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[quote] A person does NOT have to spend $700K in Los Angeles to buy a house. There are plenty of houses on the market for half of that amount. They might have to spend $700K to buy a house in a particular neighborhood or with a particular set of features but if all you have $350 you will have to :
1. Compromise (on neighborhood, size, features) and buy what $350K buys.
OR
2. Not buy and rent a place.
Both choices are valid but you do not NEED to spend $700K on a house in LA. [quote]
In my experience if I want to spend less than $700k on a house in the LA area, I would have to :
(a) be willing to purchase in a neighborhood where I would be concerened for my personal safety on a daily baisis; or
(b)be willing to endure a 1hr+ commute on a no-traffic "good day"
At $700k in a resonably safe neighborhood that does not involve a crazy long commute I am looking at about 1100 square feet and no updates since 1950. It seems a crazy way to spend $700k . Yes there are plenty of house in LA for under $700k but I really would like not to increase my chances of being get shot, assaulted or burgled because of where I live. ( That is a high priority for me) My compromise is to not waste a lot of time looking at unsuitable sub- 700K homes here and not purchase in L.A and move to a more reasonably priced area.
It took me TWO YEARS to find my house. According to my first realtor, friends, and a few people on City-Data, it took so long because I just 'wasn't ready' to buy a house. The truth, really, is that I was ready to buy, but just hadn't found the right place, and wanted to find a place that was both affordable and something that I could see myself living in long term -- not something that would be only 'okay' for five years until I could turn a profit and 'move up.'
Obviously I compromised on some things (it's an end-unit townhome in the city, not single family), but ultimately, I'm happy with the purchase even though it took me a long time to find something. And the nice thing is that I can afford, it, too! I was approved for a loan amount over $200K but spent in the lower $100s. This place has an HOA, but even with the monthly fee to cover exterior maintenance, landscaping, and snow removal, it's still WAY cheaper than what I was paying in rent, and very affordable for me. Obviously this works for me and might not work for everyone, but I like having a place I can afford rather than something so expensive to the point where I'm financially spread too thin.
I'm Gen Y. There are a few of us out there who aren't unrealistic or fiscally irresponsible!
Excellent post.
I wouldn't call a person "spoiled" bc every one has an opinion and is entitled to it, and I might or might not agree with this opinion.
However, there are certain things that, I believe, are pretty much not a "need" for anybody; for example, a swimming pool or all stainless steel appliances. These are nice features, but absolute needs they are not... if one can afford it, good for you, but if one is going to "overpush it" just to keep up with the Joneses or to show others - or oneself - that one is successful to the expense of dragging a huge monthly payment for years... it would not be my choice. But to each his/her own.
The "yay!" day is not when you sign the mortgage papers, but rather when you pay the last installment. Until then, no home ownership, at least as I see it.
All I asked is why you disagree? You still haven't made any points. I am more than happy to consider your opinions if you would just make a statement on why you feel I'm wrong.
As far as my experience...I started at the end of 2005. I've never had new construction or REO listings. I do have 28 resale listings currently. Last year I closed 44 sides. This year I'm on pace for about 60 sides but my goal is 72. It is what it is and if you want to verify feel free to check out my website which is linked in profile. There are some of agents that do more, plenty that do less. I just led a masterminds group on Buyer Representation for agents across the country. Email me at Brandon.Hoffman@era.com and I'll be happy to share it with you. Best case you pick up something to help with business, worst case you're out an hour. Heck, I'm not the one with buyer problems so why is my experience even coming into question anyway?
Nothing is in question. The obvious is plain as day.
for example, a swimming pool or all stainless steel appliances. These are nice features, but absolute needs they are not...
The nice thing about swimming pools and stainless steel appliances is that they can be added later. Buy the house you can afford now, without those things, and then add the pool and the stainless steel appliances when you can afford them!
You can even add a bedroom or bathroom later, if you really get creative...
The one thing you can't change easily later is location - unless you want to sell the house and buy a new one - so if the idea is to buy a house you can be happy in long term, it might be best to not compromise on location.
But do you know the difference between updated and move in condition? A house can be outdated and still be in move in condition. Ugly does not mean you can't live in it.
I never said "all is OK in LA for first time homebuyers". Those are your words. What I said is that there are single family homes available in a price ranger lower than $700K. That doesn't translate to "all is OK in LA for first time homebuyers" (except in your little world).
If they are south of the 10 fwy / east of 405 and below 600k, they are mostly in very shady neighborhoods like Inglewood and South central and surrounding areas. If they are north of the 210 they are likely commuter nightmares for those who work in west LA. Then there are neighborhoods that are simply too far east for commuting to the coast. Anything cheaper in a decent area is in bad disrepair.
I actually can afford 700k... I was preapproved. I'm not setting that price point because I feel entitled to a 700k home. Renting in equivalent nice areas is much better so I totally understand why people would be turned off by current home prices. A 700k home meets none of my needs except commute time - and even the location/safety isn't exactly good. It isn't even a compromise at this point, it's 100% losing.
Last edited by miyu; 03-30-2011 at 09:08 PM..
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if one can afford it, good for you, but if one is going to "overpush it" just to keep up with the Joneses or to show others - or oneself - that one is successful to the expense of dragging a huge monthly payment for years... it would not be my choice. But to each his/her own.
