San Jose Neighborhood Stabilization Program

[Zeya]

Hmm. As far as the original post, I think I remember looking into that program as well. But it was really aimed at low-income families, like the cutoff was pretty low. Based on what you say about your education, I'm going to go out on a limb and say you won't qualify, especially if your partner is employed and bringing in a paycheck.

I bought a house in south SJ for 400k. Nothing too fancy, not a hole in the ground, kind of a working class neighborhood. From my house hunting experience, anything much less than $350k for a single family home isn't going to happen. And by that I mean that there's really a noticeable drop off in quality around the 370k price point or so. You can however find condos for 300-400 if you do a lot of searching. It depends on a lot of factors (location primarily of course).

My advice for you is to rent for now and see what the market is like in a year or so. I have a feeling there's a glut of foreclosures that banks have on their books that might make prices slope downward, in general. I bought when there was that federal tax incentive; if I were still renting now I would wait at least another 6 months before testing the waters again. Go ahead and save up for a down payment. Every month it seems like sales and prices are down compared to last year (housing is affected by the seasons you see). I'm no real estate agent though, just my 2 cents.

[bigdumbgod]

Originally Posted by Zeya

I have a feeling there's a glut of foreclosures that banks have on their books that might make prices slope downward, in general.

RealtyTrac reports that "Foreclosures accounted for 28% of all US home sales in the first quarter of 2011."

A figure predicted to rise.

[sonarrat]

Originally Posted by Zeya

Hmm. As far as the original post, I think I remember looking into that program as well. But it was really aimed at low-income families, like the cutoff was pretty low. Based on what you say about your education, I'm going to go out on a limb and say you won't qualify, especially if your partner is employed and bringing in a paycheck.

I do qualify, actually. That's why it caught my eye. I'm more concerned about the quality of the abode than the neighborhood; for the same money, I'd rather have a new house over by San Antonio & Jackson rather than a crackerjack falling down shack in Sunnyvale. That's why this program appealed to me.

My advice for you is to rent for now and see what the market is like in a year or so. I have a feeling there's a glut of foreclosures that banks have on their books that might make prices slope downward, in general. I bought when there was that federal tax incentive; if I were still renting now I would wait at least another 6 months before testing the waters again. Go ahead and save up for a down payment. Every month it seems like sales and prices are down compared to last year (housing is affected by the seasons you see). I'm no real estate agent though, just my 2 cents.

Indeed, I see nothing wrong with renting for the moment. I have a nice place and no pressing need to move. When I do move, I want it to be a positive step, and something I'll feel good about doing.