Where the market is - Buyer Offers

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aquabliss said:
A coworker friend of mine almost bought 3 times in 2019 but kept getting outbid and wasn?t in a rush.  Then when pandemic hit he got excited because he thought the economic crash of the century was here and he could buy a $1M home for $250k if he waited and kept his cash on the side.  Well of course you know what happened, he kept waiting and waiting and never bought.  Now of course that $1M home from 2019 is $1.5M and he can not afford it.  I feel bad for the guy but the best time to buy real estate is usually ?now?, I told him this but he didn?t listen and now he?ll probably never buy anything.
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It's kind of funny because my brother-in-law also almost bought 3 times from 2019 to 2020.  Each time, it was my sister who always found some fault.  They practically was putting the deposit down before they found out Teresina didn't have amenities.  My brother-in-law said he probably would have bought if HOA fees were only $150, but my sister just refused.  Another one was Barcelona, and it was my sister trying to low ball IP's offer.  And the third one was Highland that my sister tried to low ball IP again.  She wasn't motivated to buy Highland because the master suite doesn't have vanity.  I guess my brother-in-law is regretting those decisions right now.

He's on priority list for Oaks at Portola Hills and Evergreen at Meadows now.
 
CalBears96 said:
Another one was Barcelona, and it was my sister trying to low ball IP's offer.  And the third one was Highland that my sister tried to low ball IP again.
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I have a relative like this too. They found their single story unicorn and then wanted to low ball. Same relative also wants a Tesla Model Y (which isn't available until March) and thinks they can negotiate the price. Very frustrating but also kinda funny as I am writing this...
 
aquabliss said:
Cares said:
irvinehomeowner said:
Condwich bad. :)

You would think a pandemic would have some negative effect on real estate... instead it was the opposite... on almost everything.

I wonder if tulips have gone up in price too.
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Well the negative effect is if you don't already own then you're in a much worse spot than a couple years ago. Most of us on these forums are owners of 1 or multiple homes so we're doing much better than the average person.
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A coworker friend of mine almost bought 3 times in 2019 but kept getting outbid and wasn?t in a rush.  Then when pandemic hit he got excited because he thought the economic crash of the century was here and he could buy a $1M home for $250k if he waited and kept his cash on the side.  Well of course you know what happened, he kept waiting and waiting and never bought.  Now of course that $1M home from 2019 is $1.5M and he can not afford it.  I feel bad for the guy but the best time to buy real estate is usually ?now?, I told him this but he didn?t listen and now he?ll probably never buy anything.
Click to expand...

You can say that about btc. People could of bought btc when it dropped to $29.8k.
 
aquabliss said:
Cares said:
irvinehomeowner said:
Condwich bad. :)

You would think a pandemic would have some negative effect on real estate... instead it was the opposite... on almost everything.

I wonder if tulips have gone up in price too.
Click to expand...

Well the negative effect is if you don't already own then you're in a much worse spot than a couple years ago. Most of us on these forums are owners of 1 or multiple homes so we're doing much better than the average person.
Click to expand...

A coworker friend of mine almost bought 3 times in 2019 but kept getting outbid and wasn?t in a rush.  Then when pandemic hit he got excited because he thought the economic crash of the century was here and he could buy a $1M home for $250k if he waited and kept his cash on the side.  Well of course you know what happened, he kept waiting and waiting and never bought.  Now of course that $1M home from 2019 is $1.5M and he can not afford it.  I feel bad for the guy but the best time to buy real estate is usually ?now?, I told him this but he didn?t listen and now he?ll probably never buy anything.
Click to expand...

If he bought the first 2 months post shut down, so May/June 2020, then he could have gotten a great deal. I closed a transaction about $150k under market value. The seller was desperate to sell so he could move cross country and had his buyer back out due to COVID scares. My buyer thought "I"ll buy if I can get a good deal" and wanted to lowball an offer. They made a deal and behold the steal of the year.
 
So the question is... Which is better?

a) Being a proud owner of a condwich

b) Being a renter for life

 
eyephone said:
You can say that about btc. People could of bought btc when it dropped to $29.8k.
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You can't really compare buying a home to buying BTC.  BTC is a speculative asset with no intrinsic value.
 
CalBears96 said:
eyephone said:
You can say that about btc. People could of bought btc when it dropped to $29.8k.
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You can't really compare buying a home to buying BTC.  BTC is a speculative asset with no intrinsic value.
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They are both speculative. People have gain wealth through both.
I was just responding to his could of would of story.
 
Mety said:
So the question is... Which is better?

a) Being a proud owner of a condwich

b) Being a renter for life
Click to expand...

You can consider that from 2019 to 2021 you lost 20% of any cash you left in the bank.
Cash is pretty trashy right now... I wonder when it'll become king again.

My cousin who lives in NJ and has 3 Irvine rental properties just bought a rental in Manhattan Beach.  He says he's losing a little bit of money @ $6000 rent....but he rather his cash in an asset than sitting there earning shit interest.
 
zubs said:
Mety said:
So the question is... Which is better?

a) Being a proud owner of a condwich

b) Being a renter for life
Click to expand...

You can consider that from 2019 to 2021 you lost 20% of any cash you left in the bank.
Cash is pretty trashy right now... I wonder when it'll become king again.

My cousin who lives in NJ and has 3 Irvine rental properties just bought a rental in Manhattan Beach.  He says he's losing a little bit of money @ $6000 rent....but he rather his cash in an asset than sitting there earning shit interest.
Click to expand...

I wasn't really talking about money here, but money or ROI is definitely something to consider as well.

I was asking more like what would people think or see better. Being an owner/living in a so-called "undesirable condo" unit or living in a probably a better house as a renter.
 
Mety said:
zubs said:
Mety said:
So the question is... Which is better?

a) Being a proud owner of a condwich

b) Being a renter for life
Click to expand...

You can consider that from 2019 to 2021 you lost 20% of any cash you left in the bank.
Cash is pretty trashy right now... I wonder when it'll become king again.

My cousin who lives in NJ and has 3 Irvine rental properties just bought a rental in Manhattan Beach.  He says he's losing a little bit of money @ $6000 rent....but he rather his cash in an asset than sitting there earning shit interest.
Click to expand...

I wasn't really talking about money here, but money or ROI is definitely something to consider as well.

I was asking more like what would people think or see better. Being an owner/living in a so-called "undesirable condo" unit or living in a probably a better house as a renter.
Click to expand...
If you're able to find a deal for rentals, it might not be a bad idea to be renting and just throw all that extra money which would otherwise go towards HOA and property taxes to the stock market. Besides 2020 + 2021, S&P500 has always far outpaced any RE appreciation. That's what I did before buying my place recently. Owning isn't always the best option for everyone so it really depends on what the individual wants out of it.
 
sleepy5136 said:
Mety said:
zubs said:
Mety said:
So the question is... Which is better?

a) Being a proud owner of a condwich

b) Being a renter for life
Click to expand...

You can consider that from 2019 to 2021 you lost 20% of any cash you left in the bank.
Cash is pretty trashy right now... I wonder when it'll become king again.

My cousin who lives in NJ and has 3 Irvine rental properties just bought a rental in Manhattan Beach.  He says he's losing a little bit of money @ $6000 rent....but he rather his cash in an asset than sitting there earning shit interest.
Click to expand...

I wasn't really talking about money here, but money or ROI is definitely something to consider as well.

I was asking more like what would people think or see better. Being an owner/living in a so-called "undesirable condo" unit or living in a probably a better house as a renter.
Click to expand...
If you're able to find a deal for rentals, it might not be a bad idea to be renting and just throw all that extra money which would otherwise go towards HOA and property taxes to the stock market. Besides 2020 + 2021, S&P500 has always far outpaced any RE appreciation. That's what I did before buying my place recently. Owning isn't always the best option for everyone so it really depends on what the individual wants out of it.
Click to expand...

Thanks for your input. That's still very related only to the money issue. What about the life quality? What if one wants to settle at his/her own place for awhile? Sometimes the landlord might sell his rental and the tenant has to move out so it's a bit more unsettled in such case.
 
Mety said:
So the question is... Which is better?

a) Being a proud owner of a condwich

b) Being a renter for life
Click to expand...

First... no one is a "proud" owner of a condwich. :)

Kidding aside, it depends on the outlay and the stability. If you aren't going anywhere and the monthly is the same as renting, owning is almost always a better position but there are always caveats.

I remember when people were against me when I said any time is actually a good time to buy if you can afford it because you can't accurately time the market, now all those people who were waiting for the big slowdown are wishing they listened.

But no one will admit it.
 
irvinehomeowner said:
Mety said:
So the question is... Which is better?

a) Being a proud owner of a condwich

b) Being a renter for life
Click to expand...

First... no one is a "proud" owner of a condwich. :)

Kidding aside, it depends on the outlay and the stability. If you aren't going anywhere and the monthly is the same as renting, owning is almost always a better position but there are always caveats.

I remember when people were against me when I said any time is actually a good time to buy if you can afford it because you can't accurately time the market, now all those people who were waiting for the big slowdown are wishing they listened.

But no one will admit it.
Click to expand...

I guess they just usually stop posting here then. Except eyephone. >:D
 
irvinehomeowner said:
I remember when people were against me when I said any time is actually a good time to buy if you can afford it because you can't accurately time the market, now all those people who were waiting for the big slowdown are wishing they listened.

But no one will admit it.
Click to expand...

You are talking as if this cycle has already ended.
 
We participated in the bid wars in some recent listings - it is going totally crazy. The offers are $200K above listing - some homes are entering $700 per sqft

Do you feel like in Jan there will be more homes? With slightly more homes, will the prices stabilize or will then continue to shoot up from already crazy places?

USCTrojanCPA said:
The market is starting to melt up, almost like a short squeeze due to the lack of inventory.  I got this West Irvine condo for my buyer using a no-limit escalation clause beating out 20 other buyers....
https://www.redfin.com/CA/Irvine/30-Moonstone-92602/home/5885224
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