Home prices are soaring and higher mortgage interest rates have made everything less affordable. Here’s what Southern California’s starter homes look like today:
Southern California home prices were unchanged in August from a month earlier as rising mortgage rates made houses even less affordable.Zyskowski decided to switch strategies. He stopped searching for homes on the market and got creative, asking friends if anyone was planning to sell in their respective condo complexes. He ended up buying a one-bedroom condo directly from a seller in an off-market deal.
It’s a bit small at 800 square feet, and he uses a pull-out sofa in the living room to host guests. But the stylish building, which has been featured in shows such as “Hollywood” and “Chuck” and enjoys a spot on the National Register of Historic Places, more than makes up for it. “Would I have loved something bigger? Yes, there’s always more you can want,” he said. “But I’d rather have something smaller and nicer than bigger and boring. I was just amazed I could buy a place at all.”, smaller wasn’t an option. A planetary scientist for NASA’s Jet Propulsion Laboratory, she grew tired of working on the Mars Rover from her dining room table during the pandemic. The newborn baby didn’t help.
With a budget of $800,000, they wanted a house with character — as long as it had two bedrooms. But their search played out like many others: putting in an offer, watching dozens of other buyers drive up the asking price, and seeing the house sell for hundreds of thousands more than they could afford.
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