I work in Sunnyvale. Where should I start exploring to buy a condo or an apartment to start saving the high rent I’m paying?
I don’t want to buy a million dollar house. Looking for something ~300-500k. We are just two people.
Any place with commute to and from sunnyvale is recommended. I’m new with this kinda search so need some guidance.
- Ok. First thing first. There is nothing for 300-500k.
Second thing, look at the buy to rent ratio in the bay. It is the highest in the whole country, which should indicate that while Rents are stupidly high, buying is nonsensical high compared to renting.
If you really do the math you will realize that unless the housing market goes 5+%a year (and it will not) , you will be losing money in the Long term.
Continue renting, Invest your potential down payment and wait for a better time to buy
- It didn't pop since 2008. That thing alone is a red flag. Look at the inventory also. SF is becoming a buyer market , inventory is peaking and you have way more price cuts over the last weeks.
My point is more that buying doesn't make too much sense in my opinion when you look at the price of renting right now in the. Bay area.. You need to make prediction, but with the current market I'm ok to rent forever and invest in other assets.
Too many people make the mistake to be overly attached to "own a house". Owning a house is not that different than renting a place. Do the one that makes the most sense economically. Don't be stubborn to want to buy whatever happens!Mar 91
- Apple gt902For a person who works in real estate part time, I’ll add this. The Bay Area market, more specifically the Sunnyvale, Santa Clara, and San Jose is still going strong. It did slow down last fall and winter but is picking up over the last couple of weeks. The housing price index when it last hit its low was back in 2012. If you bought then, as of last quarter you’d be making double the sale price. Last year alone the index jumped 11%.
As for finding something in that 300 to 500k price point, maybe a condo? But you’ll have to look in Santa Cruz, Morgan Hill or east bay. If you find something here with that price, expect it to sell for 800k plus with the bidding war that would ensue.