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bmwman91
2012 Apr 23, 1:21am
bmwman91
2012 Apr 23, 1:21am
In other words, buyers not only need good credit, but they also need numerous forms of proof of their financial well-being. You need cash. You need savings. You need good jobs.
Great! It's about time.
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I'm a happy long-term renter, but my fiance and I just saw a house in Sunnyvale, quite randomly, that we'd like to live in. The price is ludicrous, but we can afford the down payment and loan, so we thought we'd bid, since renting something comparable is maybe only 20% cheaper per month.
Houses sell in less than a week in most parts of Mountain View, Sunnyvale, Cupertino, etc. Often, they sell without even going on the market, or sight unseen by buyers, sometimes with no contingencies! Getting a couple dozen offers isn't uncommon on a nice house, and even horrible housing next to dumpsters goes over list.
What the heck is going on? I have not seen a frenzy like this since the peak of the bubble in '05. Realtors are citing the "Facebook effect" and "google Effect", but I don't buy that, since that can't apply to such a large geographic region.
#housing