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Best time to search for rentals in SF BAY area?

Best time to search for rentals in SF BAY area?

Old Dec 1st 2012, 10:58 am
  #16  
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Default Re: Best time to search for rentals in SF BAY area?

Originally Posted by dlake02 View Post
I'm in Santa Clara and rent has gone up over 20% in a year.

House prices are simply bezerk; my mortgage broker friend told me that 90% of buyers at the moment are cash buyers. Banks are very unwilling to lend - I was told at least 30% deposit and that having a mortgage rather than cash would put me at a disadvantage.

Santa Clara is not as expensive - we're in a 1600sq town home with no garden and pay around $3300/month. Asking price for the house we're in is around $900k. Next-door-but-two just sold for $1.5m - $2000 sq ft and fifteen cash buyers queuing up. Sold in 2 days.

Get out a little way into the nicer areas (Los Gatos, Saratoga, Palo Alto, etc) and you are in funny money.

Some of the Tech companies are currently offering 2 year-paid rental/mortgage and arranging mortgages for incomers if they sign their soul to the devil, etc.

Watch the public schools - you can go from good to dire very quickly.

And if you think of private schools, Harker (one of the more popular K-12 in Saratoga) is currently around $32,000/child/year.

At some point, the bubble here will burst and there will be an awful lot of people covered in the brown stuff....
Thanks. the prices you quoted are pretty scary. I just asked my hubbie we have to relocate to a part of the States where we can't get a sprawling mansion for $500k

It seems like a total nightmare - finding a decent rental property at a vaguely affordable price and then securing it before hordes of other people beat you to it. I can't even being to process the idea of what it'll be like if/when we decide to buy!
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