I live in Silicon Valley, the San Francisco Bay Area which is notorious in its expensive housing.?

Question

I'd like to buy a house because I like here and want to settle here. Is it a good time to buy? Will house pricing fall significantly in the Bay Area

Answer 1

Please consider W.E. 's answer to be a bit bias and a conflict of interest. According to the cost of living vs. house pricing index, San Diego CA is the tops in the nation for a housing price correction. L.A. almost as bad. Although S.F.B. area does not have as high of a chance of a market correction, generally only mortgage brokers or Realtors would advise buying now. The time to buy is when prices are LOW,not high. Wait for the correction and watch for all the foreclosures to start happening. Then it will be a buyers market. Also be careful of TICS

Answer 2

A lot will depend on where your places of employment are. The Bay Area commute is the most important lifestyle variable. The price of a home in Marin is the highest in the bay area because it is considered the most desirable place to live. However, it has some of the most reasonable rents. Right now and for the next three years or so the housing market in Marin is a buyers market. Thus the rental inventory is high and the rents are competitive. Marin schools are the highest rated in the state and there are fewer people, homes, and buildings per square mile anywhere except Sonoma County. Even tho there is some wealth here , it is not snooty except maybe in Ross, Kentfield, or Tiburon. Novato and San Rafael are good cities to consider for the criteria you have laid out in your question. You can get a three bedroom house with a pool for $3500 or less. They are both safe and San Rafael was once rated the number 1 small city in America. Both places have an urban and rural section. San Rafael has improved the most lately. You are a half hour from the ocean, the downtown is fabulous and the China Camp recreational area is great for hiking boating and camping etc. Most houses are ten minutes from the freeway and everything you need is here. San Rafael has a Costco nearby, Fed Ex, UPS, World Class entertainment at the Frank Lloyd Wright designed Civic Center, Target on the way, Northgate shopping center with Macys and Sears, and is only 18 miles from San Francisco.

Answer 3

It's doubtful that house prices will fall dramatically and interest rates are on the rise. So, it doesn't make much sense to keep waiting--because you may get hit either way.

The best and most important thing for you to do is get a good real estate agent in your area. As a buyer, you don't have to pay commission to work with an agent. There are SO MANY things to consider when buying a home, so why not have someone who does this for a living help you?

I have a company, it's family owned and operated, and we put people like you in touch with good, experienced real estate agents in your desired area. I'd love to help you. There is no obligation, but you could at least get the ball rolling. Also, if you do end up purchasing a home through a realtor we recommend, we can give you $500 back at closing.

Go to www.GetMeAnAgent.com, fill out the form, and we'll find you a Great agent! That's the best thing for you to do!

Answer 4

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Answer 5

Anytime is a good time to buy, and in your area homes are not going down much. Can not forsee the future (wish I could) especially in your area. :) When you do decide to purchase your home, think of the following - ok

Talk with a broker, a broker underwrites for many company's (I underwrite for 150 companies) so I only have to pull credit 1 time, and they look at my credit. A single lender (not a broker) has programs available, but they may not be able to help you and your situation, so you go elsewhere, and than that person pulls your credit (see what I mean.) If you shop, your credit is pulled and that is considered a soft pull, for a 30 day period. Just like shopping for a auto, it is good for 30 days. If you apply for a credit card, that is considered a "hard" pull and it drags down your credit score. When looking for a home, please do not apply for a credit card, Department Charge Card, Gasoline Card or make any major purchases, like a auto, etc. This will pull your credit down.


Try to find someone (broker) that will pull your credit one time, and submit your loan application to company's that will go off his credit report. By the way, a loan application is called a 1003, and they will issue you a GFE (Good Faith estimate, with-in 3 days, that is per the RESPA laws, and the TIL (Truth in Lending). The GFE will tell you the up-front closing cost associated with your loan. The TIL will tell you the terms, rate associated with your loan. This is a estimate only - not the final - but it does help you figure things out.

Good Luck, and if I can help in any way check out my web site, for links to all the credit reporting agency's and other useful information. This is not an advertisement - just helpful information for you...

Answer 6

I have lived here most of my life. I think the area is in for a steep correction. So the way I'd play it is to either wait for that or do a foreclosure/tax lien/short sale/no money down strategy that certain people on the web have been doing successfully and don't pay more than about $50 for the CD's and details. Do a Google and you can find them.

Answer 7

Try asking a real estate agent. There are tons of good ones in California at: http://www.realestateforsaleincalifornia.net

The "featured" agents would be your best bet, but the rest are lovely as well. An agent can tell you where/when/how to buy and will know how to negotiate the best terms possible. Good luck!

Answer 8

i think you should wait a year maybe 2, prices are just starting to fall, and one of my friends who own a real estate company told my ex that if he waits about a year he will be able to afford the type of place he is looking for..

Answer 9

now is llike the best time to buy
it is at a real low now so if you can buy now it would be good to make some calls