The option facing many buyers is to purchase an older home that needs work or get a detached townhome that is turnkey in a more desirable neighborhood, Hicks said.
That’s what Faryar and Kelsey Borhani ended up doing. The Los Angeles couple, who had been house hunting since October, had their sights set on buying a house with a yard in Irvine, and in particular, Quail Hill. But prices were too high, and still, the homes were moving fast.
“Something would come on the market, and within three or four days, it would be gone. It was just crazy,” said Faryar Borhani, 29, a management consultant.
Three or four homes the Borhanis were interested in sold before they could get a showing. They attended two open houses, only to discover the homes already were in escrow. When a four-bedroom, 2,400-square-foot attached home came on the market in Quail Hill, the Borhanis decided to act, even though it wasn’t a house and didn’t have a yard.
They ended up getting their offer in faster than the other bidders, paying $990,000 – $20,000 over the asking price – and putting up all their savings, plus some money from their parents, so they could make an all-cash offer.
The deal closed April 18, and the Borhanis moved in last Friday.
“You have to be willing to make some compromises,” Faryar said. “You have to be quick. You can’t wait on it.”http://www.ocregister.com/2017/04/25/spring-homebuying-surge-pushes-housing-prices-to-record-highs/