Newsflash: Is it ever a good idea to rush into buying a house just to avoid prices going up? (Northeast Los Angeles)

We’ve been looking at homes in Northeast LA since January and have come close to signing on a couple. Recently, we had an offer accepted at about 900K for a house in Glassell Park. The house had everything we wanted on paper (3BR, ~1400 sq feet w/ a view), but for some reason just wasn’t the right one and so we decided to back out. When we told our agent our decision, they advised that we should reconsider because they didn’t they’d be able to get us another house with everything we wanted at this price point because of rapidly rising prices. So since then (about 3 weeks ago) we’ve been mulling over whether or not we made the right decision, and it’s starting to feel like the warning is coming true due to the lack of inventory since then. Could this just be something we were told to push us into the sale? Or is there really a point that we should just buy something in a market like this because otherwise we will be forced to buy something that’s worse for the same price in the near future? We are able to save around 10K every month towards our new place, so in theory we can increase our max amount by about that much, but could prices be going up even faster than we are able to save?

Read more at https://www.reddit.com/r/RealEstate/comments/6brrb7/is_it_ever_a_good_idea_to_rush_into_buying_a/?utm_source=ifttt

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