Reply to Moving to San Francisco. Help us settle our housing debate!

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[quote=Anonymous]I don't think you should plan on buying right away even if you decide that is what you want to do. It's very competitive and people pay all cash. Even for homes and markets that you would not think would be t
he case. Also be wary of the listings and sales you see on the Internet. We thought we had a good idea of pricing before we moved out here last year but things go for much more than listing prices and most places get multiple offers so prepare for the stress of bidding wars. You do that a few times and it takes a toll on you! Also we found some places online before coming out and we thought they were reasonable price (given the market) but it turns out they were TICs with crazy people. 
We moved to a temporary furnished rental then a very expensive regular rental. Then we finally bought (moved 3 x in a year). We ended up paying double what we planned. And now I worry that we overpaid but the housing market is still strong so hopefully not but we won't know until we sell I guess.  
However having said all of that. It is crazy the rent we were paying at a not so nice rental apartment and I'd rather be putting that money into a home. [/quote]

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