Should I just close my eyes, take a deep breath, and buy?

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Should I just close my eyes, take a deep breath, and buy?

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2013 May 28, 8:55pm 1,046 views 5 comments

by FunnyBayAreaBuyer ➕follow (1) 💰tip ignore

I have enough savings to buy a small place in Los Altos. I waited during 2008-2011. I had been waiting for the crash to crash further and then .... here we are. With prices having increased 40%+ since the bottom in Los Altos ... should I just buy and get it all over with? or should I wait for the next crash?

I have the feeling that this hot market is here to stay. In the open houses I visit, youngster couples come with both set of parents, brothers, sisters, uncles, aunts, and grand parents, all of them chipping in for the property. Some even bring their dead family member's corpses, trying to see if there is any cash forgotten in a wallet. Other folks offer, on top of the money, their young wives or daughters, to "appeal" to the seller. One time I even saw a guy entering an open house with his pants down, crouching, and yelling: "Here, seller, f@# me hard!!".

So, should I just buy and get it all over with?

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1 mmmarvel 2013 May 28, 10:21pm

I believe that prices will continue to increase - BUT - what goes up must come down. It may take a year or two, but prices will fall again. Right now, in my never-to-be-humble opinion, it's like a shark feeding frenzy. Personally, I'd find a vehicle that is paying me some interest on my money (and don't ask me what it would be) and wait for the frenzy to mellow out some. Actually, I'd be waiting till prices were falling again (not just starting to fall). Not sure why you waited, I bought in 2010, got a good buy. Although NOT in the bay-area, I don't work or live in that area (heck I'm not even in CA), and am glad I'm not.