People are still buying house in the slow down market?

New want2
Apr 10 28 Comments

I am looking to buy a house in the bay area(south bay) but I am not sure should I wait for the housing market to go down completely? I still see people buying houses on the slow down market.

Am I doing a mistake waiting to buy a house and market to go more down?

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TOP 28 Comments
  • Groupon STCO30
    It is impossible to time the market like that. If you’re ready to buy, can afford it, and intend to live there a while there is not a lot of reason to wait. Market could recover and start rising or could continue sinking in the short term... no way to know.
    Apr 10 3
    • New want2
      OP
      yes, this time is so unpredictable.... let's see how it goes. I wish it goes back to what it was in 2015, which is not going to happen anytime for sure.
      Apr 10
    • Groupon STCO30
      I don’t think there is anything special about this time really. I bought my first home in 2013 and faced a similar mix of opinions at that time. It turned out to be a fantastic time to buy looking back, but at the time I had no idea if I was making a mistake or not.
      Apr 10
    • eBay martinw
      Are you trying to pay down your loan aggressively or just investing in market?
      Apr 10
  • Gap / Eng randUser
    Never try to time the market unless youre a professional

    Imagine how many people tried to time the bay area market 5 years ago
    Apr 10 1
    • New want2
      OP
      it is tough for professional's as well to predict the market.
      Apr 10
  • Northrop Grumman / Eng HowCouldYu
    You should time it, and then come back to this post and update us once you figure it out
    Apr 10 0
  • This comment was deleted by original commenter.

    • Groupon STCO30
      Classic. Who invited realtors to blind? 😂
      Apr 10
    • New want2
      OP
      Ha ha ... This is last thing I wanted 🙌... 🤣🤣🤣
      Apr 10
    • New / Product
      ʕ•ٹ•ʔ

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      This is stupid one but essentially it is quite right. Real estate cycle is long term and will come back in 4-5 years even after a crash. So if you can hold 5-7 years, you can resell it with some margin even you got hit by a crash.

      If you want to buy an investment property, you can aim a right time. But for your own residence, the right time is when you have enough money.

      Only super riches who have bought multiple properties will shop all the cheap ones when a crash comes. Sheeps like us will be scared to buy one when a crash hits and prices look reasonable because your income situation and market forecast won't look reasonable.

      For example, the riches who have already more than 3 homes will buy cheap homes happily when a crash hits. Those who live in rent houses without owning any won't be able to buy the cheap homes when a crash hits because you lose your job due to the crash. I am not saying 100%, but more than 80% won't buy anyway even when sales begins. And wait for a couple of years and lose the chance again and whine.
      Apr 11
  • Netflix eGNd36
    No, you are not making a mistake. Here is something that real estate agents say that does not make sense - if this house is for investment it is worth waiting but if you plan to live there then you should not wait. Really?

    A dollar saved is a dollar earned. If I had bought two months ago, I would have paid $100K more.

    So unless you have other reasons that makes waiting unbearable, you can continue to wait, till prices are reasonable. That definition is subjective and depends on your risk/reward appetite.

    Personally for me if in South Bay a 2200 sq ft or larger house that is decently maintained and is around $1.5M (forget about good schools) I will pull the trigger. Happy to wait till then.
    Apr 10 3
    • New want2
      OP
      that's good to know what realtors think. I have not even started talking to realtors or started going to open houses yet as I know what I wanted I cannot afford at this time. To be precise I wanted to buy a house in Santa Clara. Any house I like is ~1.9M, School district is another thing, right now I am sending my kid to a private school which is another 2K expense monthly. I don't mind sending my kid to private if I get a good house for ~1.3M.

      I hope to wait this long get us a good deal and especially what we want :). Happy house hunting..!!
      Apr 10
    • But remember everybody is looking at such opportunities and so called reasonable price. If number of buyers remain high compared to supply, prices aren't coming down anytime soon.
      Apr 10
    • Verizon Media / Cust. Srv.
      MGRN37

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      This^^
      Apr 23
  • Oracle / Other alive!
    You can check my previous posts on blind and I had correctly called the peak in May 2018. Bulls here kept living in denial.

    Having said that, the dynamics have changed since last winter. The main thing to focus on is interest rates. They are falling again since the last 2 months and hence the resurgence in number of buyers. The fed has hinted that interest rates might linger around current levels, and hence I believe the housing market won’t fall a whole lot from here on.

    If you really want to be sure then wait one more year to confirm.
    Apr 11 2
    • New / Product
      ʕ•ٹ•ʔ

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      And another year, and another year, and another year, and you will be right. Anyway, I am glad that you finally admitted that your forecast was wrong and changed your position.
      Apr 11
    • New want2
      OP
      @alive: Can you add a link for your post.
      Apr 11
  • Apple RX56897
    Btw San Jose market has picked up crazy this spring, it slowed down in Jan/feb. I bid on a house in West San Jose had 20 offers and went 500k above asking price. Areas with top schools always sell faster and better
    Apr 10 2
    • New want2
      OP
      Ohh... Noooo.. This is shocking 😲
      Apr 10
    • Verizon Media / Cust. Srv.
      MGRN37

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      Which elementary school?
      Apr 25
  • Facebook public2
    If you plan to live there for a significant portion of time the right time to buy is always now. The market slowed and rates are super low right now so there is a race to buy before the next boom and rate increase.
    Apr 10 0
  • Microsoft pJcW86
    First if you call this a downturn... Don't bother trying to figure out how to time the market. We're past the recovery phase (YoY significant increases) and we are in a normal stablized market... With ups and downs... With most years increasing 2%-7% on average.

    If you are buying a primary, don't time the market because you have no idea what you are doing, just look for something you like, has good value (not throw money at a shithole), and affordable.
    Apr 11 3
    • Nvidia CBsO18
      Lol @good value if talking about the bay area.
      Apr 11
    • Microsoft pJcW86
      Good value as in not buying the highest priced home in a particular area like buying a mansion in a ghetto.
      Apr 12
    • Nvidia CBsO18
      Ok, maybe a better qualifier is 'more likely to maintain its value' because a shack in the ghetto here costs as much as much as a very nice house in a good school district elsewhere in the US, hence hard to ascribe 'good value' to
      Apr 12
  • Uber
    Thumper

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    Thumpermore
    While you are waiting, if you invest your cash to get a decent RoI, your wait will not have negative impact on your long term portfolio. If you just hold on to the cash in a bank, you are losing out to inflation as well as some small increment in the housing prices that could have benefited you, had you bought the house instead of waiting.
    Apr 10 1
    • New want2
      OP
      so true..!! where do you usually invest in US other than the stock market?
      Apr 10
  • F5 Networks what’s up
    Definitely not a mistake.
    Apr 10 0