Housing market bay area - 4 million house

Amazon
hodbrh

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hodbrh
Feb 9 184 Comments

Friends bought their third house in bay area without selling any of the old house, which is good. ( previous properties are also in bay area prime locations)
The thing that shocked me was new one is 4.8 million house.
Is it worth spending so much on house?
Am I doing something wrong in my life?
I dont think I will ever be able to afford 4 million property in bay area.

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 TOP 184 Comments
  • AT&T
    gwgtsvs

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    gwgtsvs
    These are the people outbidding me โ€ฆ Urgh
    Feb 9 3
  • Juniper / Eng
    DrsHa60

    Go to company page Juniper Eng

     DrsHa60
    I have friends who bought a 3M house recently. We were surprised since we know how much they make and the household tc isnโ€™t much. Last week they called me to see if I can lend them 6K for some urgent needs. I think many folks are putting all of their monthly salaries into mortgages and not keeping buffers for emergencies. And banks are approving any and every borrower.

    Iโ€™m not saying everyone is like this but a lot of these folks who overpay are pushing the limit of their repayment capacity.
    Feb 9 24
    • Juniper / Other
      srvydonkey

      Go to company page Juniper Other

       srvydonkey
      Nutanix: They are tolerating a loss each month on their first home since their mortgage payment exceeds the rent the receive. Theyโ€™re holding on to it thinking itโ€™ll be worth millions in the future. Problem is itโ€™s a townhome bordering Oakland in a terrible school district. They tried selling it but the max offer they got was a little less than what they bought it for in 2018 or so.

      Iโ€™m not generalizing but I do know many who are FOMOing and buying beyond capacity. Iโ€™m just surprised at how easily banks lend here. Back in the UK, itโ€™s much harder to get loans. Our banking system is WAY more conservative than what we have here.
      Feb 16
    • Apple
      mzie53

      Go to company page Apple

      mzie53
      Juniper โ€” so are Indian banks. In the USA, people make money on other peoples money โ€” aka Credit. Banks are chill because they know the Fed will bail them out.

      Now, we need to see till how long this Fee bailing out continues. At some point the Fed will lose its credibility and people will want to move away from the Dollar. And thatโ€™s how USA will end. Thatโ€™s what happened to the British Pound after WW2 and itโ€™s not the worlds reserve currency now.
      Feb 16
  • Amazon
    nncncncn

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    nncncncn
    What do your friends do and how do I get the same job?
    Feb 9 20
    • Workday
      kgf245

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      kgf245
      Except Apple all the companies are going hybrid thatโ€™s why Tri valley is so hot . If you just wanna go in 2 times a week doenst matter where you live in the bay . Apple is not the only company in the bay .
      Mar 1
    • Apple / Product
      DeepakMu

      Go to company page Apple Product

       DeepakMu
      Guys I know lots of companies are hybrid. But still even three days a week I wouldnโ€™t want to commute over an hour. Also (and this is a very personal thing) I really cannot understand what people eat and do out there. Yes I know we all have families and all that but there is just something comforting knowing I can order food I like from nearby.

      Roblox generally those homes are not in good school areas. Also that commute from Campbell to San Mateo is like an hour in the morning with traffic. Btw I donโ€™t think there are โ€œmanyโ€ homes anywhere - inventory is slim in all cities it looks like when I search Zillow daily.
      Mar 1
  • AT&T
    gwgtsvs

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    gwgtsvs
    People are bidding 2 m for 1.4m house ? Whatโ€™s wrong folks ?
    Feb 9 10
  • VMware
    Or am I??

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    Or am I??
    Please keep outbidding more and more so that us poor peasants can give up on house buying dream and focus on something else, maybe need happiness or something ๐Ÿ˜’
    Feb 9 3
    • VMware
      Or am I??

      Go to company page VMware

      Or am I??
      Am below poverty line then.
      Feb 9
    • Uber
      uberdev

      Go to company page Uber

      uberdev
      There are 40-50 buyers per house. You need to make more then 500-700k to afford anything. If you have 300k now and get 500-700k TC in next 3-4 years. Then You will be able to buy house in next 5-10 years. So Just leetcode hard for next 5-10 years.
      Feb 10