Buying a home in the bay area...Wow this is crazy!! Anyone got any suggestions?

The prices are crazy around here you gotta spend at least 700-800k to get a middle class home...

does anyone have any suggestions for getting a starter home in bay area? What lender do you use?

What type of loan do you get?

What areas in the bay area can you get a decent home for a good price?

 

I have no advice but good luck. I'm having a hard time finding houses over here in FL and i'm not even in S. FL. I might have to look into townhouses just to maybe save a little. How in the hell are first time buyers suppose to afford anything these days!

 

That is a good question. I am not sure were the market is going with houses that expensive.

 

sucks to be you. SoCal prices are bad, but not that bad. move out of the bay area!

 

where are in the bay area are areas for starter homes?

Anyone have any suggestions?

condos? new developments? town houses?

upcoming areas?

I guess start range is 400-600k

 

400-600 and I'd shit my pants, i'm seeing 250-300 and I don't know what i'm going to do with myself. If you don't have help these days, its very hard to own a home, but hey, you gotta start somewhere.

 

not sure what is up and coming but my friend just closed on a 3/2 flat for about $650k in the nob hill area. a few years ago a coworker also bought a 550 sq ft studio for $330k with a bay view.

best advice i can give is find a realtor, if you are purchasing they cost you nothing. i have even heard some realtors that will give 50% of their comission back to you. for a $500k+ home that's about 7-8k.

good luck!

 

my friend bought at 750 sq foot single bedroom condo in SF embarcardero for 500,000

brand new...

 

that is fucking ridiculous

 

that does NOT include a parking spot...thats 200-300 more a month

and that does NOT include HOA, which is 100-300 a month

 

anyone here in bay area looking to get a home? where are you looking at?

 

Wow dude, that sucks. Bay Area is the most expensive real estate in the country. Together with NYC. The prices are silly over there but people keep paying. Have you looked over the brigdges? I know Sausalito is pretty nice and some nice areas across Bay Bridge as well. People have even been moving into the South of Market to get something cheaper. Dare I say even castro district?


As far as financing, I can set that up for you if you need me to. I work for one of the largest lenders in this country, hooked up a few guys on the board.

 

Suggestions ?? MOVE...

 

nah...family and friends are here...besdies the salaries are much higher here in silicon valley than any other place... (many late 20 year olds are hitting 6 figures or more)

 

wow what kind of loans do you offer? i know my other friends are realtors around here, maybe you should talk to them!

 

I pretty much have 95% of possible products out there and some that are specific to us only. Let me know if you need help.

 

thanks, ill keep you in mind...

 

Yeah, bay area home prices are nuts. I work for Coldwell Banker, and get to monitor everything all the time. In the southbay, home prices for a median, is about $650k. You can get a Single Family Home as low as 400k, but you give up a lot, location, size, lot size, etc.... basically a house that is barely liveable in a horrible location. for 400k, you can barely get a townhouse too... For decent townhomes, you are looking at over 500k. I have sold condo's as low as 220k, but that was last year, and it doesn't really exist anymore... the price is more like 300k now for a condo. Make sure you work with a realtor that works hard for you. Keep in mind, someone that gives up 1/2 their commission, isn't as motivated to find you the best deal as someone giving up no commission.

 

As the incestuous uncle said...."It's all relative"

 

You can try the East Bay/Tri-Valley. Out here in Dublin there was a new development just past Hacienda where the homes started in the mid 5s. Not sure what it is now but give my area a look, you can't beat the location . Also, try out near Concord/Pleasant Hill. I heard there are some new developments out there. Hope this helps and bon chance!

 

East bay is getting pretty crazy too... My friend was looking up there for a home, and boy... it just is too expensive. Make sure that wherever you buy, you get someone that knows the area. If you look at my accord, 6 months, and 17k miles, you know that I drive around looking at what's on the market in my area.

 

Go with an interst-only loan; just make sure it isn't a negative amortization loan. There are affordable homes if you're willing to commute.

 

Come to Motown - where starter homes are cheap and the roads look like swiss cheese.

 

where are affordable homes at? how long will the commute be?

 

I live in Tracy (technically, not the Bay Area), but there's Antioch or Brentwood.

 

You can go negative-am and still work out fine due to prices going up and getting equity as this is such a hot area. Then refinance in a few years. Hopefully by then you won't have a car payment and some debt knocked off while making more $$$.

 

Thats it....Im moving to the bay area and becoming a Realtor! They must make a killing!!!!!

 

6% of a 800k home is 48,000 dollars per home

of course they have to give some of that back to others...

 

3000sq ft for around 250k here in SA

 

I'm in the process of buying my first house in SoCal. Its pretty crazy here too. Condos used to be a goo option but the prices have gone up so much that by the time you add in some crazy HOA dues like $200-300/mo they're not much cheaper than an actual house without an association. And I hate homeowners associations. My dad's a broker and got a listing on a house that's in a really good area but its small for the neighborhood. Its only two bedrooms where everything else is 3-5, assuming no one added on in the last 35 years. Its big enough for now but there's plenty of room to expand if I wanted to. Its still going to cost a little over $550 and that's with my giving me the commission. Even with interest only for 5 years and a 20% HELOC its going to be tough but this could be my last chance to buy a house in an area I want to live in. Prices have gone up so much that even if they only keep going up at the rate of inflation, that's still a lot of raw dollars every year. You can't save much fast enough to keep up so you have to leverage yourself to your eyeballs and jump in or miss the boat completely.

 

Most Realtors in the Bay Area don't charge the full 3% each. Most stay around 2% each. The problem around here is there's a LOT of competition.

 

How about a monthly treasury average mortage (MTA). Very low payments. Lower than I/O payments.

 

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Moved out of San Jose for that exact reason
Refused to become a slave to my mortgage

 

Besides gambling and skiing, what industry is there in reno?

 

It doesn't matter if they are making 6 figures if homes are that outlandish. 500k here will buy you a 3000 sq ft home with pool and all the goodies inside the home. What I say is MOVE! or live at home till you can afford it.

 

if you need a mortgage in SF, pm me. I have a really good friend that does mortgages and she is real fair. At least price it with her!!

 

i believe just about everyone in the new home market in the bay are doing interest only or 1-2% payments 5 year fixed. Make the payments low and let the equity grow. Rent it out and buy another Take some equity out and buy two homes in TX...they are dirt cheap too. Almost makes me sick. haha.

 

I hear Oakland is the last remaining spot where you can get something decent for $500K.

 

There are other areas, too, if you're willing to commute or live in a "redevelopment" area.

 

yes, but its....Oakland.