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Old 06-08-2017, 11:42 PM
 
12 posts, read 30,622 times
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We've been looking around a bit and have gone to a few open houses. We are looking for a family friendly area (with decent public or proximate to good private schools) at least 2bd, 1 bath with a fenced backyard. It seems like the competition is super steep here. We were looking at a house listed at 599K and it went for 675K. Is this typical? Any thoughts or guidance?
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Old 06-09-2017, 07:51 AM
 
Location: Southern California
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Very typical and only getting worse. There's a 2/1 900sq ft with next to no yard by me that just sold for almost 700k. This is Alhambra.
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Old 06-09-2017, 08:22 AM
 
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Yes it's typical especially in SGV where you are competing with Chinese cash buyers. I bought a modest condo in SCV last year and still had to go $15k above listing price to close. I know people that have bought in the past two months and had multiple bidders. Some people are predicting market corrections so you can try waiting a couple of years to see if that happens but I predict a market like Bay Area where there is still a lot of room for prices to go up
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Old 06-09-2017, 08:39 AM
 
Location: Los Angeles (Native)
25,303 posts, read 21,468,776 times
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Not just SGV but pretty much all of L.A right now . SGV has seen a lot of wealth from Asia too.
Not too much you can do really besides waiting for the market to settle down .

Or use investor strategies to try to get off market deals . It'll likely be something that needs a lot of work that won't qualify for conventional financing though .
This a lot more complicated of course than just buying a home off the MLS.
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Old 06-09-2017, 02:42 PM
 
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Yeah, I thought so. I assume the realities for Eagle Rock or Highland Park are similar?
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Old 06-09-2017, 02:50 PM
 
Location: Los Angeles (Native)
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Quote:
Originally Posted by zenifying View Post
Yeah, I thought so. I assume the realities for Eagle Rock or Highland Park are similar?
Most likely at least right now . Both seem to be considered pretty desirable areas to buy too . Especially Eagle Rock I'd say but highland park is considered pretty hip these days .
More buyers than homes available on the market .
If you look a house up on Redfin you can see something called "agent insights" or something .
They often say stuff like "we offered over asking price but still got beat out by another offer"
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Old 06-09-2017, 02:55 PM
 
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Good to know about Redfin!

We have to move soon so I'm trying to sort this out. We'd stay renters, but with a recent 35% hike in our rent we are both wondering if it's time to buy. That said I keep hearing terrible things about the rental market too.

Does anyone think we'd get more for 2.5-3K per month renting?
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Old 06-09-2017, 02:58 PM
 
Location: Southern California
12,713 posts, read 15,542,422 times
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In my experience, you definitely get more bang for your buck when renting in terms of money spent per month.
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Old 06-09-2017, 04:02 PM
 
20 posts, read 18,556 times
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OP, try looking into the Antelope Valley. Don't worry, we (City Data) don't judge anymore like back in 2015.

And if that's not enough land for you, try Barstow
//www.city-data.com/forum/san-b...ett-yermo.html

California is a completely different real estate market these days and the reality is more educated middle people are forced to move to Far Eastern California for a house. It doesn't matter how much closer you are to the coast in the SGV than Barstow or even Phoenix. If you don't live West of the 405, then you're not part of their cool kids club. You socially won't be accepted as "one of them" and you'll be too busy working week days to have enough energy to fight the traffic and find parking just to spend a couple of minutes "playing in the water".

This is exactly why i sold my enourmous house in Rancho Cucamoga (north of the 210) to buy a studio in Manhattan Beach. Best decision of my life ever. I never venture into Inglewood or anywhere South Central.

East of Boyle Heights-Pasadena (710 freeway) and North of Irvine truely is The Inland Empire in the eyes of coastal residents. Is it snobby? Yes. Are we missing out on much? Not really. We have Costco, Targets, mom and pops shops, mountains, hilly terain, and palm trees out here. Take Azusa for example, it's practically Redondo Beach but more inland.

Last edited by Buildings' R Us; 06-09-2017 at 04:16 PM..
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Old 06-10-2017, 07:02 AM
 
908 posts, read 1,304,588 times
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For better areas, I would look into Glendora, La Verne, San Dimas, or Rowland Heights.

You can still find a home in those areas under $600K. Granted it will be under 2,000 sq. ft. and older.
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