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Still another option is to hold out for longer, save up a LOT of cash from your supposedly cushy, well-paying California job, and basically semi-retire somewhere else. My folks live in Semi-rural NC and they own a large piece of land, a decent house, and so on and the value of all of it is well under 200k. Where they live a normal house in say- an acre of land- is still easily less than 150k. I have even seen some for under 100k. So figure you save up lots of dough and go to someplace like that, buy a house for cash, stick the rest into various savings and retirement accounts, get some crappy joe-job that at least pays for your insurance, and call it a day. Sure- it would be a huge shift in lifestyle. I grew up that way. For others it would be a real shocker
This has been our generally approach.
But getting back to that question, if where you live means you actually have to pay more to get what you really want, then would it be worth it to save up some more? I personally don't see a reason to rush right now. The market is actually still depreciating and even if it bottoms out, it will probably be awhile longer before it moves.
That has also been my view of things. Even if it bottoms, I don't think it will take off like a rocket. I think recent increase in prices is artificial, akin to a dead cat bounce.
BG
Eman
2012 Jul 30, 1:41am
Of course I don't like the Bay Area, lots of people don't, but a lot of people are stuck here for the very reasons I gave. It is a hard choice. I'm afraid of regrets, but I'm also afraid of making the wrong choice and buying if the market is still going down.
How's the housing market in your area between Feb and now? Up, down or sideways? If so, by how much?
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What do you all think? Wait out the Bay Area market a few more years? We have two kids, jobs here and we are renting a 500 square foot home. Should we buy some crap hole under $400,000 in the area, or move to a place where we could have a nice home for $200,000? Should we invest? Please add your reasons why, and any solid data or links you have to help.