All the best with your new home. It sounds like you’ve got the right idea; buying something that costs less than your current rent.
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The whole $1m median price in San Jose never really made sense to me. Sure it probably makes statistical sense, but there is a wide enough range on prices that something affordable is still possible.
My neighborhood is a decent part of east side and houses on my blocks are going for $650k-$800k. Sure they were half that exactly 6 years ago during the last slump, but it seems unlikely we’ll slide that far again unless a whole lot of people move out of the area.
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6.4% annual growth is considered slow, when wages aren’t rising by half that much?
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Higher interest rates, the new tax law limiting state and local tax deduction on fed return to 10k and uncertainty with economy/usa trade wars make people hesitent to buy.
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Exactly. The article says that prices are still going up, just not at as fast a rate of increase. The worst description is “Home prices are plateauing,” and yet the headline says the housing market is “imploding.”
That’s hyperbole. Prices are rising, markets are not imploding. And Robert Schiller predicts housing prices to drop every year.
I’m not a booster for this runaway market. I think housing should be more affordable and that price should drop. But the headline is not supported by the article.
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It’s Corytown.
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