Buying a house in 2022

[nastle]

My partner has given me a deadline
by June July 2022 we need to buy a SFH 4 bed/ 2.5 bath
non negotiable

I HATE deadlines but am stuck , No weaseling my way out of this one

any suggestions or recommendations on how to minimize the inevitable loss

In Central Valley California area
my budget is under 500k

[StarTrekDoc]

buy in best neighborhood - location location location. Based on your reluctances of ownership -- Buy newer - even get into a new development to lower surprises.

[wideopenspaces]

We've always had good luck buying fixer uppers. I enjoy the projects and we have always come out ahead financially with them. But as you can see with the other thread on here, anything can go sideways with real estate. Figure out a couple non negotiable things you want in the house/location/price and know you'll have to compromise on the rest. Good luck!

[artemis]

any suggestions or recommendations on how to minimize the inevitable loss

What inevitable loss? Real estate can go up as well as down. You don't know which way your particular area will tend long-term.

As for suggestions: start by becoming a lookie-loo. That's real estate agent slang for a person who goes to lots of open houses with no intention of buying. It gives you the opportunity to discover what $500k actually buys in your area, as well as what features in a house you really want and what things you really want to avoid. (For instance, when I started looking here in Omaha, I learned very quickly that I hate split-levels, I wanted to avoid steeply sloping driveways, and I liked ranches with walkout basements.)

Ignore finishes, and concentrate on the location of the house, the characteristics of the lot, and the bones of the house. Those are the things which are either impossible or very expensive to change. You can always do aesthetic upgrades later.

[eyecandy]

Also…consider expanding your budget, average real estate in CA is over 800K. Agree with other advice start going to open houses asap to get a feel for what you like, don’t like, neighborhoods, etc. Get pre-approved after the holidays because when you find something you’ll want to move quickly (esp if near popular areas like SLO/Paso). Won’t be many listing right now but come March, April is when you should be seeing everything out there and making offers. You’ll be closed by the summer and partner happy.

I’m not handy at all, but I love owning my home. Bought a new well constructed home (not one of the cheap builders) and I’ve been really happy. Nothing important broken yet because it’s only 4 years old. Two friends who bought older flipped CA homes have had a host of problems and sunk tens of thousands more into homes because the flippers do everything on the cheap and leave the real problems (foundation, siding, leaks, plumbing issues…just to name a few).
Be honest with yourself and what type of home works for you and the family—not what everyone else thinks. Homes are very personal.

good luck! Update us next year

[CordMcNally]

Why the deadline and why non-negotiable? Those seem like bigger issues than the house purchase.

[dennis]

500K in CA? Is that even possible? You need a real estate agent scouring the prospects for you unless you have a lot of time to spend.

[nastle]

500K in CA? Is that even possible? You need a real estate agent scouring the prospects for you unless you have a lot of time to spend.

Where I’m looking I see a lot of options

are you sure that’s not just LA or Bay Area ?

[nastle]

Why the deadline and why non-negotiable? Those seem like bigger issues than the house purchase.

Because we have rented for a long time
and moved too many times

[Brains428]

Does partner implied not married?

Cheapest house in the nicest neighborhood if you're worried about price appreciation. It's still your home that you live in, so you have to sort of like it.

But yea- if you're not married or don't have children together, then negotiations are a bit different.

[CordMcNally]

Because we have rented for a long time
and moved too many times

So? I’d rather find a house that’s a good fit than feeling rushed being under the constraints of arbitrary deadlines.

[TheDangerZone]

What’s the question here, how to go about buying a house? Google and the WCI archives would be a nice start.

And yeah, hard deadline plus a specific Bedroom/BR requirement with a partner/non-spouse? Can’t imagine how this could possibly go sideways.

[nastle]

So? I’d rather find a house that’s a good fit than feeling rushed being under the constraints of arbitrary deadlines.

It’s not ideal under any circumstances but alternative could be far worse

[nastle]

What’s the question here, how to go about buying a house? Google and the WCI archives would be a nice start.

And yeah, hard deadline plus a specific Bedroom/BR requirement with a partner/non-spouse? Can’t imagine how this could possibly go sideways.

No I meant specifically

Any tips about how to survive in a sellers market without overpaying too much

having some negotiating ability

How to get access to more deals other than the traditional real estate agent route

how is it “safer” if you are married ?

[nastle]

Does partner implied not married?

Cheapest house in the nicest neighborhood if you're worried about price appreciation. It's still your home that you live in, so you have to sort of like it.

But yea- if you're not married or don't have children together, then negotiations are a bit different.

Not married
child together