Bay Area advice?

Wife and I have 25% down payment ready to go for around a million dollar home, targeting East Bay, maybe access to more if we move some things around. We have been in a good lease the last few years allowing us to save, but need to move out by next Spring due to the landlord retaking the home (divorce).

Good jobs and salaries, awesome credit, etc. I want to finally buy when the lease is up in 10 months, but I’m nervous that rates will go higher and the recession could mean layoffs without seeing huge drops in housing prices, as I assume they will lag behind whatever is going on with the economy. Obviously timing the market is a fool’s mission, but I’m curious what others might consider doing in our position. Wife and I are consultants for tech companies with a 2 year old and are just tired of moving. We are mid 30s and I feel like we are in the prime of our careers in terms of our value vs cost, so I would hope to not be out of work long. (Knock wood)

Our landlord is also a real estate agent and a good dude, so we have more flexibility as he’s looking to take home back early if we want out before the 10 months.

Thoughts? I feel like we need to see a fairly large drop in prices for a mortgage to be worth these rates.

submitted by /u/WRITINGAPOEM
[link] [comments]

Wife and I have 25% down payment ready to go for around a million dollar home, targeting East Bay, maybe access to more if we move some things around. We have been in a good lease the last few years allowing us to save, but need to move out by next Spring due to the landlord retaking the home (divorce). Good jobs and salaries, awesome credit, etc. I want to finally buy when the lease is up in 10 months, but I’m nervous that rates will go higher and the recession could mean layoffs without seeing huge drops in housing prices, as I assume they will lag behind whatever is going on with the economy. Obviously timing the market is a fool’s mission, but I’m curious what others might consider doing in our position. Wife and I are consultants for tech companies with a 2 year old and are just tired of moving. We are mid 30s and I feel like we are in the prime of our careers in terms of our value vs cost, so I would hope to not be out of work long. (Knock wood) Our landlord is also a real estate agent and a good dude, so we have more flexibility as he’s looking to take home back early if we want out before the 10 months. Thoughts? I feel like we need to see a fairly large drop in prices for a mortgage to be worth these rates. submitted by /u/WRITINGAPOEM [link] [comments]

<a href="Read More“>View Full Article

Need More Commercial Real Estate Leads?SAVE 40% this month!

Our commercial valuation calculator was created to evaluate commercial real estate. In 6 quick steps you will know your NOI, CAP RATE, and IRR.

Now you can get your own branded version of our calculator!