Friday, March 25, 2016

Is it still possible to buy your first home in Bay Area?

Perhaps it is time to move away from the mindset that in order to fulfill the American Dream one must buy a house in Bay Area? Between investment companies buying for rentals or flippers who help ruin the market, there's few options for new home buyers to get into a house.
Buy a starter home, if all goes well, and you position yourself later to trade up. A starter home helps make possible a second home, which makes possible maybe a third even grander one somewhere down the line. But what happens when the most affordable entry-level housing on the market costs $700,000? Okay, that's an extreme example (it's from metro San Francisco).
May be rather spend the money on experiences, not things. You are free free to travel, living debt free, in a small apartment, in an affordable area. If you want to stay in the Bay Area long term, start checking for houses in the East Bay (Hayward and San Leandro area). The prices are still reasonable over there. You buy it now and rent it untill the area gets gentrified sooner or later.

1 comment:

Anonymous said...

Can someone explain to me the fascination with home ownership? What do you really get?