Home News They Wanted a House in Los Angeles, Without the Bidding War. Would Their Budget Be Enough?

They Wanted a House in Los Angeles, Without the Bidding War. Would Their Budget Be Enough?

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Kenly Weber and Andrew Martin lived in a one-bedroom rental property in Seattle when they lost their jobs during a pandemic. Suddenly not tied to their offices, Pacific Northwest natives were free to think about where they really wanted to live, and they decided that it was more sun and less rain time. I agreed. So they chose Los Angeles, where they have friends.

Last March, the couple rented a town home to acquire land in Highland Park, a popular district in northeastern Los Angeles. A few months later, Martin, who recently cashed out some company stock options for a down payment, was ready to hunt. However, as a first-time homebuyer, the couple realized that they were facing one of the most formidable markets in the country.

“The price of what you’re getting is high,” said Weber, 28, who met Martin in 2013 when he worked at a Nordstrom retail store. “I also admit that I’m coming from outside the state and contributing to higher costs.”

Weber, who works in marketing, and Martin, 32, a product manager at an e-commerce retailer, liked Highland Park, where its bohemian atmosphere reminds me of Portland, Oregon, so I started searching there. Neighboring areas of Mount Washington and Eagle Rock.

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The goal was to find a two-bedroom, two-bathroom home ready to move or close to it. Weber dreamed of a 1920s Spanish-style house that looked classically Californian. And they wanted a backyard like never before.

Weber found Justin Freering, a compass agent, on Instagram. His @takesunset team has over 80,000 followers. Freeling warned that the market is enthusiastic and competition is fierce. “We made offers in several homes and were competing with 25 to 35 buyers,” he said.

Over time, their initial budget increased from about $ 800,000 to $ 925,000.

Houses on the East Side of Los Angeles, priced at less than $ 1.2 million, were the most in demand. “For the longest time, people were priced from the West Side,” Freeling said. “By comparison, Eastside homes can get a little more for money.”

Weber and Martin went to open their homes most Sundays, but they were comfortable renting them, so they had the luxury of taking their time. They knew that most listing prices were set low to foster a bidding war and had to shop in the price range just below the actual budget.

Among those options:

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