If you're willing to put in some work and have the available funds to update an outdated home you may be in luck. With rates in the 7's, forced Sellers in highly competitive markets are still seeing increased demand with all cash offers (or those with significant down) in hand. However many of these properties haven't been updated in 20-50 years and despite a sizable footprint, will require an extensive amount of interior updating. Thinking bathrooms, kitchens, paint, popcorn removal, etc.
So the question is often turnkey at a premium or a fixer upper at a more palatable entry price, but with some immediate out of pocket expenditure and sweat equity to get it up to par. A close friend mentioned that during the time of his purchase, he wishes he had spent a little more for a bit more square footage. Rationale is that it's much cheaper and easier to remodel/update than build an addition and expand. But, we're all working with budgets so it's jus a matter of personal preference.
The Southern California market is challenging as is with many Buyers now opting for the school districts and value of suburban Orange County. We're seeing more activity from our own clientele and will likely see more.
North OC in particular has drawn a lot of interest given a relatively similar commute (all challenging) from South Bay/NELA, Pasadena, etc into workplaces especially as remote evolves into hybrid, into back in the office.
Where are you now expanding your search into?
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