House price range in BayArea
300k TC 100k 401k 150k cash No kids yet and Wife is homemaker. Current rent 2800$ Looking for SFH How much price range should I target/budget to buy a house in South Bay. First time buyer, Just curious to know how much should I target the price range for a easy living. I want to take a 30yr loan, but want to close it down in 10 yrs.
lol how is your wife a homemaker with no kids
😂😂😂
Damn, for now am her kid. But wht I meant was - single income.
3BD 2BR around $950k... bought mine last year in $820k... no houses around in the area go for less than $900k, unless it’s a 2BD/2BR in east San Jose
Noice! Now you can flip it, take profit, fly to Vegas and put everything on black.
how do you think I came up with the downpayment?
TC is good for 1.2M, down payment is too low though. Planning to have kids? If soon and you wanna have more than one kid (private vs public school) then you gotta do a lot more research before buying. There are barely any areas with good schools in South Bay you can afford. You can buy something now and be prepared to sell in 5-6 years when it is time for school.
1.2? That's a ~6k mortgage payment at today's rates. Half of TC is probably RSUs so it's a risky situation. Also, only some lenders would allow you to count RSUs. In this market, spending that much is unwise.
1.2 house, 900K mortgage but down payment is is too low for that.
Why do you want to buy when your rent is so low and you don't have kids?
First off, your rent is low (for Bay area). Second, renting gives you the utmost flexibility in terms of choosing the right school district for your future children. Third, the housing market us insane right now and it's highly likely that your house will be underwater if the economy tanks. Lastly, the deductibility of property taxes isn't what it used to be, so do the math.
I'm not saying they should have children. All I'm saying is that it gives them flexibility. If they want kids, they can choose school district. If not, they can choose to be in a bad district for a better commute. Let's not spread hate where there is none. Shows your ignorance.
You better to save more. I would say 250k for 25% downplaying, 50k for closing and reservoir.
Wait for worst to be happen in a year. Cash plays the role by that time. Houses are just boxes. Don’t get aggressive.
Your rent is low. If both of you are happy there, better stick to that place.
You can’t afford it. Don’t buy. You’d be too financially vulnerable. Your wife need to get a job, or else she won’t have a home to make.
800k
Seems too low, I was hoping above 1m. I would not get any SFH for 800k.
Your TC and savings is not high enough for 1M