Good luck, dstark.
I’ll bet some of those with $$ now were smart speculators who bought inventory during the housing slump several years back, held them, fixed them up and flipped or are still flipping them.
For sure…
Please tell your daughter not to move to Austin. We are being swamped with more people and more traffic and rents and home prices are soaring. One needs an income of over 72000 a year to live “comfortably” in Austin, according to the newscaster on the news tonight.
I don’t want my daughter to move to Austin, but telling her she is going to need $72,000 a year to live comfortably in Austin is not going to help my cause. 
^lol
I have been lurking with great interest. Congrats to artsloversplus!
I am interested in the house hunt for kids. I understand it is priceless to have your kids close. However, for those of us who might not want our potential future grandchildren on the other side of the country:
What kind of formula should a person use to decide buying in the SF area makes sense?
Nice problem to have, dstark 
dstark, what do you have against Austin?
Am not dstark, but speaking as a parent whose kids live far away, I am guessing thats the issue. Not the city (Austin is great) its the distance…
^ Yes, that was my interpretation. Even though we want to support them, dagger to the chest when kids move far away is a concept I totally understand.
jym: Do you have a formula in mind for when it makes sense to stop renting and buy? Does the formula take into account whether the buyer(s) intend to be permanent residents in CA?
Don’t go by me, alh. I think they are NUTS to buy (or try to, as so far they have been out of luck). THey have been renting for more than 3 years (a little over a year and a half in one place, another year and a half in their current place). They estimate living in a house at least 7 years, if not more and are looking at places that would have room for 2 kids. Music to my ears! They want to buy b/c the interest rates are low and they fear the market will continue to be ridiculous where they are looking.
Yes
It could be very difficult to own.
I was told, in my neighborhood, at one time, home price went up 10,000 per Month. However, everything goes up does come down and there came the 2008 crash.
Now, we are in another feeding frenzy.
Thanks, you two.
The possibility of a bubble is my concern. This matters less, to me, if the intent is that it is a forever house. I don’t want it to be the forever house, not in SF or in Austin (though both are very nice places to visit )
3scoutsmom, I don’t live in Austin.
The house my daughter wanted is sales pending. If the sale goes through, not only did my daughter not get the house, but we have a new price point. A comp that will help raise future prices. Double negative.
There is just nothing for sale. Prices don’t go down when there is nothing for sale.
How did the other accepted offer come in compared to your daughter’s, dstark?
Not told that until the deal closes.
Ok. here is an update with the DOM list from MLS. LTC = List to close. The house sold for 535K apparently the DOM is a cumulative DOM, in other words two listings with the first one expired.
List sold LTC DOM
375 335 150 51
399 390 85 43
549 535 271 336
575 540 114 80
735 717 86 56
734 718 55 19
780 737 125 87
850 875 112 109
899 900 54 7
949 957 33 10
969 960 79 13
945 962 182 34
949 970 209 14
When DS loses out to other bidders, the broker tells them what the accepted bid price was. Can later check the closing price when the realtor sites are updated.
Artlovers,
The 535K price-- your mom’s unit?
???
What do you mean, I sold(in contract) mom’s unit for $228K over the list!
Jym626, at the earliest, the broker does not tell you the accepted price until the deal closes.
I just got off the phone with a friend of mine. He said the market is so hot, if the buyer doesn’t use the listing agent and uses a buyer’s agent instead, the buyer is not going to get the deal.
Artloversplus, I like the revised DOM info.
So…if it takes 21 to 25 days to close with a loan and the average DOM is less… Looks like there are a lot of cash buyers.
Don’t think so. “List to close” is longer than “days on market” on his chart. So “days on market” is apparently “list to opening of escrow,” with extra days for closing. But I could be wrong.
I know folks that have closed with loans in 17 days, so loans can be done in fewer than 21 days.