Correlation between market correction and Bay Area housimg

Apple
mzie53

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mzie53
Jan 23 26 Comments

Blind Tax:
350K

Now that the market is correcting, would Bay Area housing be affected? I’m going to write an offer soon and have seen my NW reduce by 6% in 2 days. Does it imply I should write slightly lower offers?

I’m a first time home buyer hence unaware of what can happen if the market continues to correct.

#mortgage #housing #bayarea

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 TOP 26 Comments
  • Google
    jimim

    Go to company page Google

    jimim
    2018 stocks were kind of flat, house prices dropped from the peak ~30%. If stocks continues this year's trend for a while, I'd expect more correction in the housing market.
    We personally hold off on making offers, renting is much much cheaper now.
    Jan 23 6
    • Apple
      gxiv37

      Go to company page Apple

      gxiv37
      I bought my home in early 2018 right at that peak. Redfin still says it’s worth slightly less than what I paid for it. Based on recent sales I’d say they’re not far off.
      Jan 23
    • VMware
      vmworry

      Go to company page VMware

      vmworry
      We got discount on our rental in a good school district in peninsula. We actually pay less for rent now than 2 years ago. It is insane when house prices went up like crazy, rent actually went down. It is a good time to rent for sure. I don’t want to spend all my money on a crappy house when I can rent a great house instead and pay 1/3 of that without any headache.
      Jan 23
  • Netflix
    xmLt04

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    xmLt04
    No.ppl will use housing as a hedge against stocks.
    Jan 23 5
    • Google
      dnnc37

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      dnnc37
      Stock market short term volatility is expected however housing is a long term purchase and the effects are not direct.
      Jan 23
    • Google
      dnnc37

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      dnnc37
      Trying to time the market to catch the bottom is the mistake that we made and are still looking for homes. We don’t want to repeat that mistake again.
      Jan 23
  • Marqeta
    dWTY23

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    dWTY23
    Consult with your real estate agent . Interest are still good compared to historical rates. You might see really hot spring this year
    Jan 23 4
    • Apple
      ciyr82

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      ciyr82
      Pls enlighten me!

      We have been in the market for one thing or the other since 2018, bought 2 houses since then. I have worked with agents in different parts of US.

      Bay area ones are the worst, others are slightly better. I would never ask one for advice, You know your situation best! Read up on historical trends and educate yourself.
      Jan 23
    • Marqeta
      dWTY23

      Go to company page Marqeta

      dWTY23
      Real estate agents have data points such no of sales in area, how many offers houses are getting ( how competitive market is) , how many days houses are staying on market and so on based on which they might give you some advice.
      I know and agree that , agents would always want you to buy a house but we should come to conclusion based on data and facts .
      Jan 23
  • Dell
    corpslave0

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    corpslave0
    People who own homes will say buy buy buy. It’s so cheap. People who don’t will say crash is coming.

    No one can predict tbh.
    Jan 23 0
  • Box / Eng
    Drogon. D

    Go to company page Box Eng

     Drogon. D
    No effect. Housing prices lag by more than a year.
    Jan 23 0