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One data point, we just bought our house (Berkeley CA) in January for the exact same price the previous owners purchased it on 2003. My sister closed 5 days ag
by mikeryan 15y ago
One data point, we just bought our house (Berkeley CA) in January for the exact same price the previous owners purchased it on 2003.
My sister closed 5 days ago on a house in a very desirable part of Mountain View CA. Through their process they had houses with up to 25 bids.
I'm seeing (anecdotally, in the SF Bay Area) a lot of people buying right now. These are generally savvy folks too, they're putting 20%+ down getting awesome fixed rates, and staying well within their means . We may still see a slight dip in prices but my feeling is that we've bottomed out a bit here and on the way up. We think we'll be able to sell our house in 5-10 years and make a profit. That may be wishful thinking, but I'm fairly confident in that position, especially as the tech sector heats up.
The tricky thing about the SF Bay Area however is its very resistent to outside pressures, it was one of the last places hit and will likely be on of the first to recover. Its very hard to time a bottom in the housing market here.
- chopsueyar 15y agoThrough their process they had houses with up to 25 bids. Can you please clarify what these means?
- pstack 15y agoI think he just means that there were 25 offers on the house.
- chopsueyar 15y agoBut he said houses plural.
- thwarted 15y agoThey were looking to buy a house and some of the houses they were looking at were in such high demand that up to 25 different people had put offers on them.
- chopsueyar 15y agoThanks for clarifying.
- impendia 15y agoWhy should the SF Bay Area be one of the first to recover? In most parts of the country, housing prices are roughly comparable to what it costs to build a house, so I imagine they should be at least reasonably stable. But here, prices are way out of proportion, and this seems to depend on draconian laws preventing almost any sort of development. If people could actually build condo buildings in, say, Palo Alto, prices would be going down in a hurry.