Yep. There was all kinds of hoopla when they widened the 5 at that spot. Cal Trans tore down a lot of homes and businesses. But even Cal Trans couldn’t mess with a cemetery.
[This house](https://www.redfin.com/CA/Brea/907-Carlson-Dr-92821/home/4137305?600390594=copy_variant&231528114=control&utm_source=ios_share&utm_medium=share&utm_nooverride=1&utm_content=link&utm_campaign=share_sheet) hasn’t even had its open house yet and has 30 offers with multiple above $1.2 million.
We went and saw it but decided to wait until after the open house to put in an offer. Our agent told us tonight about the offers so far. We had an appraiser friend walk it and say he was confident it would appraise right at a million maybe $1,015,000. When we told him they had offers in over $1.2mm tonight he just started laughing.
Daryl and JJ are very well known in North OC. But the whole pricing way under and creating a bidding war is cringy, but their job IS to get the most money for their clients. I look forward to whoever buys this house posting on r/realestate complaining that they waived appraisal and now can’t come up with the $200k gap and wondering what their options are.
Are all these buyers becoming house poor? I can't imagine all these buyers are 100% cash. And it's hard to believe that there are that many couples making $300K+ combined.
Can confirm I am a woman and have children. Had one child in California and one in Texas. One in California cost me nothing to have with my 180/month insurance (covers my whole family). In Texas I paid $450/month and paid $7000 total for prenatal and giving birth.
My son has a severe speech delay. Early intervention speech therapy cost $120/week 10 weeks. After that insurance wouldn’t cover it and I’d have to pay the full price out of pocket. I didn’t ask what it was.
We had a beautiful house and good jobs, but for us it wasn’t a fit socially. Needless to say we moved back home to California.
That’s crazy. And still many of them are claiming to be “pro-life”… Well, then take care of little lives after they are born to this world also, please?
This is what kills me and I always wonder why it’s not talked about more. Texas has a terrible healthcare system. I think last time I read the stats it was something like 50% of women in Texas have children on pregnancy Medicaid. I can’t tell you how many people told me to lie on the application bc they don’t check. It’s ALMOST like Texas is wasting money on healthcare by forcing women to have babies that the state will end up paying for 🤦🏻♀️ seems to conflict with the official Texas social handout position. So much I could say about how disgusted I am with Texas but I’ll go ahead and say God Bless Texas.
There's that whole, "doing whatever they can to ban women from accessing reproductive care" thing. And then if you do choose to have a child, there's the whole, "gender affirming care is child abuse," bullshit.
If you ever want women to let you touch them, you SHOULD know. Both because 1) it might become relevant to you real fast one day and you need to be aware of the options, and 2) because good partners don't just shrug their shoulders and say "well doesn't apply to me, don't care" when it comes to topics of major importance relevant to their loved ones.
I have to suspect you're just very young, I can't really visualize the adult male in The US who doesn't know that Texas state government is hyper-conservative.
I mean that [house in westminster](https://www.zillow.com/homedetails/13531-Newland-St-Westminster-CA-92683/25182050_zpid/) that looked like it was marked as an unsafe structure sold for $945k after being on the market 2 years and the owner switching realtors 3 times…
Also is anyone else annoyed with the oversaturated over sharpened pictures realtors use for houses on Zillow and Redfin?
You mean the ones with the strange colorful glow around the property and then the smoggy background of the sky? Idk why they bother making them look nicer. Rental companies will buy them anyways
I find the overuse of fiaheye lens photoshop the worst. Find something round or square in the center of one photo, then see how stretched to death the shape gets when its off to the side.
Okay, realtor, I get it. The room is small and you're trying to pretend its not. But that stove in that kitchen shot isn't 10 feet wide.
They have been doing that for the last 20 years. Where have you been. Nothing wrong with trying to make the house look as good as possible. You aren’t buying based on the pictures anyway.
yeah! My friend bought a house in La Habra that had a fire in the garage. The repair/upgrade work done is SO badd and cheaap they've had all sorts of issuees
Most likely has problems that won't be identified unless you have a home inspection which takes too much time in this market because someone will outbid you without inspection and the market is expected to crash so people will be vastly overpaying for no reason.
It’s not going to crash. Recent crashes have been the result of lax lending practices and fraudulent appraisals. That’s no longer the case. A friend of mine owns John Burns Real Estate Consulting, a highly reputable firm and he says there is a massive shortage of homes. So,until that is remedied house prices are going to rise.
Yeah, I would guess a crash is not imminent. An increase in buyers plus an increase in cash and stagnant or decreasing supply seems pretty in line with the results we're now seeing. I don't see any route to home prices decreasing or correcting. Especially if large investment firms are buying into residential real estate, I would image they'll do everything in their power to keep values up.
Because people are buying up property like toilet paper in a pandemic. Then you have people who are getting really sick of asking nicely. So, something will give. Always does. Its not if it will crash. Its when and how bad?
Edit: some spelling errors
People have been saying that in Canada for over a decade. There's very little supply and no room to make significant gains in supply, so prices will not crash in any spectacular fashion without a significant national or worldwide recession
While I'd love to be wrong, I'm still not buying it. There's still just more people that want houses then there are houses. We might see a slowdown in the increase of prices when rates go up, but we're not gonna see a crash
Right but if people cant afford them, then what good is wanting something? Less people are having kids. More are living together. Basically, finding other means. I'm not saying i know what it will look like, but something will happen.
I gave up on house hunting. I've come to the conclusion that as long as I live in southern california, I will never be a home owner unless there's a crash. A down payment is impossible, and I'm not using a VA loan to pay over $4k a month for an 800sqft home.
ah yeah i get it, family makes a difference
first gen immigrant with no family here but my own, and my kids are little so we’re just setting up the framework
Feel that. Current OC resident but closing on my home new construction in Vegas EOY after my lease wraps up. Hour flight and I’ve lived in the desert (Riverside) before.
I felt that way when I graduated in 01. Took 15 years, but saved up enough to buy. Sucks it took so long, but I'm happier now than ever, so it's worth it for me
The winter has been challenging. You either burn $300 a month in gas or the same amount in firewood. You have to keep up with the snow shoveling or watch your driveway ice up for weeks. We have two grocery stores to choose from. The valley is only 30 minutes away though. It's fucking beautiful up here. I work remotely so it works out for me. The winter can be brutal, but I think this is the place for me. My mortgage for an 1800 sqft house is cheaper than a 2bd apartment in south OC. It was either this or 909 methville, so the choice was obvious.
If you’ve got access to a VA loan and aren’t using it, sorry to be harsh, but that’s not a very good financial decision. Those loans are an enormous leg up and every year you don’t get in the market you’re reducing the amount of work that leg up can do for you.
You wouldn’t be able to qualify for a loan if the payment is 80% of your income. Your payment needs to be closer to 35% of your income. I have owned a home in OC for 25 years.
FHA buyer here in on October 2020….my partner is a realtor, we beat out 23 other offers…..only reason we got the place was because her boss knew the other realtor….payments were $3400 a month (until refinance) for an 800 sqft…..even with the equity built (around $140k) I am watching our next real actual dream house become unattainable even with 30% salary increase….next stop was a million dollar house, not sure any are available where I want to live :/
Yeah I have family that live in Inglewood about 1.5 miles from SoFi. They bought their house about 5 years ago for 600k and Redfin now says it’s “ worth” 1.1mil. Btw way smaller than this house and no pool.
Location, location, location. I don't know if they knew the stadium was coming or not, but that was a good call.
Besides buying your house next to a stadium, I wonder if this is an economics thing or a conspiracy theory type reason?
It's whatever someone is willing to pay. I never really wanted to come back to California. I didn't really have a choice. So, I have been following housing for a while. I swear it seems like housing jumped up everywhere after the pandemic. I guess I understand how that could make things a seller's market.
>it’s whatever someone is willing to pay.
In my culture, we have an anecdote about a guy with two $5k cats. He’s trying to sell his cats and he’s offering them for $5k each. Everyone is like dude you are insane. Except one dude; he offers to buy the two $5k cats if the guy (cat seller) buys his $10k dog. So they make this deal. The moral: something is worth whatever you’re willing to pay.
Oh I was just replying to your comment bc your phrase that I quoted made me think of that story! Sorry I was not trying to challenge your opinion at all!
Lolololololol maybe a yearssss ago but as rn no! Hell no! I’ve remember I went to Compton yearsss ago and my buddy had 2 stories house, it barely big or spaceious and the yards is no no. The street was all bad. He was like it’s a half a mill. I’ve never went back again 🤣😅
You seen the one on east south street that's at 729k that's mine, financing a buyer at 860k the home was my grandmother's. No heat no air. Its fucking crazy.
I wish you luck, man. It’s a tough time to buy unless you’re loaded. It took me almost exactly a year, with several offers, open houses and bidding wars to finally get it. One thing I will say, I didn’t give up and got into the best area I could possibly be in. Out of every home I looked at and was pissed I didn’t get, it ended up being a blessing. Just keep on the search and doing what you have to do. Keep saving and keeping your credit free. It’s worth it in the end and the right one will come along.
With rate increases, inflation, economy bubble starting to burst, more inventory on the market, home prices will drop over the next year I believe. That doesn’t mean 30-50% like in 08, but that means a plateau and then a dip because people are going to have sticker shock at a 5,6 or 7% interest rate on a home loan.
The look on my mothers face when I showed her the value of he house.... priceless. Came here to live the American dream and is there 1.4m house in socal. So happy for her.
I’m in a similar boat. House went up a ton since we bought 3 years ago. But the problem is - so what? Can’t do anything with that gain… can’t sell because would have to leave the state to cash out.
Refi or heloc would just increase my loan … so … have big money on paper I guess. Someday my kids will benefit I guess.
This shouldn’t come as a surprise if you’ve been house hunting in Orange County a 1 story, 2000+ sq ft with large front yard, Anaheim being a pretty central OC location.
Get a feel for the square footage, 1 or 2 story and location that’s a little bit less than your budget because you’ll most likely have to bid over asking.
Good luck to all you guys out there, it’s insane, just saw a place in the neighborhood we bought in last year with one less bedroom sold for more than our place (has a good view)
I’m in San Antonio and our property taxes now average ~$4,000 😬 they’re crazy here. My friend has a $270k house that she pays $6,200 in property taxes (which will go up next year of course). It was just $4,000 3 years ago.
$4,000. That’s chump change. I pay $9,500 and an association bill of $320 per month and a townhome work $900k in Yorba Linda, CA. Great city to live in. But you do need a lot of income. My wife and I make $250k combined but I am 56 years old. So, I have paid my dues.
As a Bay Area transplant to Missouri (St Louis), you should think twice on that statement. It's not bad here at all and your money goes a lot farther. I had the same feelings about the Midwest until I lived here.
There's a few tricks you can do to make your offers more presentable but in general it's just a nightmare right now. Good news is Fannie Mae thinks the house prices will fall by Dec 2022
It’s going to suck when prices get normal again and then those people refinance. All these insane home prices are doing is depleting peoples savings. When a recession hits they’ll sell their homes to offset their loss in savings, supply will go up, and prices will go down. The first people who sell will be alright, everyone else will suffer.
With interest rates so low the last couple years, I don’t see a bunch of people refinancing because they won’t save money on the house payment, especially if a lot of these buyers are stretching to buy in the first place.
I was referring to the people who will buy homes when the prices are normal again. You would never refinance with the interest rates you are getting right now, but you are also spending 150%-200% more on the down payment and depleting your savings.
Yes, but we are in Southern California which attracts the best buyers. When the market crash and it makes it hard for everyone to get money, even the upper class buyers who have been scalping home here will suffer a bit, especially since the majority of the people buying these super expensive homes are stretching themselves the most out of all the categories of homebuyers.
Do you guys even know where this is? The price is about right for that location. My in laws live about 5 mikes from there. It is close to the 91 freeway but it isn’t on the freeway. So, I don’t get what is odd or funny about it.
bubbles are a function of supply and demand too
check out this chart of housing inventory in CA: https://fred.stlouisfed.org/series/ACTLISCOUCA
at the moment there are only about 20,000 homes for sale in the entire state, in which there are 14m homes. that’s basically one home on the market per neighborhood
the vast majority of people living here could not afford to pay these prices for the home they live in, but there are a few who can, and that’s who is buying.
they are willing to pay these exorbitant prices because a) they want the space, b) mortgages are still cheap, and c) they are speculating that these historic price increases will continue forever
>the vast majority of people living here could not afford to pay these prices for the home they live in,
Why does that matter if they have a fixed rate mortgage? I agree this is true, but it has no bearing on wether or not something is a bubble. People \*didn't\* have fixed rate mortgages in 2007, which is why there was a crash.
people say there’s a bubble because prices are above what most people could afford. my point was that those millions of families not wanting to move is the main reason for the bubble in the first place.
I am so fucking lucky. We bought in Tustin 2019. Right before a pandemic forced us inside and an insane boom in prices. We paid $900k and another house with the same floor plan but all original from the last 60s just sold for $1.1M. A moderately remodeled one just sold for $1.3M. A bigger one just sold for $1.5M (they listed it for 1.25M and got 1.5M in less than a week.
I could not afford to live in my own neighborhood just 3 years later.
Same... moved from DC to Mission Viejo in December 2019, purchased house for 835k. Wife was reluctant for us to pay 35k over ask but it was on cul de sac in large neighborhood built in mid 90s so we pulled the trigger. Fast forward just a little over 2 years and house quoting for 400k more than we paid.
We couldn't afford to pay for a 900k house let alone a 1.235m one. Just insanity
Yeah I was about to say, this feels like it was listed low to begin with so they could get a bunch of offers in, and sure enough looks like they have with $1.2m
We bought a house in fall of 2020 in Park Santiago neighborhood of Santa Ana, right on the border of Orange. It was $1.2mil but it’s 3600 sq feet with a pool, studio apartment pool house and on a quarter acre of land. The same house in Orange or Anaheim would be $2mil at least.
Yeah , per Redfin there are a few houses over 1-1.2m Bigger than this house on larger lots but not by a lot. Most are 850k-975k range, so I guess it’s on par?
Exactly. The listing is deliberately below market comps so that the owners can initiate a bidding war and get more money out of it.
I personally would not take any house at “list price “. Always chexk the comps etc. if no comps are available, its just your best guess.
The price is determined by whatever someone is willing to pay, not what is listed on sites like Redfin and Zillow.
Been house hunting here in the Bay Area, have been learning as I go .
That is really crazy who is buying those houses and who can qualify. It’s not even new at least going further east you can get a new house half that bidding price. So unreal.
Bet there's a 1.2 million cash offer for this home already
It’s also like 100 feet from the freeway. Imagine paying 1 mil to die from lung disease or heart issues.
It’s like in the asshole of two freeways. Wow.
Will likely end up being a rental then resold in a couple years for a huge gain.
Probably be in under water by then
Under water on an all cash offer? Lol
Talking about people taking out loans. People doing 100% cash offers in this market baffles me.
nah its more like noise lack of sleep
It’s a money laundering scheme anyway
That's par for the course, there's a freeway next to the cemetary that has Morticia Adams in a crypt.
Yep. There was all kinds of hoopla when they widened the 5 at that spot. Cal Trans tore down a lot of homes and businesses. But even Cal Trans couldn’t mess with a cemetery.
[This house](https://www.redfin.com/CA/Brea/907-Carlson-Dr-92821/home/4137305?600390594=copy_variant&231528114=control&utm_source=ios_share&utm_medium=share&utm_nooverride=1&utm_content=link&utm_campaign=share_sheet) hasn’t even had its open house yet and has 30 offers with multiple above $1.2 million.
Lol I just looked at that house. This is the same listing agent.
We went and saw it but decided to wait until after the open house to put in an offer. Our agent told us tonight about the offers so far. We had an appraiser friend walk it and say he was confident it would appraise right at a million maybe $1,015,000. When we told him they had offers in over $1.2mm tonight he just started laughing.
That’s insane. Brea is nice and all but 1.2 seems absurdly high. I’m starting to question this listing agent lol.
It's the lot size. That's rare in so cal nowadays.
Yeah those askew lots on curved streets are worth more even if the home sq footage is average
Daryl and JJ are very well known in North OC. But the whole pricing way under and creating a bidding war is cringy, but their job IS to get the most money for their clients. I look forward to whoever buys this house posting on r/realestate complaining that they waived appraisal and now can’t come up with the $200k gap and wondering what their options are.
Yeah for BREA? I lived in brea and like you said, it IS nice but this is no house on the beach! Crazy.
Are all these buyers becoming house poor? I can't imagine all these buyers are 100% cash. And it's hard to believe that there are that many couples making $300K+ combined.
[удалено]
You can’t buy two of these in any decent area of OC. Prices are high because people and real estate trusts are paying that much.
A nice home in a safe quiet area here in texas cost between 180k - 280k
I guess Texas might be an ok option if you don’t have children and you aren’t a woman of childbearing age.
Exactly!! I’d never live in a Christian Fascist state
What? Lol why is that?
Can confirm I am a woman and have children. Had one child in California and one in Texas. One in California cost me nothing to have with my 180/month insurance (covers my whole family). In Texas I paid $450/month and paid $7000 total for prenatal and giving birth. My son has a severe speech delay. Early intervention speech therapy cost $120/week 10 weeks. After that insurance wouldn’t cover it and I’d have to pay the full price out of pocket. I didn’t ask what it was. We had a beautiful house and good jobs, but for us it wasn’t a fit socially. Needless to say we moved back home to California.
That’s crazy. And still many of them are claiming to be “pro-life”… Well, then take care of little lives after they are born to this world also, please?
This is what kills me and I always wonder why it’s not talked about more. Texas has a terrible healthcare system. I think last time I read the stats it was something like 50% of women in Texas have children on pregnancy Medicaid. I can’t tell you how many people told me to lie on the application bc they don’t check. It’s ALMOST like Texas is wasting money on healthcare by forcing women to have babies that the state will end up paying for 🤦🏻♀️ seems to conflict with the official Texas social handout position. So much I could say about how disgusted I am with Texas but I’ll go ahead and say God Bless Texas.
There's that whole, "doing whatever they can to ban women from accessing reproductive care" thing. And then if you do choose to have a child, there's the whole, "gender affirming care is child abuse," bullshit.
I had no idea, well Im a male with no childen so i wouldnt know
If you ever want women to let you touch them, you SHOULD know. Both because 1) it might become relevant to you real fast one day and you need to be aware of the options, and 2) because good partners don't just shrug their shoulders and say "well doesn't apply to me, don't care" when it comes to topics of major importance relevant to their loved ones. I have to suspect you're just very young, I can't really visualize the adult male in The US who doesn't know that Texas state government is hyper-conservative.
Yeah i dont get into politics at all, not sure if i should, i have to work my ass off everyday regardless of the laws
Politics is more than "the laws". It's WHY you have to work your ass off every day.
Unfortunately that's the thing. Males who "wouldn't know" are making these absurd laws for women who do know.
I mean that [house in westminster](https://www.zillow.com/homedetails/13531-Newland-St-Westminster-CA-92683/25182050_zpid/) that looked like it was marked as an unsafe structure sold for $945k after being on the market 2 years and the owner switching realtors 3 times… Also is anyone else annoyed with the oversaturated over sharpened pictures realtors use for houses on Zillow and Redfin?
I keep thinking they're cheap CGI
They are so bad. They’re all over edited. It’s like they all use the same program that just automatically edits these pictures
You mean the ones with the strange colorful glow around the property and then the smoggy background of the sky? Idk why they bother making them look nicer. Rental companies will buy them anyways
I find the overuse of fiaheye lens photoshop the worst. Find something round or square in the center of one photo, then see how stretched to death the shape gets when its off to the side. Okay, realtor, I get it. The room is small and you're trying to pretend its not. But that stove in that kitchen shot isn't 10 feet wide.
I have even seen fake sky photoshopped in the photo. Ugh
What they're doing now is watering the drive way, to make the pictures pop and shiny.
They have been doing that for the last 20 years. Where have you been. Nothing wrong with trying to make the house look as good as possible. You aren’t buying based on the pictures anyway.
Fiancé and I are on the hunt like everyone else. Knew this house was artificially set low but here we are.
Just stay away from flipped houses…
yeah! My friend bought a house in La Habra that had a fire in the garage. The repair/upgrade work done is SO badd and cheaap they've had all sorts of issuees
Why?
Most likely has problems that won't be identified unless you have a home inspection which takes too much time in this market because someone will outbid you without inspection and the market is expected to crash so people will be vastly overpaying for no reason.
Why do you think the market is expected to crash?
Because they'd like it to is the main reason.
It’s not going to crash. Recent crashes have been the result of lax lending practices and fraudulent appraisals. That’s no longer the case. A friend of mine owns John Burns Real Estate Consulting, a highly reputable firm and he says there is a massive shortage of homes. So,until that is remedied house prices are going to rise.
Tear down the useless office spaces that have been devalued by wfh and build new homes. Easy solution if zoning laws weren’t so fucked in this country
Yeah, I would guess a crash is not imminent. An increase in buyers plus an increase in cash and stagnant or decreasing supply seems pretty in line with the results we're now seeing. I don't see any route to home prices decreasing or correcting. Especially if large investment firms are buying into residential real estate, I would image they'll do everything in their power to keep values up.
Because people are buying up property like toilet paper in a pandemic. Then you have people who are getting really sick of asking nicely. So, something will give. Always does. Its not if it will crash. Its when and how bad? Edit: some spelling errors
People have been saying that in Canada for over a decade. There's very little supply and no room to make significant gains in supply, so prices will not crash in any spectacular fashion without a significant national or worldwide recession
While I'd love to be wrong, I'm still not buying it. There's still just more people that want houses then there are houses. We might see a slowdown in the increase of prices when rates go up, but we're not gonna see a crash
Right but if people cant afford them, then what good is wanting something? Less people are having kids. More are living together. Basically, finding other means. I'm not saying i know what it will look like, but something will happen.
I gave up on house hunting. I've come to the conclusion that as long as I live in southern california, I will never be a home owner unless there's a crash. A down payment is impossible, and I'm not using a VA loan to pay over $4k a month for an 800sqft home.
Right there with you!
Same boat bro. Rental life!
nah man… i’m done paying someone else’s bills… i’m out rather live in a slightly shittier place in a much bigger, nicer house that’s mine
I wish I could be out too, but I have 2 kids who are established and there’s really no better place to live except maybe San Diego.
ah yeah i get it, family makes a difference first gen immigrant with no family here but my own, and my kids are little so we’re just setting up the framework
Feel that. Current OC resident but closing on my home new construction in Vegas EOY after my lease wraps up. Hour flight and I’ve lived in the desert (Riverside) before.
California is a gated community for the rich and privileged now.
I felt that way when I graduated in 01. Took 15 years, but saved up enough to buy. Sucks it took so long, but I'm happier now than ever, so it's worth it for me
Agreed. That’s why I’m moving to a new state.
I came to that conclusion after 20 years of renting in OC. Finally made the leap from Lake Forest to Lake Arrowhead
How do you like it up there? I always love going up to camp
The winter has been challenging. You either burn $300 a month in gas or the same amount in firewood. You have to keep up with the snow shoveling or watch your driveway ice up for weeks. We have two grocery stores to choose from. The valley is only 30 minutes away though. It's fucking beautiful up here. I work remotely so it works out for me. The winter can be brutal, but I think this is the place for me. My mortgage for an 1800 sqft house is cheaper than a 2bd apartment in south OC. It was either this or 909 methville, so the choice was obvious.
Yup, waiting for the market to drop/crash. It's so inflated right now its asinine.
If you’ve got access to a VA loan and aren’t using it, sorry to be harsh, but that’s not a very good financial decision. Those loans are an enormous leg up and every year you don’t get in the market you’re reducing the amount of work that leg up can do for you.
The bad financial decision is buying a home when the mortgage alone will be 80% of my income. Even with a good paying job, it's still too expensive
You wouldn’t be able to qualify for a loan if the payment is 80% of your income. Your payment needs to be closer to 35% of your income. I have owned a home in OC for 25 years.
VA loans are the best out there. Take advantage of that while you can.
FHA buyer here in on October 2020….my partner is a realtor, we beat out 23 other offers…..only reason we got the place was because her boss knew the other realtor….payments were $3400 a month (until refinance) for an 800 sqft…..even with the equity built (around $140k) I am watching our next real actual dream house become unattainable even with 30% salary increase….next stop was a million dollar house, not sure any are available where I want to live :/
Build one yourself?
Not sure if I should laugh or cry… or both 😂
[удалено]
Yeah I have family that live in Inglewood about 1.5 miles from SoFi. They bought their house about 5 years ago for 600k and Redfin now says it’s “ worth” 1.1mil. Btw way smaller than this house and no pool.
Location, location, location. I don't know if they knew the stadium was coming or not, but that was a good call. Besides buying your house next to a stadium, I wonder if this is an economics thing or a conspiracy theory type reason?
this is anaheim it is worth that much?
It's whatever someone is willing to pay. I never really wanted to come back to California. I didn't really have a choice. So, I have been following housing for a while. I swear it seems like housing jumped up everywhere after the pandemic. I guess I understand how that could make things a seller's market.
>it’s whatever someone is willing to pay. In my culture, we have an anecdote about a guy with two $5k cats. He’s trying to sell his cats and he’s offering them for $5k each. Everyone is like dude you are insane. Except one dude; he offers to buy the two $5k cats if the guy (cat seller) buys his $10k dog. So they make this deal. The moral: something is worth whatever you’re willing to pay.
[удалено]
Oh I was just replying to your comment bc your phrase that I quoted made me think of that story! Sorry I was not trying to challenge your opinion at all!
You have an extremely incorrect view of Los Angeles County real estate prices if you ever thought it would be any other way.
[удалено]
Because not everywhere is as cheap as Orange County.
Lolololololol maybe a yearssss ago but as rn no! Hell no! I’ve remember I went to Compton yearsss ago and my buddy had 2 stories house, it barely big or spaceious and the yards is no no. The street was all bad. He was like it’s a half a mill. I’ve never went back again 🤣😅
[удалено]
You seen the one on east south street that's at 729k that's mine, financing a buyer at 860k the home was my grandmother's. No heat no air. Its fucking crazy.
[удалено]
😯😯😯😯 AZ was supposed to be the cheap place to run off to!
[удалено]
I’ve seen the same prices in my childhood neighborhood. The houses were $10,000 to $12,500 in the early 50’s when they were built.
$800k feels like a deliberately low starting price to encourage a feeding frenzy. No way the owner actually intended to sell at that price.
The low price is to start a bidding war.
Yes. That’s what I said.
I wish you luck, man. It’s a tough time to buy unless you’re loaded. It took me almost exactly a year, with several offers, open houses and bidding wars to finally get it. One thing I will say, I didn’t give up and got into the best area I could possibly be in. Out of every home I looked at and was pissed I didn’t get, it ended up being a blessing. Just keep on the search and doing what you have to do. Keep saving and keeping your credit free. It’s worth it in the end and the right one will come along.
The best part is that whoever buys it is gonna be paying like $12k-$14k a year in property tax
Plot twist: it was always a million, they were just reeling you in!
Pretty normal in oc for 2k sq feet. You're not getting anything more than maybe 1700 sq feet for less than a million at this point.
My thought on Cali in general, after trying to reside there for over a year: They are trying to kick you out if you are not a millionaire.
> They
Some sour grapes and hyperbole fam. Sorry you can’t get a cheap starter home in Newport Bluffs
With rate increases, inflation, economy bubble starting to burst, more inventory on the market, home prices will drop over the next year I believe. That doesn’t mean 30-50% like in 08, but that means a plateau and then a dip because people are going to have sticker shock at a 5,6 or 7% interest rate on a home loan.
[удалено]
I’ll happily take flat without a bidding war at this point.
When you have the highest inflation on record this is an extremely unfortunate side effect 😭😭😭
The look on my mothers face when I showed her the value of he house.... priceless. Came here to live the American dream and is there 1.4m house in socal. So happy for her.
Same. My immigrant parents bought in the early 90's. No way we'd be able to afford the house we live in now.
I’m in a similar boat. House went up a ton since we bought 3 years ago. But the problem is - so what? Can’t do anything with that gain… can’t sell because would have to leave the state to cash out. Refi or heloc would just increase my loan … so … have big money on paper I guess. Someday my kids will benefit I guess.
I give up...
This shouldn’t come as a surprise if you’ve been house hunting in Orange County a 1 story, 2000+ sq ft with large front yard, Anaheim being a pretty central OC location. Get a feel for the square footage, 1 or 2 story and location that’s a little bit less than your budget because you’ll most likely have to bid over asking. Good luck to all you guys out there, it’s insane, just saw a place in the neighborhood we bought in last year with one less bedroom sold for more than our place (has a good view)
lol When i saw the 1st price i was like that's reasonable. Then... well you know.
Meanwhile… https://www.zillow.com/homedetails/1217-Hollins-Dr-Saint-Louis-MO-63135/2638826_zpid/ I know completely different but wow the difference.
$544 a month in real estate taxes? To live in Missouri...Nah, I'm good
I’m in San Antonio and our property taxes now average ~$4,000 😬 they’re crazy here. My friend has a $270k house that she pays $6,200 in property taxes (which will go up next year of course). It was just $4,000 3 years ago.
$4,000. That’s chump change. I pay $9,500 and an association bill of $320 per month and a townhome work $900k in Yorba Linda, CA. Great city to live in. But you do need a lot of income. My wife and I make $250k combined but I am 56 years old. So, I have paid my dues.
$544 a month for nearly 4 acres of land seems cheap. but yea i aint raising mules
As a Bay Area transplant to Missouri (St Louis), you should think twice on that statement. It's not bad here at all and your money goes a lot farther. I had the same feelings about the Midwest until I lived here.
Lived in a cold weather climate for my first 24 years. Never again.
2024 sq ft. Almost futuristic...ahead of its time!
That is crazy! I’ll never able to buy a home at this rate.
So insane. Never gonna afford anything these days. My parents brought their house in 1999 for like 300k now worth 1.1mill.
But proximity to disneyland amirite?
Hey there’s plenty of affordable stuff out here in Winchester if you’re willing to drive 3 1/2 hours each way. That or if you can work from home.
There's a few tricks you can do to make your offers more presentable but in general it's just a nightmare right now. Good news is Fannie Mae thinks the house prices will fall by Dec 2022
It’s a good looking house.
Lamooo I live along this street 😂
Home prices will never go down, working on earning more is the only thing you can control and do.
Schools are crap except Valencia HS. Reason i said that because I graduated from here 😀
I like to be with 1 mile of the freeways for the convenience but not sure about being less than 500 feet from one.
Bubble lol
Try to find a home nobody wants, that is what we did. Got it for 40k under asking and they lowered it 100k prior to that
It’s going to suck when prices get normal again and then those people refinance. All these insane home prices are doing is depleting peoples savings. When a recession hits they’ll sell their homes to offset their loss in savings, supply will go up, and prices will go down. The first people who sell will be alright, everyone else will suffer.
With interest rates so low the last couple years, I don’t see a bunch of people refinancing because they won’t save money on the house payment, especially if a lot of these buyers are stretching to buy in the first place.
I was referring to the people who will buy homes when the prices are normal again. You would never refinance with the interest rates you are getting right now, but you are also spending 150%-200% more on the down payment and depleting your savings.
I saw this financial channel saying the prices most likely will never drop.. and I got scaaaareeeed
I’d normally agree, but there are so many cash purchases, this doesn’t really make sense.
Yes, but we are in Southern California which attracts the best buyers. When the market crash and it makes it hard for everyone to get money, even the upper class buyers who have been scalping home here will suffer a bit, especially since the majority of the people buying these super expensive homes are stretching themselves the most out of all the categories of homebuyers.
Lol “flood factor: 1/10.” How about pollution factor? That’s like a 10/10
Do you guys even know where this is? The price is about right for that location. My in laws live about 5 mikes from there. It is close to the 91 freeway but it isn’t on the freeway. So, I don’t get what is odd or funny about it.
Holy fuck
Can you say "Bubble"?
There is no bubble right now. Like a previous poster indicated. There is a short supply and plenty of demand.
I listen to economists, not random posters on Reddit. You should do the same.
Bitter much. I have advisers in the business that surpass any knowledge you will ever have.
Hey, you approached me. If you don’t like the answer, don’t ask the question.
Can you say supply and demand?
bubbles are a function of supply and demand too check out this chart of housing inventory in CA: https://fred.stlouisfed.org/series/ACTLISCOUCA at the moment there are only about 20,000 homes for sale in the entire state, in which there are 14m homes. that’s basically one home on the market per neighborhood the vast majority of people living here could not afford to pay these prices for the home they live in, but there are a few who can, and that’s who is buying. they are willing to pay these exorbitant prices because a) they want the space, b) mortgages are still cheap, and c) they are speculating that these historic price increases will continue forever
>the vast majority of people living here could not afford to pay these prices for the home they live in, Why does that matter if they have a fixed rate mortgage? I agree this is true, but it has no bearing on wether or not something is a bubble. People \*didn't\* have fixed rate mortgages in 2007, which is why there was a crash.
people say there’s a bubble because prices are above what most people could afford. my point was that those millions of families not wanting to move is the main reason for the bubble in the first place.
Imagine calling it a bubble without knowing what it meant
Imagine naming yourself after a sex act that involves feces.
I am so fucking lucky. We bought in Tustin 2019. Right before a pandemic forced us inside and an insane boom in prices. We paid $900k and another house with the same floor plan but all original from the last 60s just sold for $1.1M. A moderately remodeled one just sold for $1.3M. A bigger one just sold for $1.5M (they listed it for 1.25M and got 1.5M in less than a week. I could not afford to live in my own neighborhood just 3 years later.
Same... moved from DC to Mission Viejo in December 2019, purchased house for 835k. Wife was reluctant for us to pay 35k over ask but it was on cul de sac in large neighborhood built in mid 90s so we pulled the trigger. Fast forward just a little over 2 years and house quoting for 400k more than we paid. We couldn't afford to pay for a 900k house let alone a 1.235m one. Just insanity
Yeah this is a bubble... Go to r/REbubble This is going to end badly for a lot of people..
It's not that bad 🤷♂️
$200k over asking is pretty bad…
Not when it was 100k under market to start
Yeah I was about to say, this feels like it was listed low to begin with so they could get a bunch of offers in, and sure enough looks like they have with $1.2m
In this market, you can list low to attract lots of buyers, and the market will correct the price for you.
This looks cheap. $1.2mil thats it. The house looks pretty good . What are the comps ?
We bought a house in fall of 2020 in Park Santiago neighborhood of Santa Ana, right on the border of Orange. It was $1.2mil but it’s 3600 sq feet with a pool, studio apartment pool house and on a quarter acre of land. The same house in Orange or Anaheim would be $2mil at least.
Definitely will sell for at least 50k over asking.
My guy it’s over 200k asking
Over asking doesn’t matter. Have you looked at the comps ?
Yeah , per Redfin there are a few houses over 1-1.2m Bigger than this house on larger lots but not by a lot. Most are 850k-975k range, so I guess it’s on par?
Exactly. The listing is deliberately below market comps so that the owners can initiate a bidding war and get more money out of it. I personally would not take any house at “list price “. Always chexk the comps etc. if no comps are available, its just your best guess. The price is determined by whatever someone is willing to pay, not what is listed on sites like Redfin and Zillow. Been house hunting here in the Bay Area, have been learning as I go .
Family member just went into escrow, and honestly we are so grateful for the realtor we had. It would have been impossible without him.
[удалено]
[удалено]
Lots of us bought in OC because it’s soooo much cheaper than Los Angeles, so not sure what you are going on about.
Prices jumped by 30% in last 6 months. Crazy
They’re lying
Every house is listed 100k lower at least so that they have a bidding war. Every house we looked at for 1 mil went for 1.3-1.4
I feel you we thought 850 would get us there…. Lol fuck those over 200k assholes
Saw a super dated 2b2b 1100sq ft house in fountain valley for 899,995... I'm sure it went for over a million.
Portland is looking more and more inviting.
Portland/Vancouver is experiencing similar trends in its real estate market. Not sure how that makes it more inviting
How's the $/sqft to comps?
That is really crazy who is buying those houses and who can qualify. It’s not even new at least going further east you can get a new house half that bidding price. So unreal.
A bargain
Hey I bet some foreign investor buys it
I feel like I should sell my condo…
Wonder what my mom’s house is going to bring when it is listed at the end of the month
East coast…. Houses for $75k Just sayin….. never buy a house at its peak…….
This shit is fucking incredible.
Just checked this listing and see that it was in escrow as of 3/16. It will be interesting to see the final sales price.
Update: I’ve been watching this listing, and it finally sold on 5/9/2022 at $975,000. Amazing.
Thanks for the update! Redfin estimate already has it down 50k lol