Iowa to San Jose - to Rent or to Buy? (Vista: apartment, rentals)

[achatter]

Hi,
We are a family of 4 (1 child will be a Sophomore in HS and the 2nd a 6th grader). Recently accepted a job offer to move to the Bay Area. We are considering the San Jose area, specifically in the Saratoga HS, Lynbrook HS or Monta Vista HS areas. Hardly seem to find any inventory of houses on Zillow in those areas. Is it just the time of the year we are looking or is it always like this with houses in those neighborhoods? A realtor we talked to suggested that houses in those areas, are getting bought with cash. Is that really the case?

Having lived in Iowa for 19 years in a nice house (4 BR,3 BA), the idea of renting seems a bit weird, but for those schools we might have to go that route. Any advice/suggestions from the forum members?

Thanks in advance!

[Sc49er]

Yes, all cash is quite common around here. What price range are you looking to buy? The inventory available depends on that too.

[achatter]

Wow! Well I think max of $1.5MM.

[Sc49er]

That will get you a condo if you are lucky in the school districts you mentioned. The inventory for those tend to be very low and are snapped up very quickly when they do appear. Single family homes with 1750 sq ft start in the $1.8M range and those are the older homes usually.

If you definitely only want these schools, your only option might be to rent.

[achatter]

Wow! Might have to look at other places then! Thanks for the info though!

[Wintermomma]

Yes, all cash, especially in those areas. Sorry. It doesn't mean it's impossible, it just mean you may need a lot of patience. You could rent a corporate apartment and wait it out.

Also redfin is better than zillow, imho. For rentals check craigslist. For neighborhood safety check crimereports.com

[tilz]

I moved here 2.5 years ago with the plan to buy and am still renting :-)

As said above even $1.5m in some areas wont get you a lot and if it does you wont have a big house with lots of land. The inventory is also low so you can end up in bidding wars still to get houses in certain zip codes.

Also gives you the flexibility to move around if you want to which I like, I know renting is 'dead' money but its a necessary evil as you have to live somewhere.

If I was I would scope the place out renting for a year and find something you really like instead of just buying quickly in a zip code just to get in it and then not really loving the house.

[Sc49er]

Here is one option that might work for you, if you don't mind the commute -

Buy a home in Los Gatos mountains. There are some very nice properties at the price point you mentioned. 95033 homes are zoned for Los Gatos high but residents in the district can apply during open enrollment to transfer to Saratoga high. Your daughter may have to attend LG high for a year if you miss the open enrollment window, but that's not such a terrible fate.

[Wintermomma]

Is Saratoga HS really such a draw after that horrible bullying/suicide incident? I cannot imagine sending my kids there.

[Sc49er]

Originally Posted by Wintermomma

Is Saratoga HS really such a draw after that horrible bullying/suicide incident? I cannot imagine sending my kids there.

Uh oh! What incident? I didn't know.