$550k is not even close to enough for a SFH in most of SoCal.
We just bought a “cheap” condo for $500k. With 20% down, the all in payment with HOAs is nearly $4k
We're finding new builds that we like and have toured at like $562k. We were told by that same builder they were opening another development this weekend but in a much less desirable area (hemet) starting at $447k
I’m jealous of you. There’s no way I could have gone for something so expensive for my starter home. It took me like 7 years of equity building in a condo before I was able to go so big
I wouldn't consider this a starter home. I bought my first home in 09 at the bottom of the crash... A $120k house that was a complete gut. All new flooring. All new kitchen. Put up walls took down walls. Then it was sold. Bought again in 2016 and sold that house in 19. Sat on the equity from that sale for too long now I'm in a shit position. Honestly the only houses I could afford right now are the ones listed in my description with fire damage or complete guts in terrible areas. Just for reference, that first house I bought in 09 I sold for $268 is now worth $600k. The 2nd house I bought for $240k sold for $317k and is now worth $500k.
What county are you in? Google your county's down payment assistance program.
Or lookup "California down payment assistance" and go from there. There are lots of programs available and new builds are giving pretty solid rates these days. Combining the two may get you what you're looking for.
SoCal is ridiculous now. We bought a condo in corona in 2015 for $250k, sold it in 2018 for $350k, and now that same place just sold last month for $600k for a condo in fricken corona 😂
I'm not generally a fan of mortgage brokers, but it may be helpful to talk to one two and see what you can learn. Some of them (not all) are good at this stuff. And most of them are pretty bored right now.
I know this isn't what you asked but if you still have a written lease in force, sale of the property isn't a legal reason in CA to force you to vacate. You may be able to negotiate a substantial buyout. Consult your tenant's union or pay a landlord/tenant attorney for an hour's time to outline your rights. It could be worth tens of thousands or more to you. Good luck!
$550k is not even close to enough for a SFH in most of SoCal. We just bought a “cheap” condo for $500k. With 20% down, the all in payment with HOAs is nearly $4k
We're finding new builds that we like and have toured at like $562k. We were told by that same builder they were opening another development this weekend but in a much less desirable area (hemet) starting at $447k
Ah okay yea IE and Hemet
Consider buying a condo instead? You’ve got to start somewhere. A condo will help you build equity.
Condos are starting at $442k currently. The one I'm in currently has been listed at $440k and another one in the same community is $500k
I’m jealous of you. There’s no way I could have gone for something so expensive for my starter home. It took me like 7 years of equity building in a condo before I was able to go so big
I wouldn't consider this a starter home. I bought my first home in 09 at the bottom of the crash... A $120k house that was a complete gut. All new flooring. All new kitchen. Put up walls took down walls. Then it was sold. Bought again in 2016 and sold that house in 19. Sat on the equity from that sale for too long now I'm in a shit position. Honestly the only houses I could afford right now are the ones listed in my description with fire damage or complete guts in terrible areas. Just for reference, that first house I bought in 09 I sold for $268 is now worth $600k. The 2nd house I bought for $240k sold for $317k and is now worth $500k.
Man I’m in the same boat , looking to get a home in the hd but everything has shot up like crazy haha
What county are you in? Google your county's down payment assistance program. Or lookup "California down payment assistance" and go from there. There are lots of programs available and new builds are giving pretty solid rates these days. Combining the two may get you what you're looking for.
SoCal is ridiculous now. We bought a condo in corona in 2015 for $250k, sold it in 2018 for $350k, and now that same place just sold last month for $600k for a condo in fricken corona 😂
I'm not generally a fan of mortgage brokers, but it may be helpful to talk to one two and see what you can learn. Some of them (not all) are good at this stuff. And most of them are pretty bored right now.
I know this isn't what you asked but if you still have a written lease in force, sale of the property isn't a legal reason in CA to force you to vacate. You may be able to negotiate a substantial buyout. Consult your tenant's union or pay a landlord/tenant attorney for an hour's time to outline your rights. It could be worth tens of thousands or more to you. Good luck!
Is this still true if our lease has been month to month since March?
No one can confidently amswer this with any certainty except a legal practicioner in your specific area.
Are you in a lease? Landlord can’t terminate lease due to selling.
We've been month to month since March when our initial lease ran out.
selling the property is not qualified reason, think it should be but it's not
You still have no obligation to vacate as per California law.