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Are we buying at the top of the market?

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It's impossible to know for sure...BUT it takes a lot for our property values to drop significantly (when do you anticipate our next recession to be?) and even after they drop, they continue back up surpassing where we were.

So aside from a major recession, if Silicon Valley stopped being the hub for well-paid (very) employees, that would impact housing prices. Do you anticipate your salary dropping and staying down?

Even the 1989 earthquake didn't slow it down for long. And by most metrics, that was pretty huge.

Our housing is fairly densely packed and most new construction of any quantity either needs to be in areas previously undeveloped or where there is enough space for the housing and building the infrastructure (markets, schools, etc). So we typically see it in previously industrial areas (such as by Auzerais) or in areas that may not have been ideal, so it wasn't developed earlier (very close to freeways for example).

Or they get built far away from where the employement is (Tracy). So we have somewhat limited optimal housing. Do you anticipate the job market to increase? More people need more houses.

If you Google the housing market in Silicon Valley hitting the highest it can go, they have been saying that since before Mr. Packard was messing around in his garage. Every few years someone writes that article - "it can't go any higher!" They've never been right yet (see above for reasons).

Buying isn't the right decision for everyone. It might seem counterintuitive, but I've helped some prospective clients see it's not aligned with their current goals. And yet, I think owning your own home is very much an innate desire (like bright rooms with good flow). We want control over our home.

Another advantage to buying is that you know what your payment will be every single month. No unpleasant rental increase notices to deal with every year. Most people don't want to feel they are permanently in transition and that's what renting feels like.