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

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[quote=Anonymous][quote=Anonymous]Our family is moving to SF this month, and we've been put in temporary housing for three months. We've never owned, always happily rented. My husband wants to buy a house within that time span. I'd prefer to rent for a year to get the lay of the land, etc. Here are some of the broader points of our ongoing debate...

[b]My Points[/b]

1. We're looking at a neighborhood in San Francisco that would be a long commute for DH. I figure we should try it out for a year before we commit.
2. Due to a family circumstance, we'll be able to put a lot more money down if we wait a year plus, we'll be saving on rent for those three months in temp housing.
3. In my gut, I just don't feel comfortable buying a nearly $1 million home until we feel sure we are in love with the neighborhood. Though I think I'm just a renter at heart.
4. I'm wondering how an increase in interest rates will impact the crazy housing market over there.

[b]His Points[/b]

1. It would be great to save on expenses from moving by only doing it once.
2. Prices are only bound to go up in a year, up to 6%, so if we dig the neighborhood we should just go for it.
3. We may feel the squeeze for the first year but once the family circumstance rolls around, things will feel a lot better.
4. Why not get a low interest rate while we still can!

Anyone on this board btdt, and have a way to help one or the other of us see the light? Thanks for your insights!![/quote]

Point #1 - SF is a small city. Commute is not going to be ridiculously long as long as you are in the city itself. 
Point #3 - I don't think you are going to go wrong with whatever neighborhood you decide to buy. SF is pretty much what you see is what you get. The issue might be space. Homes in the city tend to be on the smaller side so you will need to adjust to that more than anything. 
Point #2 and 4  - The bubble is not going to burst. Home values have continued to increase in SF since the 90s-2000s. Lots of new money in the city so it's a seller's market.

Sorry but hubby makes good points. [/quote]

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