Want to move back but... (Fremont, Concord: transplants, to rent, loans)

[birdybird]

So my husband and I moved to Northern NV almost 5 years ago.
The reason we moved was of course because the cost of living in the bay area was crazy. We both were born and raised there and after the birth of my son decided to move here to NV so I could stay home. So my husband relocated we bought a house then sold it and now are in a bigger and better house. We had another kid and I went back to work, he stays home.

Well I don't know I just always wanted to go back to the bay area. I know it's congested and over priced but I guess because I have so many memories there and feel like its still "home". Anyways my old employer called me and said they want me to come back. My husband who initially said no way because we have such a nice house is now thinking we should. We still have family there even though my parents left. My mother in-law my father and of course all of our friends. My question is are the housing prices really starting to fall? It would be hard for me to go back and rent again. My friend lives in Fremont and pays 2k a month, that is more then my mortgage. I looked on realtor.com and looks like prices have gone down a bit. I guess after leaving the bay and coming here it is hard to walk away from those wages too. The people here or should I say the natives all seem like inbreds and either have a meth problem or are alcoholics. I just feel out of place. It's funny the only real friends we have made here are transplants from Ca.

So my question is have the prices really dropped ? If not do you think they will?

[sonarrat]

Compared to 5 years ago? Prices will be quite a bit higher, but they're trending down and nothing is really selling except in the most desirable areas. People can't get financing since the whole subprime house of cards came down, and banks are overreacting in the other direction now with extremely tight standards to avoid more bad loans.

[clongirl]

I'd have to say it all depends on which city you want to move to. Prices are dropping and will continue to do so but some areas of course, are still VERY expensive, even if prices drop 40%. Parts of the East Bay (Dublin, San Ramon,Concord etc) and outer Bay area like Solano county are becoming more affordable to the average family. However, places like the Peninsula, SF, and Marin, of course are still ridiculous for the majority of people. Who knows how far or how long it will take for prices to come down to more normal levels. The good news is that prices will not be going up any time soon so the longer you hang tight in NV, the better you'll be purchasing in the Bay area when you decide.

[NH2008]

Yes, they are dropping and will continue to do so but it could be years before buying is a good value compared to renting. If you want a good school district, you'll be paying a lot even if prices drop a lot. If you're really tempted, why not pay a visit to your family and ask a realtor to show you what's available in good school districts in your price range?

[Alisande]

Originally Posted by NH2008

Yes, they are dropping and will continue to do so but it could be years before buying is a good value compared to renting. If you want a good school district, you'll be paying a lot even if prices drop a lot. If you're really tempted, why not pay a visit to your family and ask a realtor to show you what's available in good school districts in your price range?

Just make sure you are preapproved for a loan before you waste the realtors time. They won't even let you into a house without that letter. Also, they are right you will PAY for the good school district.