Quote:
Originally Posted by NorCalAthlete
I’ve been shopping for a house for a while now. I’ve got enough saved for the down payment and I’ve always thought that in my area, as long as you can ride out a dip the market usually recovers quicker and higher than the rest of the country. Historically that’s been the case. While I think we’re past the top and on the downslope currently, it IS likely that there’s farther to fall, but years of low availability has a lot of people waiting in the wings to still buy so I think we’re getting propped up by that even as inventory increases daily. Prices have only dropped by like 3-5%, no major cuts yet. I’ve got my eye on a couple specific communities though and when prices drop enough I’m jumping in.
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Don’t know where you are exactly but I have seen homes in Milpitas, Saratoga, Santa Clara, and San Jose dropping 10-15% in the past year. Even in the last few months homes in Saratoga have gone from $1.8M to $1.6M, just as an example. There should be a bigger drop for sure; at least I’m hoping there will be.