Where the market is - Buyer Offers

NEW -> Contingent Buyer Assistance Program
marmott said:
Looks like The New Home Company, at least in NorCal doesn't want to go the route of bidding for new releases. Curious to see if it is a company wide policy or just local.
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Good for them. I like how they are keeping things consistent. 
 
HMart said:
At what point do you fire buyers who aren't likely to result in a commission?
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As SGIP mentioned, it happens when the buyer is not listening to what their agent is trying to advise them.  As I tell all my clients, the clients that listen to me and follow my advice benefit and the ones that don't...well they may not.  It's important for both the agent and buyer to be on the same and for the buyer to trust their agent (given their agent is good and knows their stuff). 
 
akula1488 said:
Is it more difficult to be a buying agent now? The volume has dropped, with such disparity in demand vs supply?
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Yes, it takes more offers to get a home due to pretty much every property getting multiple offers.  Buyers have to make aggressive offers with seller advantageous terms (i.e. short contingency period, removal of certain contingencies, free rent backs, etc).  Sales volume is actually up but there are so many buyers in the market. 
 
Well, alot more than that. Those are the two resident realtors on here that we know. With just Orange County REALTORS? provides services and resources to over 15,000 licensed real estate salespersons and brokers, appraisers, and affiliated service ...


Damn, that's alot of bodies, working on a few hundred homes avail for sale in Irvine. No wonder!!!
 
Fulton is beautiful - private grass back yard, good old Northwood location. What do you think it will go for?
 
OCtoSV said:
Fulton is beautiful - private grass back yard, good old Northwood location. What do you think it will go for?
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Yeah and it has as door access to the park which is really cool.  They had 3 offers already as of Sunday before I submitted my offer.  My guess is that it may go in the mid $1.1s on counters.
 
USCTrojanCPA said:
OCtoSV said:
Fulton is beautiful - private grass back yard, good old Northwood location. What do you think it will go for?
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Yeah and it has as door access to the park which is really cool.  They had 3 offers already as of Sunday before I submitted my offer.  My guess is that it may go in the mid $1.1s on counters.
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Wow - OC buyers with solid mid-career F1000 corporate incomes or doctors /lawyers have so many options in the low 1Ms relative to where I live - I know that location very well and I would personally for that price point call it the absolute best value area of Irvine. If I wasn't harvesting my location so well I would buy something like it and move back.
 
OCtoSV said:
USCTrojanCPA said:
OCtoSV said:
Fulton is beautiful - private grass back yard, good old Northwood location. What do you think it will go for?
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Yeah and it has as door access to the park which is really cool.  They had 3 offers already as of Sunday before I submitted my offer.  My guess is that it may go in the mid $1.1s on counters.
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Wow - OC buyers with solid mid-career F1000 corporate incomes or doctors /lawyers have so many options in the low 1Ms relative to where I live - I know that location very well and I would personally for that price point call it the absolute best value area of Irvine. If I wasn't harvesting my location so well I would buy something like it and move back.
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Yeah, dual income households with two low 6 figure incomes can easily afford low to middle $1m homes as long as they have 20% down. No Mello Roos and HOA for that home as well which makes it that much more attractive.
 
Put offers in on:
https://www.redfin.com/CA/Irvine/55-Strawberry-Grv-92620/home/112719655
- Significantly above asking. Winning bid probably around $960k. Other offer was selected because they were able to accommodate rent back until end of August which was highly preferred by sellers.
https://www.redfin.com/CA/Irvine/24-Sanctuary-92620/home/5959292
- Had verbal accepted offer but my buyers changed their mind due to "Feng Shui". Still available not in escrow yet.
https://www.redfin.com/CA/Irvine/67-Cliffwood-92602/home/5815436
- Above asking. We backed out during counters. Offer was much higher than I believe the home was worth because there was probably at least $100k+ worth of work that needed to be done. Accepted offer probably right around $1M.
 
Great perspective post!

Kenkoko said:
Japan actually went through decades of depreciation, not inflation. Probably not the base case study if you're trying to demonstrate asset inflation.

The only things we are possibly tracking Japan, in terms of fiscal & monetary policy,  would be negative interest rate and blowing through the national debt.

Given the fact that we're already recovering, negative interest rate is unlikely to happen anytime soon.

So that leaves the national debt.

Japan has proven econ experts & conventional econ wisdom wrong for years by demonstrating that a large economy (#3 in the world) can sustain a high level of national debt even with virtually no GDP growth.  (over 250% debt to GDP ratio, negative GDP growth in the past decade)

This is on top of Japan having been on a steady population decline since 1998 & having one of the world's oldest population.

We don't have anywhere close to any of the above problems in the US.

Some people are freaking out over our national debt level, but the truth is we're barely over 100% debt to GDP ratio.

I think some proper context (Japan) should calm the anxiety.

Even though Japan has done QEs like we did, they spent a lot of their debt investing in infrastructures and its people. This is something we didn't do with our QEs.

If you look up various infrastructure scores and education scores, Japan has consistently ranked top in the developed world.

Their train and high speed rail systems are so top notch that approx. 85% of commuters in  Japan goes to work by Train. ( vs less than 5% in north America)

Austerity is unpopular and politically difficult. So yes, we're more likely to follow Japan's trajectory when it comes to the national debt.

Can we sustain Japan level of debt without investing in infrastructures, education etc is a valid question.

But to draw that parallel we are becoming Japan's economy is pre-mature. We have actual GDP growth, population growth, and the USD is still the global reserve currency.
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USCTrojanCPA said:
Wrote offers for 3 other buyers for these 3 homes on Sunday...
https://www.redfin.com/CA/Irvine/59-Gray-Dove-92618/home/7215423
https://www.redfin.com/CA/Irvine/80-Hazelton-92620/home/58556413
https://www.redfin.com/CA/Irvine/29-Fulton-92620/home/4795209
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My buyer submitted an initial offer of $1,141,000 on Fulton and here's the email I got from the listing agent (didn't even get a counter)...

Hi Martin,

Thank you kindly for your offer on our listing. Our seller received an offer late last night that was materially higher than all the offers received to date and decided to accept it on the spot.

We will be sure to communicate with you if any of that changes, and be sure to keep you as a back up.

All the best to you and good luck to your buyers,

Affie & Melody
 
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