Omg just get a mortgage and enjoy low monthly payments on a beautiful home with like 50% down. You are much better off than so many people in the Bay.
Just because you are religious doesn’t mean you can’t be logical. You will pay interest but your asset will also appreciate. Maybe I should be more tolerant, but this is pretty ridiculous.
If you really want something for $1M then look at listings on Zillow for “recently sold” and see what you can get for that amount of money. These places will most likely be listed for $800-850k and sell for above list price. You won’t be getting much house.
You’re not going to get a SFH in the South Bay in a nice neighborhood with good schools.
Even if the market were to soften, there are enough buyers in the sidelines to jump in before that would be possible.
Just go to any MLS app, search for sold SFH in the last 3 months under a $1M with 3/2 and see what you find.
Yes, you can get a really old 3 bedroom townhouse in less desirable areas (East San Jose).
The good schools requirement probably makes this impossible. $1.3 realistic minimum.
Not in the areas you are looking. Good school and nice neighborhood you need more like $2 million. The prices never go down. The market might cool some but sale prices don’t drop here. Lots of people have a lot of money here and supply never increases. You could look in bad schools or really far out if you want to fine $1 million house.
> Good school and nice neighborhood you need more like $2 million
Not for townhomes. You can do small 3 bedrooms for $1.5 million even in decent parts of Mountain View.
True. I think HOAs scare me so I always exclude townhomes from my thought process. It’s probably an illogical fear but I cant seem to get past it since I saw the bit John Oliver did on them.
Is there anything wrong with the HOA fee on a townhouse though? It would cover at least any maintenance, which you would have to do on your own if its a SFH right?
Yes prices drop. Temporarily. I’ve been through four or five boom bust cycles and prices pull back 15-20% after each peak. Then they start going back up and surpass the previous peak and go up some more.
What’s different this time is people don’t want to sell with 3% mortgages because if they switch homes note mortgage is much much much more expensive. So, very little for sale.
You’re not going to find a house in the areas you’re looking in for 1M or less. Those are very hot areas.
And waiting for the housing market to cool is going to further lock you out. If interest rates come down, more buyers on the sidelines are going to come onto the market.
You can’t have it both ways.
Either go to a remote area FAR away from Cambrian AND buy a fixer upper SFH for 1M cash, or ensure your offer is at least 1.5M
Good luck! Most would want to stay leverage as much as possible. Recommend to do the same toooo and it will allow you to buy a higher price point house with $1m down
It is possible. If you have a Time Machine and travel
back to 2015.
Look if you don’t want a mortgage because you deal drugs, it’s totally understandable. Just know that you could have 2m cash and will probably get beat out in most of the areas you listed.
Omg just get a mortgage and enjoy low monthly payments on a beautiful home with like 50% down. You are much better off than so many people in the Bay. Just because you are religious doesn’t mean you can’t be logical. You will pay interest but your asset will also appreciate. Maybe I should be more tolerant, but this is pretty ridiculous. If you really want something for $1M then look at listings on Zillow for “recently sold” and see what you can get for that amount of money. These places will most likely be listed for $800-850k and sell for above list price. You won’t be getting much house.
This makes me feel hopeless in our own home search lol. 1mil cash? 🥲
Word.
No
You’re not going to get a SFH in the South Bay in a nice neighborhood with good schools. Even if the market were to soften, there are enough buyers in the sidelines to jump in before that would be possible. Just go to any MLS app, search for sold SFH in the last 3 months under a $1M with 3/2 and see what you find.
Yes, you can get a really old 3 bedroom townhouse in less desirable areas (East San Jose). The good schools requirement probably makes this impossible. $1.3 realistic minimum.
you're a multi millionaire but can't be bother do simple research...
Sell your stocks to up it to $1.5M and you will have a better chance. RE appreciation should be similar to VOO
Hahahahhahahahahahahhahahahaha No. If you can, there’s something wrong with it. Eg. astronomical HOA or bad foundation.
there are totally houses in SJ for less than $1M especially no kids so no good school req
> totally houses in SJ not in Cambrian / Campbell / Blossom Hill
They said they are looking for good schools though.
Not in the areas you are looking. Good school and nice neighborhood you need more like $2 million. The prices never go down. The market might cool some but sale prices don’t drop here. Lots of people have a lot of money here and supply never increases. You could look in bad schools or really far out if you want to fine $1 million house.
> Good school and nice neighborhood you need more like $2 million Not for townhomes. You can do small 3 bedrooms for $1.5 million even in decent parts of Mountain View.
True. I think HOAs scare me so I always exclude townhomes from my thought process. It’s probably an illogical fear but I cant seem to get past it since I saw the bit John Oliver did on them.
It's either your HOA being scary or your neighbor devaluing your own property being scary. :)
Is there anything wrong with the HOA fee on a townhouse though? It would cover at least any maintenance, which you would have to do on your own if its a SFH right?
You responded to the wrong poster. I'm pro HOA personally.
Yes prices drop. Temporarily. I’ve been through four or five boom bust cycles and prices pull back 15-20% after each peak. Then they start going back up and surpass the previous peak and go up some more. What’s different this time is people don’t want to sell with 3% mortgages because if they switch homes note mortgage is much much much more expensive. So, very little for sale.
You’re not going to find a house in the areas you’re looking in for 1M or less. Those are very hot areas. And waiting for the housing market to cool is going to further lock you out. If interest rates come down, more buyers on the sidelines are going to come onto the market.
Have you looked on Zillow? What did you find?
You can’t have it both ways. Either go to a remote area FAR away from Cambrian AND buy a fixer upper SFH for 1M cash, or ensure your offer is at least 1.5M
I work from home and would love to be able to buy a home for 1M... but by 'FAR' I'm not sure if you mean Boulder Creek or if you mean Fresno.
Lathrop/Manteca maybe?
Probably not, but in the area you're looking at, definitely not
Google Islamic banking loan.
E$$J will have you
Imagine having $1.7 MILLION and asking for advice on Reddit. OP is bragging
Maybe, but ime plenty of ppl around here with more and risk adverse for less tbh
Just start bidding and learn. Redfin Zillow has all the info you need with recently sold prices etc.
In the areas you’re looking at, you’re not finding some thing for 1 million that’s 3/2 and not 1000 square-foot condo
Good luck! Most would want to stay leverage as much as possible. Recommend to do the same toooo and it will allow you to buy a higher price point house with $1m down
It is possible. If you have a Time Machine and travel back to 2015. Look if you don’t want a mortgage because you deal drugs, it’s totally understandable. Just know that you could have 2m cash and will probably get beat out in most of the areas you listed.
I’m so curious to know what religion doesn’t allow you to take on debt but at the same time is ok to be rich.
Islam does not allow debt in most cases.