll probably be CDM (wife's favorite), South Laguna Beach, or Dana Point. We were looking in Newport for a while (Peninsula, Balboa, and Coast) but couldn't find a community that we felt at home with, or were satisfied with what we were getting for the price point.

 

[akim997]

nice.  If i had money, or made real money, I'd go for eastbluff or dover shores...  i dont even think the port streets....   

i cant even afford irvine... 

sad...