Moving to Sunnyvale

[The_Dallas_Texas_Dean]

From everything I have read....this seems to be "on target" for telling it like it is. Just logical, unfortunately.
I have been really studying areas..and would like to move from Dallas. Never much cared for the weather. After reading comments from almost everywhere, I would have to totally downsize my home to be able to move. I guess we don't know how good we have it. I like being at home....not sure how much I would like it if it was a "shell" with no space to enjoy. Having never lived in Cali, I guess I will never know what I have missed. Just can't justify it.

Originally Posted by jss231

Hi Need_Affordable_Home ...
I got offered a job at a very respectable semi company in San Jose - $74k, about a month ago. I told them that was WAY TOO LOW to justify a move from Phoenix, AZ area (Tempe actually). I bargained them up to $95k. Unfortunately, that is still nowhere near enough to justify a move there. San Jose is my favorite area in the country, but it is impossible to get in there without making MAJOR sacrafices. The average home price (1500 sq ft) is actually $770k there, not in the $600s like I saw previously posted. I told them $95k salary was the minimum (and that is a stretch) I would need to get into a $500k home there ($300k mortgage after putting in my $200k equity profit from the house in Tempe). They had a realtor contact me who has been in the area over 30 years, flipping houses etc. He says there are NO MORE fixers - so cut that out of the plans. He says to go into a $500k neighborhood - that's exactly where I would be - the hood. He says middle class tech people should be in the $770k or more neighborhoods - but guess what - IMPOSSIBLE! My view is, the bubble WILL BURST. Needless to say, I had to refuse the job offer simply based on housing costs. There are thousands of others like me, refusing jobs in the area because of this reason. People are getting older who are already there, and leaving to retire or to actually live a nice life somewhere else and not be strapped for cash constantly. As people leave, and nobody moves in due to the prices, the prices will come down. Simple economics. Further, as the bubble bursts, people who bought recently will take MAJOR LOSSES (100s of thousands), and some will simply "walk away" from their own houses and mortgages, defaulting and leaving it up to the bank, while their own credit is ruined. People with interest only mortgages and variable interest rate (which most people in CA have in order to afford a home) are most in trouble... they will be priced right out of their house, LOSE money, like reversed equity, and have to walk. When that happens, then is the ideal time to buy in to the area. The last thing you want to do is buy into the bubble, you may suffer for a long long time when it bursts. You may have to walk. I still like the area the most in the country, but I still refused the job for the reasons I stated here. I will stay in Phoenix, the weather is great 9 out of 12 months, never snow, and the other 3 months are ok if you can take the heat. The area is CLEAN, NICE, NEW and growing like crazy - it recently overtook Philly as the 5th largest city in the country. I will stay here and keep an eye on San Jose, so when the bubble bursts, maybe I can buy in then. Keep these things in mind, and BEWARE of buying now...