I am planning to buy a SFH in the South Bay. Should I wait for prices to settle down(if they will)?
Should I not wait and start actively looking? The inventory for SFH is also not much right now. Is there any projection that it will increase? Any help is appreciated?
I don't see prices leveling out for at least a year. People are still migrating in and out of the bay because of remote working. Same with inventory still see it for less than a month.
I don't see prices leveling out for at least a year. People are still migrating in and out of the bay because of remote working. Same with inventory still see it for less than a month.
I don't see prices leveling out for at least a year. People are still migrating in and out of the bay because of remote working. Same with inventory still see it for less than a month.
Since this is for a personal purchase, get prequalified by a mortgage broker and not a bank. Most if not all brokers will come in .25-.75% lower on comparable products. Saving you money in the long run. Should only cost you the cost of a credit check.
This is how it should go;
Fill out an application with a broker
Broker will pull credit check (should be your only cost for now)
You will get a letter back telling you how much house you can buy
Go shopping with your favorite real estate agent.
Finish the loan process
Get funded
Move into the house
Paint the walls
Enjoy your new home
If you have any questions, feel free to reach out. I am a broker.
@Madhura Gadgil One of my favorite sayings is "the best time to plant a tree was 20 years ago, the second best time is now." The market might feel insane, but unless you're actively looking you're not going to know a good deal when you see one. You can find a good property even in this market!
I currently co-own a condo in North San Jose with my ex-wife. We're in good relations and we have agreed to be business partners if it is worth holding. Currently, we're in the red about $650 per month, which isn't a big deal for us since we prioritized moving out of the condo and living closer to work. Of course, I'd rather be making money instead of losing money each month. We're interested in knowing if it would be worth hanging on to for at least a couple of years, or selling in the near-term. I'm weighing the possibility of rental increases in that area since the googleplex is slated to really change downtown (hopefully for the better) and also, probably create a higher demand for rentals in the area. Additionally, last I heard, Apple is building a smaller campus a mile or two away from our condo's location. There are other projects in the work as well in the area that could potentially have a positive impact on rentals, but that likely won't happen for at least a few years. I would hate to sell the condo now and regret it five years down the road. What are your thoughts?
Chris, I would agree with your analysis here regarding the development of Google & Apple which won't go into effect for a few years at the very least. There's a lot of condo/apartment development taking place so I envision that the market price for condos/apartment will eventually hit a plateau.
I currently co-own a condo in North San Jose with my ex-wife. We're in good relations and we have agreed to be business partners if it is worth holding. Currently, we're in the red about $650 per month, which isn't a big deal for us since we prioritized moving out of the condo and living closer to work. Of course, I'd rather be making money instead of losing money each month. We're interested in knowing if it would be worth hanging on to for at least a couple of years, or selling in the near-term. I'm weighing the possibility of rental increases in that area since the googleplex is slated to really change downtown (hopefully for the better) and also, probably create a higher demand for rentals in the area. Additionally, last I heard, Apple is building a smaller campus a mile or two away from our condo's location. There are other projects in the work as well in the area that could potentially have a positive impact on rentals, but that likely won't happen for at least a few years. I would hate to sell the condo now and regret it five years down the road. What are your thoughts?