Good time to buy?
Folks of the South Bay, Do you think it's a good time to buy a house now? My rental lease ends in December and looks like the prices are coming down. With a possibility of a recession and further downturn, do you think it's wise to buy now or wait a few more months for the prices to go lower? Looking for single family home in San Jose, South side mostly, Campbell, Los Gatos, Almaden etc in the 1.3M - 1.7M range. TC:460k, yoe: 8 amzn + 1 GOOG Can make down payment anywhere between 460k and 1.2M depending on how much stock I sell.
Just so you know - recession may or may not hit home prices but will definitely hit the price of the stock that you’ve piled up. Now if you understand this message, you are smart enough to make your own decision.
Only if you have kids. No other good reason to buy a house.
2 kids, dog and cat.
Then do it. Timing the market is a fool’s errand in real estate just like in the stock market. The real value is in providing a safe and stable home for your family where you can build memories. Just make sure to go big enough where you don’t have to move again in 3-4 years.
No, the fed pumped billions onto the repo market this week without offering explanation. We are very close to serious recession. Buy now you're buying high. If you get laid off then you'll have to sell low.
Offtop question. Wonder where your kids go to school? Most of the school districts in south bay are pretty bad?
Not really. There are some very good districts with 8+ great school ratings. Most schools in Campbell, Los Gatos and Almaden are great.
Why not try Cupertino with your budget..
4 bed under 1.7m doesnt look possible
Zillow projection is -13% next year. But it could also go back up, or stay flat. Who the duck knows.
Holy moly!!! For across the US or local to Bay
Why south san jose? I think you can stretch a bit and buy in Sunnyvale, Cupertino. In the long run 200k (1.7 vs 1.9) will not make that much difference.
I don't like those areas. Too urban for us. We like the fact that deer visit our front yard and I can hear the coyotes at night.
Rich fuck
What is your tc? How much down payment you plan to make?
Thanks for the question. Updated post. Quite a relevant follow up as well. Apart from some .3M liquid cash, Mostly my portfolio is in AMZN and GOOG. I am also wondering how much of each I should sell for the down payment. Would like to keep monthly payments low (4.5k or so) so might have to sell stock to put more down. Happy to sell GOOG, less happy to sell AMZN, but housing stability is also important for the family.
Thanks for sharing. So when you sell shares would they be considered as income? Would you have to pay huge taxes since that will considerably increase your income?