House shopping? Here are some areas to get the most for your money
"For sale" signs make it clear, the real estate market in Southern California is built to thrive. But if you are looking to buy a home and can't find anything in your price range, it may have more to do with the neighborhood you're looking in.
"What makes this really nice is the location," said realtor John Moreno. "It's a great location.
Moreno has a new listing in the heart of Los Angeles, in Melrose Village. A one-bedroom, one-bath home for under $500,000.
"You got the studios down the street. Miracle Mile down the other way right in the heart of everything," said Moreno.
However, in the valley, that same amount of money comes with more bedrooms, more square footage and sometimes more elbow grease.
"I'm 68," said resident Scott Young. "I'm not gonna be ripping floors out and putting new tile down. I don't want to."
Young and his wife are empty nesters who not only just retired but have rented their entire lives and are looking to buy a home for the first time.
"Now we're in the market and started looking at condos and it's awful," said Young. "It's incredibly expensive. I don't know how people do it.
With his budget of $500,000, Young could buy a two-bedroom townhome further up the coast in Port Hueneme or even a two-bedroom, two-bath home with almost twice the square footage of the condo in Melrose Village.
"Every neighborhood is going to be unique in their values and pricing and literally depending on the city you're in, the block that your on," said Moreno. "The prices can change from street to street."
Moreno said the best advice is to pick your budget first, then your needs.
"Once you have your budget set then we can fill in what size of home and neighborhood you're willing to invest in," he said.
For those who can afford closer to $750,000, your options grow. In Sherman Oaks, you can purchase a condo for $759,000. In Santa Ana, you can afford a three-bedroom home.
Venturing out to the Inland Empire, prospective buyers can afford even more in Ontario, with a four-bedroom, three-bath home with more than 2,500 square feet for exactly $750,000.
"My wife says the boys can move away from us," Young said. "We can't move away from them."
Unfortunately, that puts San Bernardino County out of Young's purview, but for for those willing to head out it may be perfect for them.
"The cost of living in L.A. County is pretty high and people are looking wherever they can save," said Moreno.
Despite the increased interest rates, Moreno said that if you can afford to buy a home, do it now.
"Buy the home now, invest in your future," he said. "If the rates do come back down again, refinance."
Even though the prices change and interest rates flutter, real estate in Southern California is always a good investment.
