Where the market is - Buyer Offers

[irvinehomeowner]

So remember when we were discussing buying when you can afford it instead of waiting for a speculated downturn of prices?

This is one of the issues you have to deal with.

That?s why sometimes* it?s ok to buy when prices are perceived as ?high? because you can actually get the home you want without having to compete with over bids.

*Obvious caveats apply.

 

[qwerty]

I think the escalation cause would be more effective if there was more of ?premium? so to speak over the actual highest offer. If I is an escalation clause of +20 to 30k over the highest actual offer then I think more buyers would bite.

I would look at at extra 20-30k as a negotiation premium for the ability to get the house. In some respects you are already overpaying by buying in this market. What?s another 20-30k?

 

[usctrojancpa]

Offers going out shortly on these 2 Irvine homes...
https://www.redfin.com/CA/Irvine/81-Navigator-92620/home/7215381
https://www.redfin.com/CA/Irvine/6-Grass-Vly-92602/home/5771347

Let's see what happens on these homes.

 

[nosuchreality]

I think the escalation cause would be more effective if there was more of ?premium? so to speak over the actual highest offer. If I is an escalation clause of +20 to 30k over the highest actual offer then I think more buyers would bite.

I would look at at extra 20-30k as a negotiation premium for the ability to get the house. In some respects you are already overpaying by buying in this market. What?s another 20-30k?

It's price relative.  $20-$30K can sound like a lot, but at $800K-$900K it's pretty much chump change.  It's a hard habit to break, but bickering over 1% can tank a lot of deals.  It's real money but like arguing over a penny when buying a Big Gulp.

The alternative is continued living in the joys of the ever growing apartment complexes or hunting for a small time landlord that understands landlording and isn't chronically in your sh&t or neglecting everything.

 

[Mety]

So remember when we were discussing buying when you can afford it instead of waiting for a speculated downturn of prices?

This is one of the issues you have to deal with.

That?s why sometimes* it?s ok to buy when prices are perceived as ?high? because you can actually get the home you want without having to compete with over bids.

*Obvious caveats apply.

So should people buy now also? ;D

 

[irvinehomeowner]

So remember when we were discussing buying when you can afford it instead of waiting for a speculated downturn of prices?

This is one of the issues you have to deal with.

That?s why sometimes* it?s ok to buy when prices are perceived as ?high? because you can actually get the home you want without having to compete with over bids.

*Obvious caveats apply.

So should people buy now also? ;D

If they can afford it, like the home/location, and can live in it long term... YES.

That's what "obvious caveats" means.

 

[usctrojancpa]

So remember when we were discussing buying when you can afford it instead of waiting for a speculated downturn of prices?

This is one of the issues you have to deal with.

That?s why sometimes* it?s ok to buy when prices are perceived as ?high? because you can actually get the home you want without having to compete with over bids.

*Obvious caveats apply.

So should people buy now also? ;D

If they can afford it, like the home/location, and can live in it long term... YES.

That's what "obvious caveats" means.

+1 Because sometimes life does not allow you to time buying a home to live in longer term.

 

[talkirvine]

So remember when we were discussing buying when you can afford it instead of waiting for a speculated downturn of prices?

This is one of the issues you have to deal with.

That?s why sometimes* it?s ok to buy when prices are perceived as ?high? because you can actually get the home you want without having to compete with over bids.

*Obvious caveats apply.

So should people buy now also? ;D

If they can afford it, like the home/location, and can live in it long term... YES.

That's what "obvious caveats" means.

+1 Because sometimes life does not allow you to time buying a home to live in longer term.

It is very hard to time the market, especially on the buy side. You have to actively watch and follow the market. When price increases, it can go north pretty fast in a short time before you realize it. The down movement tends to be slower.

 

[usctrojancpa]

So remember when we were discussing buying when you can afford it instead of waiting for a speculated downturn of prices?

This is one of the issues you have to deal with.

That?s why sometimes* it?s ok to buy when prices are perceived as ?high? because you can actually get the home you want without having to compete with over bids.

*Obvious caveats apply.

So should people buy now also? ;D

If they can afford it, like the home/location, and can live in it long term... YES.

That's what "obvious caveats" means.

+1 Because sometimes life does not allow you to time buying a home to live in longer term.

It is very hard to time the market, especially on the buy side. You have to actively watch and follow the market. When price increases, it can go north pretty fast in a short time before you realize it. The down movement tends to be slower.

That is very true, prices are much more sticky on the downstair because some sellers can be very stubborn on pricing.

 

[irvineband]

Where did all the Complainy Smurf, dooms dayers, market crashers go? Are they going to wait until the market goes up another 25% so we are at a 50% increase before they start saying we will have a 10% correction? Will it be time to time the market then? Prices are absolutely sticky on the way down and the homes that are available tend to not be great options. Markets go up and down but Irvine has proven time and again that it remains resilient and you need to buy the the house you want WHEN IT COMES UP FOR SALE!!!

 

[Kenkoko]

Where did all the Complainy Smurf, dooms dayers, market crashers go? Are they going to wait until the market goes up another 25% so we are at a 50% increase before they start saying we will have a 10% correction? Will it be time to time the market then? Prices are absolutely sticky on the way down and the homes that are available tend to not be great options. Markets go up and down but Irvine has proven time and again that it remains resilient and you need to buy the the house you want WHEN IT COMES UP FOR SALE!!!

Your all caps yelling scared away all the bears!

They all went into hiding so they don't have to face your wrath. 

Happy now ?

 

[nosuchreality]

My concern is what happens when the giant juice machine stops?

Can it stop anymore? 

Let?s remember former President Trump dallied with gold standard finance peeps.  Plenty of far right types think the gold standard is the magic pill for government overreach. 

As for bearish downturns, the last real free market downturn we had was housing in 1994.  Since then with housing, we?ve nationalized the losses and privatized the profits, changing rules allowing large players to deep rewards.  The stock market has hardly been better, whether LTCM, GM or the a covid airline bailout before any lockdowns started.

 

[usctrojancpa]

My concern is what happens when the giant juice machine stops?

Can it stop anymore? 

Let?s remember former President Trump dallied with gold standard finance peeps.  Plenty of far right types think the gold standard is the magic pill for government overreach. 

As for bearish downturns, the last real free market downturn we had was housing in 1994.  Since then with housing, we?ve nationalized the losses and privatized the profits, changing rules allowing large players to deep rewards.  The stock market has hardly been better, whether LTCM, GM or the a covid airline bailout before any lockdowns started.

The gov't and Fed have shown us enough that they will keep backstopping and kicking the can down the road perpetually so go with the flow.  People who think we'll have any kind of big correction in the real estate market are going to be waiting a long, long time.  Today's buyers are stronger than ever and loans are fully unwritten.  I laugh when I hear people say that this is the same thing that we saw in 2003-2007 with a similar crash coming afterwards....NOT GOING TO HAPPEN is what I say.

 

[usctrojancpa]

Offers going out shortly on these 2 Irvine homes...
https://www.redfin.com/CA/Irvine/81-Navigator-92620/home/7215381
https://www.redfin.com/CA/Irvine/6-Grass-Vly-92602/home/5771347

Let's see what happens on these homes.

Updates...

Navigator got 5 offers and ended up at around $1.5m with my clients only willing to go up to $1.451m due to the questionable location. 

Grass Vly got 8 offers.  My clients went up to $1.351m on best & final counters and didn't get the house.  My guess is that it got bid up to the high $1.3s. 

 

[usctrojancpa]

I made an offer for the following Laguna Niguel home for a buyer earlier today...
https://www.redfin.com/CA/Laguna-Niguel/28019-Greenlawn-Cir-92677/home/4877008

We were going to make an offer on it earlier but it went into escrow quickly but since it dropped out we submitted an offer.

 

[nosuchreality]

Looks like 9 foot ceilings?  Judging by the door, photo angle makes the ceilings look low, or maybe the dark grey walls and black doors.  Probably shows better in person.  Has plenty Windows, good light, but the photos make it look cavish imho.

 

[AW]

Isn?t 9 normal for non newer-ish homes?
I think it?s the photo editing that makes it look off, widening to make it look more spacious.  For example, the picture with the fridge, aspect ratio doesn?t look normal

 

[sgip]

Given the SF compared to other sales, it seems as if there was a loft added, giving the impression of a lower ceiling.

 

[nosuchreality]

Isn?t 9 normal for non newer-ish homes?
I think it?s the photo editing that makes it look off, widening to make it look more spacious.  For example, the picture with the fridge, aspect ratio doesn?t look normal

9' is a decent ceiling height.  But yes it looks like a wide angle effect.  Very noticeable in the bedroom shot where the  ceiling line looks sloped and doesn't parallel the bed frame line.

 

[usctrojancpa]

Looks like 9 foot ceilings?  Judging by the door, photo angle makes the ceilings look low, or maybe the dark grey walls and black doors.  Probably shows better in person.  Has plenty Windows, good light, but the photos make it look cavish imho.

Yeah, 9 foot ceilings for sure.