One of the reasons is because of the schools, and also the location.
My advice is to get pre-approved for a loan if you haven't already and starting looking at homes. It doesn't sound like you have to move, so you have the luxury to sit and be patient. But, with that said you should focus your attention to finding the "RIGHT Home"
With home values down and the cost of money at record lows, that makes it an awesome combination.
By the time buyers and agents figure out that the market has turned upwords, it will be too late to buy at the bottom.
Focus on finding the right home.
Dave Tap Tapper
The question at this point seems to be when are we going to hit bottom. Really, the answer to that is nobody knows. We could have already done so. We'll know when we look back and see that the market has begun its ascension.
I read an article yesterday that indicated that the banks will be releasing a lot of property for sale in the coming months; and a many, many of those adjustable loans are set to actually adjust this year. There's not a sure way to know if those factors will affect Foster City or not.
I hope some of this was helpful, but the bottom line is that none of us really know what's going to happen.
A Comparative Market Analysis (CMA) gives you the best representation of market price/activity/trend direction - for the specific property details you search on. DO NOT rely on median and average-based statistics, these measures are meaningless for targeted selling/purchasing as they have no regard for any of the specifics you may be searching for and can be skewed by segments of market activity not matching your individual situation.
If you would like to provide me with the specifics of the property you are seeking I can perform a CMA for you to definitively determine the answer to your question.
Having said this, for the most part I'm suggesting my buyers hold their cash until the end of Q109 and then reassess the direction of the economy. I donâ€™t see anything concrete indicating Q2 will be better. The resulting reduction in jobs will lead to less demand for housing and more distressed supply, FURTHER REDUCING PRICES.
Barring any successful government intervention, the end of 2011 is when the brunt of â€œquestionable loansâ€ is flushed from the financial system. By Jan of 2013 itâ€™s all gone, but my sincere hope is housing appreciation occurs well before 2011 and with enough zest to allow some homeowners to refinance out of these final loans and into more affordable loans prior to the currently projected reset schedule (which can be viewed via the link in the next two paragraphs). While the predominate amount of foreclosures tied to â€œsubprimeâ€ loan products has passed, we're not in the clear. This chart shows scheduled reset loan volumes for different loan categories:
As the chart shows, Subprime loans have pretty much run their course; however, Option/Alt-A/Unsecuritized ARMs are the next phase to provide a destabilizing affect. We have taken on some of the projected Option ARM pain earlier than is shown in the reset schedule. This is because Option ARMs have valuation based "triggers" that can cause resetting to occur sooner than originally planned (due to property devaluation and an owner's payment selection of a minimum or interest-only payment). The following chart shows how the resetting of these loans has shifted due to valuation based resetting and I have also provided an explanation.