Pasadena, CA · Member since 2017 · 2 posts · 0 votes
Hey everybody! This is my first post, so I apologize if this is located in the wrong place. My offer for a 3bd/2.5 townhouse in San Diego (Mira Mesa specifically) was accepted. The price was listed at 565,000, but will close at 573,000. I plan on staying in the master bedroom and renting out the 2 other bedrooms to help with the mortgage.
After checking what the going price was for homes in the similar area, it seems like I might have overpaid but I am not sure. I know that real estate in San Diego is VERY expensive.
My question is based on this property https://www.redfin.com/CA/San-Diego/8351-Gold-Coast-Dr-92126/unit-3/home/4861308, is 573,000 too much to go with. I tried using the rental property calculator but not sure if I did it right. Thanks!
Bakersfield, CA · Member since 2016 · 378 posts · 307 votes
8y
A bunch of random people on the internet can't accurately answer whether you overpaid for a property. That is part of your agent's job. Ask them. They will run comps and be able to answer this for you.
Specialist · San Diego, CA · Member since 2018 · 88 posts · 54 votes
8y
Hi James, Blair is correct in that the agent that sold you the home should be able to provide you with a Market Analysis that shows you all of the recent sales in the area.
In a competitive market, it's not usual for a final sales price to be above the asking price.
Zillow and Redfin are good resources but I would only use them as a guide. Your agent is getting compensated to help you... reach out the them right away.
Also, if you are buying this house with conventional financing, you will be paying an appraiser to verify the value.
Speak with your agent right away as contracts are time sensitive.
Investor · Poway, CA · Member since 2015 · 7k+ posts · 8k+ votes
8y
Your realtor, if they are any good, should be able to give a somewhat accurate idea of the value of the purchase. No one on this site without a lot more info could know if you are paying too much.
If you used a standard offer you will have an escape clause (assuming it is not waived) for not getting financing. If the unit does not appraise for the purchase price you should have an escape route. However, if the agreed price is close to value, the appraiser will find comps that justify the purchase price as that is easy to do.
So you can only expect the appraiser to save you from grossly over paying for the property. If you are just a little high you can expect the appraisal will justify the agreed price.