[quote=bobby]Should we (from here on direction of price is speculation – not fact like above)
1. jump in now before the IPO money flood the area and drives up price to even crazier level.
2. wait till fall season to buy (by then will have saved up a little more) and maybe the craziness will subside (big if)
3. wait till next year and hope that for some crazy reason, price will go down more (big if) but could also go up. Wise man said, don’t time market.
thanks in advance.[/quote]
bobby, I think “wise man” was right. I am usually more bearish when it comes to RE but in your case, I would say to buy what you can afford and will accept as soon as you possibly can.
Stay realistically sober and do NOT, under any circumstances, get caught up in size and age of home. Lot and location of that lot are key here. Hire a structural engineer during escrow, if necessary, to inspect a property if you have any concerns about structural defects and no recent engineering report is offered to you by the seller.
For maximum future appreciation, if at all possible, buy a single-family home on a 6500+ sf lot (to make it easier to expand it later, if necessary).
Don’t worry too much about school attendance areas (if you’re planning on a future family). In SC County, there are elementary schools, in particular, which have lottery admission or open enrollment offered to a wide area. In SV, public schools generally have a higher API than their east-bay, SJ, or SoCal counterparts.
Good luck! Here is a good informational link I posted for another Pigg last week:
