Seems like these days everyone everywhere wants to buy a condo or townhouse under $500k. Great! Are you prepared to make multiple offers on the property you choose? Are you prepared to pay over asking price? Are you prepared with your pre-approval status from the lender?
Wow! Most people don’t expect any of those things. It’s supposed to be a down market and easy pickings; right? Well, not to burst your bubble and to let you know there are fair deals out there, yet in this $500k and under market there is a bit of a frenzy going on. Everyone wants in and thinks they can have it all for that price. Depending on the area, you may, in fact. Look at places like Irvine with plentiful supply of new developments, just waiting for new owners. Then there’s L.A. with not a lot of new development and when there is, it is the bare minimum commanding top dollar. Plus people are scrambling to get in and paying over list.
What to do?
Hang in there. Really think about what your needs, budgets and wants are. Separate them into two lists. Weigh them out. See if that opens you up to (a.) new areas such as suburbs (b.) re-arranging finances to purchase the right home for you (c.) investing in something smaller for now.
The $500k and under market is very strong and true deals are rare these days. The real market to look at is above $500k. That’s where the great deals are these days. The higher price you go, the better deal. There are places all over that a year ago were listed at $1.5mil and now down 30% or more. If you are looking for the ultimate investment these days. Look up not down!
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