I just got a house in FC back in Jan. The price is the one that we could afford...with the low interest rate! I really like my house. My son just got to his kindergarden on time too!
The inventory starts to build up again. Some of the houses over 2000 sq are really good deals. Some of them are only mid-900. To me, I may not care if this is only short term fluctuations...even in next couple years... Becuase I try to commit to this house for at least 15 years this time!
Thank you very much again for your opinions! I will try to keep you all in my contacts in case I need further help :)
No market is ever stable - not the stock market, the housing market, or any other market. Every market has its own volatility and is subject to fluctuate due to unforeseen circumstances, whether positive or negative.
No one knows what will happen in the market in the next three months either - it is impossible to predict. Historically, there is a lull in August, sales pick up in September, and then taper off through the holiday season. Will that be the case this year? No one knows. It certainly wasn't the case in 2008 when the market shut down from October until March 2009.
The only one who can answer the question "Buy now or Wait" is you. The decision will always involve a level of risk and homes will always cost a decent amount of money in the Bay Area. If you find a home that you really love and you try as hard as you can to convince yourself not to buy it, but can't, then it might be the right time for you to buy.
Your "right time" to buy might be someone else's "worst time" to buy. Everyone has differing sets of circumstances that determine their ability to buy and their desire to buy. Gauge yourself based upon your life goals and financial situation and don't let anyone besides yourself (with the exception of your wife/significant other) convince you to move when you aren't ready.
As you've noticed from the answers, real estate professionals do not base their opinions on guessing. We operate with facts and may give you an opinion bases on such facts. Foster City is one of the thought for places due to its location, schools, weather, etc. Most economic factors for Buyers are favorable, inc. low interest rates. Therefore if you're willing, able and ready - just go for it!
My advice would be to get approved for a loan, and if you don't have a real estate agent , start looking for one. Most agents have web sites and can link you to the multiple listing service so you can get real time updates on new listings.
If you are in no rush, focus on finding the "right" home. When you find that home, it's time to make a move.
Dave Tap Tapper