In just one year, the median sale price of a home in Los Angeles County has spiked some $20,000, hitting $635,000 this summer.
Real estate agent Lucy Mouradian of Keller Williams recently showed the NBC4 I-Team what that money will get you in Valencia, during a tour of a four-bedroom and two and a half bath home with vaulted ceilings and a pool. The house is about 1,733 square feet.
Mouradian says she's already gotten seven offers, and the phone keeps ringing.
"They're telling me that depending on where they live and where they're currently working that they're open to driving that extra 20 to 30 minutes to attain a comfortable home, in a price range that they can afford," she said.
If you're looking for something closer to the LA metro area at that price, good luck.
A check online found just 16 homes listed, most of them with one bathroom, less than 1,200 square feet, and in need of significant improvements.
But in La Mirada, about an hour-and-a-half commute southeast of downtown, a house with a large landscaped backyard, a huge dining room, and updates everywhere is already getting multiple offers, said Realtor Frank Jesolva.
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The home has three bedrooms, two baths and is just under 1,600 square feet.
"Most buyers in this range, for our city, is typically going to be a move-up buyer," Jesolva said. "We don't find a lot of first-time buyers in this price range."
"You typically need a household income of a little over $100,000 to afford a $635,000 home," said John Brunson, a mortgage banker at Finance of America.
Brunson says you may not need as much money up front as you'd think.
"About $40,000, including 5 percent down, plus closing costs, can get into a $635,000 house with a combined income of $100,000."
The $40,000 upfront includes the down payment of $31,750, plus closing costs like title, escrow, and lending fees ($8,250).
Brunson says that translates to about five months salary, still a lot of money.
But if you can figure out how to get in, Realtors say it will pay off.
"You're going to make money over time," Jesolva said. "It's not going to be a bad investment."
The mortgage broker told the I-Team don't have to have a perfect FICO score in order to qualify for a home priced at $635,000, adding there are resources available to help come up with that down payment, if you qualify.
