To 'fixer-upper' or not? That's the question for many Americans in a pricey housing market

Eight months ago, Matt Klinger and his wife, Nicole, had some tough decisions to make. 

Should the Southern California couple with three children under 5 who are outgrowing their condo buy a new house in one of the costliest housing markets in the country? 

Or, should they invest in a home in need of some tender loving care, otherwise known as a "fixer-upper," a house available at a lower price because it usually requires expensive repairs and sweat equity?