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
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comments
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.
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.
Underwater refers to the principle being more than the current value.