Moving to SF, where to live? (San Jose, Fremont: real estate, to rent, mortgage)

[cacat]

We are moving to SF bay area from Canda due to my husband's company relocation. My husband's work is located at Fremont. Recently we are thinking to buy a brand new house in the South Livermore. Still has few concerns and see if people live in the area could help me out:
1. how bad the traffic from Livermore to Fremont during the rush hours?
2. how is the house re-sale market in Livermore?

I hope to find a job in the financial service industry in the near future according to my working experience. If we live in Livermore, I'd better to work in the Trivalley area to avoid the traffic. But not sure if it could be worked out.. How hard and easy?

Also rent vs. buying? So many uncertainty and the current bad economics , a lot of people suggested us to rent instead of buying now.. But we all like the new house itself..

Thank you for your advice!

[beb0p]

The key for commuting from Livermore to Fremont is to avoid 580. Most smart commuters exit 580 and take 84 and then to 680. The commute really isn't that bad at all, 680 is congested but it's not crazy like 880. Approx around 30 mins from the entrance of 84 to the border of Fremont.

Btw why Livermore? There's no shortage of housing in and around Fremont. Is it because of the new development in Livermore?

[cacat]

Thanks beb0p for your response.. seems like you said that the commute wound not a big issue if we lived in Livermore..

We like the new development and reasonal price in Livermore. We can afford a brand new 3000 sq feet house with $700K in Livermore. With this money in Fremont, we can only own a 1800 sq feet house mostly built in 70s'..

After a while of house search, I really have no idea where to live other than Livermore.. We have 2 school age kids and have to think about the school ranking as well..

Is there any other cities around Fremont that could be our options?

Thanks again..

[jade408]

You can try Dublin and Pleasanton, but they are a bit more than Livermore. Rent, Rent, Rent! Those new homes have been dropping in value fast all over the Bay Area.

[mayorhaggar]

Yeah I would rent for a year just to get used to the area and figure out where you want to live. Renting a home here is often cheaper than if you took out a mortgage and bought that same house.

[beb0p]

Originally Posted by cacat

Thanks beb0p for your response.. seems like you said that the commute wound not a big issue if we lived in Livermore..

Considering all the crazy commutes that people do in the bay area, I think Livermore to Fremont is probably one of the better ones. Make no mistake, you're still going half speed and bumper to bumper on 84 and 680 but at least you'll be moving. 84 is mostly one lane and takes you thru some very rural but green places. Depending on your start and stop point, it's probably 30-45 mins each way, which is not bad by our standard.

There are many good school districts in and around Fremont, but the homes are not going to be as new or as cheap as Livermore. You pay a premium for good schools here.

I'd also suggest that you rent for a period and get a feel for things. I think there are always going to be newer and relatively affordable homes in Livermore waiting for you.

[cacat]

Thank you guys very much for your suggestion..

We thought of renting as well. It's a safe way for a transition. But after a year, how much change will we have? Hopefully I will find a job, by that time, we'll face to the same situation..where to buy a house? We don't want to pay premium for a good school but living in a 50 years old house.. -- sorry I just personally like the new ones...

The home schools of the new house are the best in Livermore. I don't think if there are more new developements in that area as the builder said that is their last phase in that area..

In Canada, the new houses around 5 years old have most value. So i don't understand why the people said the new house loses the value fast..

[cacat]

Also another question, for example, if a person is making $100K/year, how much goes to the pocket after the tax etc. in general?

[jade408]

Originally Posted by cacat

In Canada, the new houses around 5 years old have most value. So i don't understand why the people said the new house loses the value fast..

In the Bay Aea new homes, especially large ones are built in the outer suburbs and exburbs. New construction in the center of the region is generally infill or redevelopment. There isn't much empty land or green field new development in the region. These new homes lose value fast because they are far or in congested corridors to the job centers. Or well are in "up and coming areas that aren't far along on the "up and coming" path. For reference, Livermore is about 40 miles from SF and San Jose/Peninsula.

Housing prices in nearby Dublin and Pleasanton (which are closer than Livermore) have dropped 30-50% from the boom years. $700k sounds awfully expensive for Livermore, unless you are getting a huge plot of land. The median price there is about $300k.

[mayorhaggar]

Originally Posted by cacat

Also another question, for example, if a person is making $100K/year, how much goes to the pocket after the tax etc. in general?

More than in Canada!

Also keep in mind that the US is in the middle of a huge housing price downturn that Canada never really had to deal with because your banks weren't stupid. As Jade says, most new housing in the Bay Area is in far-out areas at the periphery of the area, and those areas suffered the most when the real estate bubble popped. Prices in more central areas have stayed pretty steady, and those central areas were already so built up by 50 years ago that there hasn't been any empty land left to build new housing unless you go way out into the countryside.