Chula Vista; if I don’t buy now will I be shut out forever?

[sdsurfer]

I’d think if you plan on staying in Chula Vista long term then you might as well go for it. If prices do go down at some point it’ll probably coincide with higher rates and your payment will be roughly the same. Just make sure you can comfortable afford the monthly payment. Dont get swept up in the “being priced out forever” BS though. Forever is a long time and a lot could change, but if you like the area, home, etc. and are thinking long term I’d think you will do well.

On the remodel front we did our entire kitchen through IKEA for about 7500 with quartz counters/new sink/ceramic tiles/paint/etc (we did keep the old appliances since it was a bitchin old Roper and the fridge still worked). We figured we’ll upgrade those when they stop working. We also did our bathrooms for 1500-2k. Go to Bedrosians and sort through the stuff people ordered and never picked up or they ended up with extra for some reason. We got really cool limestone that was $25/sq ft, but they sold the whole pile of leftovers for $100 bucks. Just make sure you factor in a little extra so you have enough.

I’d think you could go to Pinterest or a million websites for ideas if you need them. Good luck to you!

[thejard]

https://www.redfin.com/CA/Chula-Vista/116-E-L-St-91911/home/5982790

Cheapest 3/2 detached in 91911

[Sean19]

Thanks for insights everyone.

I wanted to view a property yesterday and my agent tried to make an appointment. They said they could not show it until
Saturday. It just went pending. This is so frustrating.

[andymajumder]

Its the same story everywhere Sean. Here in Scripps Ranch anything half decent sells for more than asking within few days of listing, specially in 500-750k range, there’s hardly any inventory.

[gzz]

You know what to do now. Get pre approved for the most you’d ever consider paying and make an offer the first day if it looks good, telling them not to sell without giving you their best offer to beat. If you show you are approved for 500k and they get a full prixe 400k offer from you, they would be tempted to at least see if you will go higher.

Your agent failed you letting a house get away like that. I doubt the sellers were in such a hurry they would not have waited a day or two for you to make an offer if you expressed your interest aggressively. Make sure you are reviewing every new listing in your target area every day.

[sdsurfer]

It’s super frustrating, but hang in there! I know it might seem whimsy, but I really do believe that it works out when it’s supposed to.

You do want your agent to be a little pushy to get you in there asap and to express urgency, but even if you are first and get your offer in does not guarantee it being the one that gets accepted. There are a lot of factors at play and I’d say a quite a few listing agents are taking advantage of the low inventory situation.

I personally think no home should EVER sell in less than a week. Even if they get a full price all cash offer on the 1st day they should still let people see it that weekend and let them submit their offers on Monday too. There is such a misconception that selling a home quick means you are good at your job, but it’s bullshit if you sell it for less than you could have if you gave it more time (like 7-10 more days?). I’m seeing a bunch of “coming soon” listings recently that equally piss me off. What is “coming soon”? Putting the listing on the MLS so everyone knows about it instead of just you and your friends and neighbors? Don’t even get me started on the ones that say “sold before processing”. What exactly is being processed? I’d hard for me to not assume it just means “sold to someone I know before you got a chance with me screwing over my seller since they were unfamiliar with the process” in my translation.

In my opinion a lot of it comes from being a “good” realtor being more of a popularity contest than the skill that I believe it should be. To be fair…I do think there are some really good realtors and it’s the few that give the good ones a bad name, but I honestly blame the seller in a lot of instances for allowing it to happen because they chose the person with the most signs in their neighborhood instead of meeting with a couple people and talking with them to find someone they can trust before they start working with them. If their realtor brings them an offer the first day for full price they should say, “Thanks! I’m really looking forward to seeing what kind of offers come in over the next week or two” and hold them to continuing to do their job until they know the offer they accept is the best one as far as price AND terms for everyone involved. Then everyone gets to see it and submit their offers too. I know there are some really solid realtors that will not double end a deal because they think it’s not right and I commend them for doing the right thing even though they would make more money if they represented both sides. Representing both sides of the deal should be very rare in my opinion because it’s the same thing as the plaintiff and defendant having the same attorney and we know that would not work.

Anyways…I mention some of the above to share with anyone that does not already understand, but I’m betting most piggs already understand the game and the process. If you dont…keep reading this blog and learning from others that do understand the game before you get into it and choose your representation carefully to assure they represent your needs rather than their own.

[FlyerInHi]

[quote=gzz]

Your agent failed you letting a house get away like that. I doubt the sellers were in such a hurry they would not have waited a day or two for you to make an offer if you expressed your interest aggressively. Make sure you are reviewing every new listing in your target area every day.[/quote]

My experience is that in a hot market (foreclosure, short sale, or hot resale like we have now), when properties go fast, contact the listing agent directly. The listing agent is the person controlling what offer the seller sees. Nothing the buyer’s agent can do about that.

[asitl]

[quote=gzz]Wow maybe I am in the wrong business then.

What does a full bath reno cost for your high standards Flyer?

My $1500 included tiling most of the walls, marble flooring, new mirrors, lights and outlets. Kept the old bathtub toilet and sink which were in very good shape, but with new faucets, showerheads, shelves, drains, and cabinet handles. The cabinets were just deep cleaned and refinished.[/quote]

Wow, flyer’s quote is absurd and sounds more like a full kitchen demo and remodel.

That said, would you please PM or post your contractor gzz? Seems like some pretty good prices.

[FlyerInHi]

gzz and asitl, lots of people don’t DIY and they only trust “reputable” contractors.
How much do you think a set of renderings cost, even before a tool is touched?

We have a competitive advantage because we can DIY. I just finished a studio apartment using lots of built-ins and stateroom cruiseship principles. Looks better than an Ikea show apartment.

[Author]

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