Should I purchase a home in San Jose now?

[Christopher Chen]

I have been looking at purchasing a sfh for myself to live in San Jose, CA. I think I have found some good deals but many people are cautioning me because the market has slowed down quite a bit recently. I know that California might be passing some laws that make it a lot harder on investors with rent control and not allowing us to evict without cause. I also know that the economy hasn't been doing as good. This will be my first real estate purchase and so I'm a total noob.

Can anyone share their insights? Thank you!

[Jason Hsiao]

Hey @Christopher Chen, I think it depends on your timeline and what part of San Jose you have in mind. You're going to meet realtors that's going to tell you it's always a good time to buy. Not knowing the complete back story and your goals, I'd say if you don't see yourself in San Jose or this house in 5 years, don't buy; but if you're thinking longer term and quality areas like Willow Glen, I also like North and West San Jose if you find a good deal now I'd pull the trigger. House hacking is also a good way to start out. I and many of the other seasoned investors in the Bay Area started that way.

It's just impossible to time the market. A lot of the slow down is caused by the trade war right now. People are hesitant to make new investments in general, not just in real estate.

The rent control... that's a whole totally different subject. Won't affect San Jose much bc San Jose already has stricter rent control policies than what got worked into the bill in short.

Happy to sit down to chat more. DM me if you'd like =)