LAFAYETTE, La. (KLFY)- Lafayette’s real estate industry has seen its shared of up and downs in the last few years. News 10 spoke with experts in the industry to

Is it a good decision to buy a house in the Bay Area?

Is it a good decision to buy a home in the California Bay Area?

It’s a pretty loaded question that does not fit and simple yes or no. However I get asked this question almost EVERYDAY

In my opinion it will always be a good decision to purchase a home in the bay area provided that you could say yes to the following questions when you ask yourself.

  1. Do I love the Home?
  2. Can I afford the payments and still enjoy my life?
  3. If the market goes down will I still be happy?
  4. Can you own a home for less than what you are paying for rent?

The bay area is one of the most highly sought after markets in the entire world each sub market is extremely different than the other.

Real estate supply is obviously very limited and there are way more people that want to live here then the the supply can accommodate.

The bay area may be one of the most expensive markets in the United States, but if your main question is can you afford the payments and still enjoy your life it is very important that you take a very close look at things like…

  1. Your down payment options (You May Be Surprised)
  2. Mortgage payment options

Take very carefully into account the Characteristics of the neighborhoods that you are targeting.

I tend to focus my practices primarily on the cities in the East Bay like Pleasant Hill, Walnut Creek, Lafayette, Martinez, Concord, and some other surrounding cities. This area of the bay is much different than Oakland, Berkeley, Hayward and other cities on the other side of the Caldecott tunnel or on the Peninsula or South Bay.

IF YOUR MAIN GOAL IS APPRECIATION…

While it is true that real estate prices are at close to all-time highs here in 2017 regardless of what many people think appreciation will not last forever.

If one of your main goals in buying a Bay Area home is benefiting from appreciation, I’m not sure now is the best time to purchase.

Everyone has a different opinion but I believe this market could be de railed at any minute causing home values to drop.

If your goal is having a great place to live then you can’t go wrong with the Bay Area provided that you could say yes to the questions that I proposed above.

I really hope that helps you a little bit if it did please give me a thumbs up and you can contact me personaly.

If you’re curious about how the figures fall for you I have a really cool rent vs own spreadsheet I will share with you if youd like to crunch the numbers.