People are still buying house in the slow down market?
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?
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.
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.
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.
You should time it, and then come back to this post and update us once you figure it out
Never try to time the market unless youre a professional Imagine how many people tried to time the bay area market 5 years ago
it is tough for professional's as well to predict the market.
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.
so true..!! where do you usually invest in US other than the stock market?
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.
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..!!
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.
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.
Classic. Who invited realtors to blind? 😂
Ha ha ... This is last thing I wanted 🙌... 🤣🤣🤣
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
Ohh... Noooo.. This is shocking 😲
Which elementary school?
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.
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.
@alive: Can you add a link for your post.
Definitely not a mistake.