Comments on: Still suffering from Bay Area housing price sticker shock http://www.experiglot.com/2009/06/08/still-suffering-from-bay-area-housing-price-sticker-shock/ Because you shouldn't need an MBA to be savvy about finance and business Mon, 22 Mar 2010 04:03:05 +0000 http://wordpress.org/?v=abc hourly 1 By: Mahesh http://www.experiglot.com/2009/06/08/still-suffering-from-bay-area-housing-price-sticker-shock/comment-page-1/#comment-223409 Mahesh Mon, 16 Nov 2009 18:26:00 +0000 http://www.experiglot.com/?p=1004#comment-223409 We are in the market too, how did it go for you? Any learning you would like to share? We are in the market too, how did it go for you? Any learning you would like to share?

]]> By: How Much House Can I Afford? http://www.experiglot.com/2009/06/08/still-suffering-from-bay-area-housing-price-sticker-shock/comment-page-1/#comment-220657 How Much House Can I Afford? Mon, 31 Aug 2009 10:43:45 +0000 http://www.experiglot.com/?p=1004#comment-220657 [...] Still suffering from Bay Area housing price sticker shock … [...] [...] Still suffering from Bay Area housing price sticker shock … [...]

]]> By: ARC http://www.experiglot.com/2009/06/08/still-suffering-from-bay-area-housing-price-sticker-shock/comment-page-1/#comment-217696 ARC Wed, 01 Jul 2009 03:01:17 +0000 http://www.experiglot.com/?p=1004#comment-217696 Move to Seattle? Move to Seattle?

]]> By: ss http://www.experiglot.com/2009/06/08/still-suffering-from-bay-area-housing-price-sticker-shock/comment-page-1/#comment-217204 ss Mon, 22 Jun 2009 04:08:39 +0000 http://www.experiglot.com/?p=1004#comment-217204 Many districts in the Bay Area have "Open Enrollment" where you can apply to a different/better school. That can help a bit with the school district issue. The short sale advice is good. I have a few friends that visit short sale houses with their handy man. Assess the state of the property and how much repairs would be and then make an offer immediately based on the house price plus estimated repair/upgrade costs. Although having said that, the Bay Area is also one of the places in the US where rentals are often cheaper than mortgages. We decided on a long-term rental rather than a housing purchase. We just didn't want to deal with paying that much for a house. The down side of that is that you tend to get hammered on taxes here since wages are so high. But we're sticking with the renting + investing strategy. Good luck with your search! Many districts in the Bay Area have “Open Enrollment” where you can apply to a different/better school. That can help a bit with the school district issue.

The short sale advice is good. I have a few friends that visit short sale houses with their handy man. Assess the state of the property and how much repairs would be and then make an offer immediately based on the house price plus estimated repair/upgrade costs.

Although having said that, the Bay Area is also one of the places in the US where rentals are often cheaper than mortgages. We decided on a long-term rental rather than a housing purchase. We just didn’t want to deal with paying that much for a house. The down side of that is that you tend to get hammered on taxes here since wages are so high. But we’re sticking with the renting + investing strategy.

Good luck with your search!

]]> By: Money Links for Graduates http://www.experiglot.com/2009/06/08/still-suffering-from-bay-area-housing-price-sticker-shock/comment-page-1/#comment-217199 Money Links for Graduates Sun, 21 Jun 2009 21:34:16 +0000 http://www.experiglot.com/?p=1004#comment-217199 [...] We’re a few weeks into seriously starting to look at the Bay Area housing market… [...] [...] We’re a few weeks into seriously starting to look at the Bay Area housing market… [...]

]]> By: Rajeev Singh http://www.experiglot.com/2009/06/08/still-suffering-from-bay-area-housing-price-sticker-shock/comment-page-1/#comment-216740 Rajeev Singh Tue, 16 Jun 2009 13:31:51 +0000 http://www.experiglot.com/?p=1004#comment-216740 House is a long term investment and an asset for life... great to read your account .. House is a long term investment and an asset for life… great to read your account ..

]]> By: Paul in Hong Kong http://www.experiglot.com/2009/06/08/still-suffering-from-bay-area-housing-price-sticker-shock/comment-page-1/#comment-216449 Paul in Hong Kong Sat, 13 Jun 2009 10:14:47 +0000 http://www.experiglot.com/?p=1004#comment-216449 Be prudent. If you can not afford the house should your work/life/market turn sour, then do not make the purchase, and continue renting. There's no shame that. This instrument is long-term, leveraged, and illiquid; such an investment requires authorization from your family's hard-nose Risk Officer, whomever/whatever that may be! =) Be prudent. If you can not afford the house should your work/life/market turn sour, then do not make the purchase, and continue renting. There’s no shame that. This instrument is long-term, leveraged, and illiquid; such an investment requires authorization from your family’s hard-nose Risk Officer, whomever/whatever that may be! =)

]]> By: The Baglady http://www.experiglot.com/2009/06/08/still-suffering-from-bay-area-housing-price-sticker-shock/comment-page-1/#comment-216385 The Baglady Fri, 12 Jun 2009 18:30:12 +0000 http://www.experiglot.com/?p=1004#comment-216385 My husband moved to the Bay Area 5 years ago, and I have lived here for 12 years now. It really depends on which part of the Bay you want to live. Right now San Mateo is still pretty overpriced, but some areas in East Bay and South Bay are pretty reasonable I think. I don't think it is worth it to overpay for a good public school district because a lot of the times the public schools accept out of district students. Also, if you have kids already you could rent in a good school district now and then file a continuing student petition for your kids when you move. Usually if your kid is not a problem child the schools are pretty understanding and will not kick your kid out. This is what my parents did and I stayed in the good public school district all throughout highschool and they bought a home close by in the next town and saved at least 100k. My house was seriously half a block from my school, but it was in a different county. My husband moved to the Bay Area 5 years ago, and I have lived here for 12 years now. It really depends on which part of the Bay you want to live. Right now San Mateo is still pretty overpriced, but some areas in East Bay and South Bay are pretty reasonable I think. I don’t think it is worth it to overpay for a good public school district because a lot of the times the public schools accept out of district students. Also, if you have kids already you could rent in a good school district now and then file a continuing student petition for your kids when you move. Usually if your kid is not a problem child the schools are pretty understanding and will not kick your kid out. This is what my parents did and I stayed in the good public school district all throughout highschool and they bought a home close by in the next town and saved at least 100k. My house was seriously half a block from my school, but it was in a different county.

]]> By: Money Saving Methods - Research Is Everything | The Money Saving Fifty (50) http://www.experiglot.com/2009/06/08/still-suffering-from-bay-area-housing-price-sticker-shock/comment-page-1/#comment-216376 Money Saving Methods - Research Is Everything | The Money Saving Fifty (50) Fri, 12 Jun 2009 16:47:41 +0000 http://www.experiglot.com/?p=1004#comment-216376 [...] Still suffering from Bay Area housing price sticker shock … [...] [...] Still suffering from Bay Area housing price sticker shock … [...]

]]> By: Kate http://www.experiglot.com/2009/06/08/still-suffering-from-bay-area-housing-price-sticker-shock/comment-page-1/#comment-216289 Kate Thu, 11 Jun 2009 21:24:12 +0000 http://www.experiglot.com/?p=1004#comment-216289 Congrats on looking for a house! My hubby and I are seriously considering it now too. For first time buyers, there really isn't a better time to buy, so even though the San Fran market is staggeringly high, you're probably getting a good deal. For the two of us, we feel that if we don't move on buying a place in the relatively near future, we might be priced out of the neighborhoods we love when the market picks up again. It can all be so overwhelming, but I picked up a great book that I keep going back to called the Power of Small that reassures me that I can achieve my biggest goals by taking it one small step at a time. You can do it too!! :) Congrats on looking for a house! My hubby and I are seriously considering it now too. For first time buyers, there really isn’t a better time to buy, so even though the San Fran market is staggeringly high, you’re probably getting a good deal. For the two of us, we feel that if we don’t move on buying a place in the relatively near future, we might be priced out of the neighborhoods we love when the market picks up again. It can all be so overwhelming, but I picked up a great book that I keep going back to called the Power of Small that reassures me that I can achieve my biggest goals by taking it one small step at a time. You can do it too!! :)

]]> By: Research Is Everything http://www.experiglot.com/2009/06/08/still-suffering-from-bay-area-housing-price-sticker-shock/comment-page-1/#comment-216237 Research Is Everything Thu, 11 Jun 2009 07:07:57 +0000 http://www.experiglot.com/?p=1004#comment-216237 [...] Still suffering from Bay Area housing price sticker shock … [...] [...] Still suffering from Bay Area housing price sticker shock … [...]

]]>