August 6, 2014

Is now the best time to buy, ever?

The Real Bay Area is all about data. Big data!

So here’s some big data!

20140806

20140806a

Green line continues to be below the blue line.

Is now the best time to buy? Ever?

Where are all the math/finance nerds?

Comments (11) -- Posted by: burbed @ 5:38 am

11 Responses to “Is now the best time to buy, ever?”

  1. 2million$shack Says:

    If it is the really the best time ever to buy, that is really depressing! We were housing hunting for the last year in Menlo Park & Palo Alto. Budget went from $2m to over $3m and we still couldn’t find a home. Gave up and rented. Hoping for a market correction.

    I wonder what the others on here think…if they would buy now?

  2. Bill Lumberg Says:

    There are currently 42 3+ bedroom/2+ bathroom houses in Menlo Park/Palo Alto on the market under $3,000,000 on Zillow.

  3. 2million$shack Says:

    Sure there are 42 homes on the market but the sad reality is that many of those are seriously neglected homes. They could be patched back together with a substantial remodel but really they should probably be torn down and rebuilt. In many parts of PA/MP, $2.5m is lot value.

    Bill Lumberg, would you buy a home now or wait for a market correction?

  4. Bill Lumberg Says:

    I’m no expert, so maybe someone with more experience can give you better advice. However, it stands to reason that you may be impacted by whatever causes the market to correct, be it the tech bubble bursting or the stock market correcting, so maybe you shouldn’t be hoping for it.

  5. nomadic Says:

    If I was determined to live in PA/MP (I’m not),I’d buy a crapper for $2M and spend ~$300k fixing it up. You should be able to make a 3/2 very nice for that sum. Even if you go a couple hundred grand over budget, you’re still ahead. Too many people want a turnkey house, and there is too much shit on the market. Don’t let the flippers winnnnnnnnnnnnnnnn! ;-)

  6. Bill Lumberg Says:

    “Don’t let the flippers winnnnnnnnnnnnnnnn!”

    Amen to that.

  7. Real Estater Says:

    I am the expert. Don’t wait to buy Palo Alto. Buy Palo Alto and wait.

    Here’s an entry level opportunity in Steve Job’s zip code (94301) for under a million.

  8. nomadic Says:

    The location is AWESOME!

    The Redfin agent’s comment is funny too.
    House is sitting on a corner between tow busy streets. This original ranch style home needs major renovation or rebuild. It has very limited potential.

  9. Petsmart groomer Says:

    Bill Lumberg, you have to look at the buyable inventory (and its velocity of course).

  10. Real Estater Says:

    This latest article provides some great tips on how to win in Palo Alto:

    1. Place your highest offer first
    2. If possible, pay all cash
    3. Waive all contingencies
    4. Write a kiss-up letter

  11. Real Estater Says:

    >>Here’s an entry level opportunity in Steve Job’s zip code (94301) for under a million

    Sold.


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