Skip to main content

Opinions of the Southern California market.

I am so sorry if this has been asked a million times. But I am wondering what your opinions are on the Southern California market.

I was born and raised in Southern California. I’ve traveled all over the world and I am confident in saying this live in the best place in the world. I love my city, but I am terrified that I am being priced out.

2 years ago, houses in my neighborhood were going for 320k. Those same houses are now selling for over 500k. I’ve personally seen property values rise 20k over the last 4 months in my city, and it just continues to climb. Every time I seem to save up enough for a down payment, the bar has grown higher and I need more money. It’s a never ending race that I am always 2 steps behind.

Now, I’ve spoken to numerous people about this. Real estate agents, financial advisors, real estate investors. All kinds of people, and from what I can gather. No one can agree on what is going on.

Half the people I talk to tell me to wait. That we are in a housing bubble and it will crash.

The other half are saying I need to buy right now because housing prices in Southern California will only go up. That real estate is so in demand, and space so limited that if I don’t get in now I will be priced out forever.

I am wondering what you guys think about this.

submitted by /u/skatephotographer
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/dankx5/opinions_of_the_southern_california_market/
Labels:

Comments

Post a Comment

Popular posts from this blog

Aren't comps/CMAs useless with buyer credits at close happening now?

I'm looking into buying a new construction townhouse in my HCOL US city. I'm seeing builders offering interest rate buydowns worth $20k-$60k on $800k homes (rather than just lowering prices) in order to keep their comps high for their other units, now that buyer demand has been declining. I asked my agent about these, and he said these buydowns aren't even the full story: buyers can write all kinds of other credits into an offer, like their closing costs, prepaid sewer fees, etc. Apparently cash buyers can just write in a "buyer credit at close" for any amount in their offer. So a new townhouse that appeared to sell for $800k in the MLS might have actually been a cash offer with a $100k+ buyer credit at close, meaning the buyer only spent $700k or less in total, but to the rest of the world they can only see the $800k! So that made me realize I can't trust comps/CMAs for other new construction townhouses. The sales prices could be way lower than they appear...
1 comment
Read more

Pool fill without engineer oversight

We are in the process of purchasing our first ever home in CA and we just discovered in the disclosures that the new build property we are purchasing previously had a swimming pool which was filled without an engineer onsite to approve the work (details from disclosure below). Is this something we should be concerned with or not? Is it something we should have additional inspections conducted on? We are originally from the UK and not really sure what to do with this information and if it is concerning or not. A POOL DID EXIST PREVIOUSLY. COPING, TILE, GUNNITE AND REBAR WERE ALL REMOVED AND DIRT AND CLEAN DRAIN ROCK WERE USED TO FILL IT IN. COMPACTED FILL WAS NOT USED AND NO ENGINEER APPROVED THE DIRT AND DRAIN ROCK FILL IN submitted by /u/tommot82 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/dpyzw8/pool_fill_without_engineer_oversight/
Post a Comment
Read more

Making offers on houses not listed for sale.

I want to buy a home for retirement. I am looking at lots of options, mostly focusing on the locations that appeal to me. I see lots of Zillow estimates of homes that look like great deals to me. Are these estimates accurate, even though similar houses in the same area that are for sale are usually priced much higher? If so, is it realistic for me to try to make offers to owners that do not have their homes listed? Would a realtor even consider helping me do this? Or, do these values indicate that the houses listed for sale are overpriced, and I should just lowball until someone accepts? Are houses today tending to sell far below list prices, or ??? submitted by /u/chewybrian [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1o4mcon/making_offers_on_houses_not_listed_for_sale/
Post a Comment
Read more