So, I am starting the process of house-hunting in the Bay Area. Yes, the Bay Area where home prices are ridiculously high and practically unaffordable. Unfortunately, I grew up here and love the area and don’t see myself moving elsewhere.
I have a few appointments next week with the lenders to get qualified for a loan and potentially get a pre-approval so that my real estate agent and I can go out and start looking. The way the market is right now, there really is no sense in looking unless you have a pre-approval ready to hand with your offer.
Homes are off the market a week after it’s put on the market. Mainly because once the open houses are completed, offers are put in, usually over the asking price and it becomes a seller’s market. You are competing with many buyers who want the exact same home. You have townhouses here averaging $750,000 in the cities that I hope to buy in and single family homes with square footage of 2000-2500 ranging from $850K-$1M. Unbelievable.
I’ve considered all parts of the Bay Area to live, but finally settled on something in the Tri-Valley. You might be wondering why because it gets so hot out there during the summer. My sister and her family are out there and I do love the area. I had lived there 10 years ago and find it great for families. Plus I get to see my niece and nephew more often and now they can come and stay at Aunty’s house.
I am so excited to finally have my own place. To have family over, have holiday gatherings here and finally feel like I have ownership of where I live. Even if it costs me an arm and a leg.
My uncle encouraged me to buy in San Jose, but it’s a bit too far south from me and my job. The Peninsula would have been nice as homes there maintain their values well even during a downturn, but again too far from my job. So, I am sticking to the East Bay.
My preference is a 4 bed and 2 bath home with a nice open kitchen and a moderate sized backyard. Nothing too big that would require a lot of maintenance, but also not a tiny little patio space area either. A nice master would be nice too. I have a feeling I may not be able to afford a 4 bedroom house and may have to look into a 4 bedroom town house instead. But those dreaded HOA fees! Argh!