If you’d prefer to buy an older house in a prime location, your patience will most likely be tested.
Sellers tend to have low, or no, mortgage balance, and they’ll only move when they don’t have any other choice – plus they love to hold out on price.
The houses are usually dilapidated, because when they only paid $38,500 like they did on this street in the 1960’s, the thought of spending $15,000 for a new roof sounds outrageous. Heck, if it’s leaking, you can always buy a couple of extra buckets!
But if you can outlast the initial aggravations, you can end up with the home of your dreams on a quiet 10,000sf culdesac lot with panoramic ocean view and no HOA or Mello-Roos fees for about the same money as a tract house: