Sunnyvale real estate - 2021 predictions

Google
bbored

Go to company page Google

bbored
Dec 27, 2020 120 Comments

Bought a house in Sunnyvale for 2.2m at the height in 2018 summer.

Currently underwater. Redfin says it is 1.9m which I find bs. Probably 2.0-2.1m.

Can’t stomach the fact that I have to make mortgage payments on something that is going down in value.
School district also sucks. So have to save up for private school now. Just stressed with the financial situation.

Predictions / perspectives from long time Bay Area residents please. I thought house prices only go up.

Household TC: 650k
Mortgage left: 800k

comments

Want to comment? LOG IN or SIGN UP
TOP 120 Comments
  • Google
    cntrl+c

    Go to company page Google

    cntrl+c
    Sorry for OP but I hope Bay Area implodes. Why is a house worth $2.2M in the bay if it’s worth $200K almost anywhere else? Weather is slightly above average but it’s a terrible place to live by almost any other measure.
    The values just don’t make sense other than the extreme housing shortage precipitated by NIMBYs refusing density and demand caused by centralization of tech job market. I’m rooting for the distributed/WFH revolution.
    Dec 27, 2020 15
    • I did on a RE website says banjara hills is like 10-15k per sq.ft which is nothing compared to PA. I an from Mumbai and the most expensive houses there might come close to palo alto. Also lived in bangalore and even there houses are relatively cheaper
      Feb 1, 2021
    • Are you just looking at the built up area? Don’t do that... there is so much of empty lot that comes with a house in USA. My house in india is built on 400 sq yards and it costs a million...here single family houses come with 5000 sq foot min and they cost 1.5 million , so you do the math.
      Feb 2, 2021
  • LinkedIn
    U💰S💰D

    Go to company page LinkedIn

    U💰S💰D
    650K TC and only 800K mortgage. Just chill for a few years it will be paid off.
    Dec 27, 2020 1
  • New / Eng
    🎷...🎷...🎷

    New Eng

    🎷...🎷...🎷
    This is a very strange mentality, you probably need to consult a financial planner to give you a more realistic understanding of different types of investments and what to expect.

    If you intend on staying in the house then the value means nothing other than cheaper property tax.

    If you plan on leaving then rent it out and if there is a loss, write it off on your taxes, sell when it’s regained the value plus fees.

    If you want to buy another house (don’t do this till you have a better understanding of finances please). Then take out a home equity line and use that as the down payment.

    In general you are in a very strong financial situation, but you’re lack of understanding will be extremely detrimental if you don’t fix it ASAP.

    “A fool and his money are soon parted”

    You are clearly very smart in tech to have such a high TC, but you now need to be smart in investments to maximize your future wealth and mental health.
    Dec 27, 2020 2
    • New
      PIjL16

      New

      PIjL16
      This
      Dec 27, 2020
    • New / Eng
      🎷...🎷...🎷

      New Eng

      🎷...🎷...🎷
      Btw. If the principal is 800k and the home is worth 1.9mil then you are not “underwater”.

      Underwater refers to the principle being more than the current value.
      Dec 27, 2020
  • Proofpoint / Eng
    pfpt161

    Go to company page Proofpoint Eng

    pfpt161
    The rate of home price increase between 2013-2018 is an aberration and not the norm. If you stay put for 7-8 years, you'll be OK
    Dec 27, 2020 9
  • SpaceX
    vLBB66

    Go to company page SpaceX

    vLBB66
    The money you’ve lost is enough to buy a very nice 3,000 square foot home on 1/2 acre in Idaho with five bedrooms and a three car garage.
    Dec 27, 2020 5