I’ve found a place I love in the Bay Area, have the 20% downpayment needed, and have been pre-approved for a mortgage. Only thing holding me back is the fear of a recession. What to do?

like
Posting as :
works at
You are currently posting as works at

You can live your whole life in fear. Best thing to do is diversify your assets and have 6mo-1yr of emergency funds saved.

likesmart

Just the fact that the mortgage is equal to current rent is a big green flag, go own a home! 😊

likesmart

One thing to note, even during 2008 collapse, real estate in SF didn’t dip that much and are one of the only areas in the country that are higher than their 2007 prices.

likehelpful

Buy the house

like

I’m worried that buying now vs when the market is low, could mean I would get something much nicer, and that the value of the property could drop $100k or more if it’s as bad as it was in 2008.

Also worried that a recession might make me redundant at work, and I’d be unable to find something new for a while, but still have a big mortgage to take care of.

like

BTW, the crackdown on big tech, will only help the tech sector at large. Right now you have these 3 giants throwing their weight around and killing competition and innovation.

Thanks for all the replies! Appreciate it.

Just saw on Zillow that the area is expected to depreciate 5% next year, and it depreciated 4% the last 12 months.

I’ll let you know what we decide on. ✌️

like

I’m not an economist, but I went through the last recession in the ad industry. Generally, larger cities felt the impact less than smaller ones. For example, IF they had layoffs at an agency in the Bay Area because the clients are impacted, there are other companies who may not be as impacted and can absorb some of those who’ve been laid off. This is not the case in smaller towns. You should research a potential recession’s impact on tech and the specific clients you work on. My gut says (at least with tech) it’s a cushioned impact.

like

Offer less

like

You could save some of your cash, not do 20%, and take pmi. Be open w your mortgage banker about these fears of recession, they can help u move the $ around so the rate, down payment, etc work. And if there is a dip in the market, and you lose your job, move out and rent it to someone at a slightly higher fee than you’re paying. You could also open a heloc as soon as you buy and sit on it just Incase there is a downturn....By owning you’re building debt that you can leverage later on. Some debt is good.

like

I’ve bought more than once and this is what I know. You can’t time the market or accurately predict depreciation. Like the stock market, real estate has dips but always goes up over time. But most importantly, you have work now and can get the mortgage. If you don’t have work during a recession, you won’t get the mortgage.

like

I just bought a house in the Bay Area not too long ago. Here's the thing, interest rates are also stupid low, and if they go any lower we'll be at record lows. This fact alone made it possible for us to afford a place that was originally out of budget. Also remember that property taxes are what'll kill you, not really the mortgage - so factor that into your monthly budget.

Definitely make sure you have 2-3% of the home purchase price in addition to the down payment to cover closing costs. That number really snuck up on us. And having an additional $5k will help cover initial expenses for the house (for example, window coverings, curtains, hiring movers, etc).

It's an exhausting process but so rewarding in the end. Can't say I like having to do a project every weekend on the house, but the upside is that it's adding equity in my home.

If you have to unload a house write a tantalizing for sale ad to sell to the hip tech millionaires.

Related Posts

I’m 26 and have ~40k sitting in my savings account. Annual income 140k. Maxing out 401k. No debt. Planning to invest 25k but don’t know where to start. Should I get a wealth manager? What is the best way to approach this?

like

Creating a 529 for myself before having kids…Should I setup a 529 for myself?

I don’t currently have kids but probably will in the future (31M, single now). Alternatively, I may go back to school at some point, or I’d be happy to disperse/gift the $$ to my nieces and nephews too… what’s my upside/downside?

like

Anyone know when Ch. 7 BKs must close by? Is this changed by when there are adversary proceedings (alleged fraudulent transfers made to a bank for CC payments)? Asking for my friend who is unfortunately involved bc of his parents, who are the debtors (he isn’t a defendant or a debtor in this, but the payments were made to a CC in his name—a CC he didnt know was opened in his name).

Its in Texas, and the initial BK filing was made about 23 months ago. TIA!

like

Does anyone work in Dubai or Singapore who can give me an idea what you get paid? Thinking of making the move from Norway. Lower/no personal income tax is the incentive - paying 47% 😭

like

Due to a family situation we are looking to move to a different state. Normally we would sell our current home and buy a new home in our new location. However, with todays prices and interest, will it make more sense to rent out our current home and rent a home ourselves vs. selling and buying immediately when we move? We are moving from Vegas to Sacramento and we are not sure how long we would stay in the new area. Thoughts?

I will be moving from Infosys to TCS. IN ibegin portal, it asks Have you been member of pension fund ? What should be answer ?

Infosys Tata Consultancy
Thanks in advance 😊

Post Photo
like

Received less salary this month also. (Same amount as last month)
Why is this happening? Too much tax 🥵

like

401k Roth or traditional 401k?

like

not a lot of action in today’s stock market.

likehelpful

Just went on a shopping spree and have no money left lol

likefunnyupliftingsmart
like

There has been a significant flow of investors to higher yielding corporate and emerging market securities.

like

Thoughts on staking crypto? What’s the safest way.

like

Hello folks,

How does everyone save tax
I'm aware about 80C, nps and home loan interest.

Anything else?

like

Has anyone tried to sell miles or points through one a site. I have a family member looking to do it and I had never looked into. Any experiences? Pros cons

like

Does RSM allow for Megabackdoor contributions?

like

Is a 900k net worth for a single person at almost 40 good or terrible? I see posts from our US counterparts on net worth and salary and feel so behind yet we have such a high COL in Toronto.

like

Does it make sense for me to acquire a portfolio of small margin-rich businesses but currently in duress due to COVID? I have $1.3M liquid earning 2% in a HY savings act - offer cash to owners for eq?

like

Can anyone recommend good investment options in Bank of America HSA account? I feel their funds are very limited compared to what I have seen from 401k and IRA. Anyone recommends your HSA account?

More Posts

Any non-US lawyers who have been hired by an Am100 firm without having sat the bar? Looking for an opportunity in the US, if possible DC or NYC, and currently working for Big Law in Europe.

Would like some tips re hiring process + visa from those who have succeeded. Looking for a 1-2 year stay and open for longer term

like

VML Sr Art Director position assuming 7-10 years experience. What’s a fair salary expectation for the Midwest? Chicago/Kansas City area.

like

Can someone share any openings for JPMC Bangalore related to freshers.
Tech stack is SQL and Tableau. I am a fresher with 10 months of experience in internships and 1 month of full time experience.

Thank you for your help!

Can I lie and tell HR that I have an counter-offer of X amount to negotiate the offered amount? Ya uska bhi proof dena padta hai ab?

Any recommendations on schools that offer PhD studies as part time while one still works full-time? What's the tuition fee and years of study?

like

Any thoughts on working at LinkedIn?

like

when we bought our house the previous owner had cameras all over the inside of the house. later we found out there was a murder in our house before them. tonight i found tool marks on the inside of our door frames…creepy

like

Just got back from Ford vs. Ferrari. While it probably won’t be winning any awards, it’s easily the most fun movie I’ve watched in a long while. Highly recommend!

likeupliftinghelpful

I don’t drive. Does that limit my activities if I am traveling to Hawaii ?

like

Leaving this summer to PE, bonus pays in June. When should I give notice? Don’t want to burn bridges but don’t want to risk a slashed bonus (or none at all)

like

Let's end the debate.. one page or two page resume?
Have 10 yrs of experience with Master's in US.

Hi all,

My joining is on 20th December in TCS. I have yet not received the onboarding Welcome mail. By when is the onboarding mail usually shared? Can anyone who has joined recently confirm? TIA.

like

Guys i had submitted the tcs bgc form in ibegin on Feb 1 ..can anyone tell me how to find whether the bgc is completed or not..if not, how many days will it take to complete?

like

HNY all! I have multiple rollover and traditional IRAs, as well as a solo 401k. But (since I started paying attention to this kind of thing) have always been over the income limit to start a Roth IRA. I’ve also not done much contributing in the last few years due to purchasing an apartment and saving for renovations. Cue pandemic joblessness... if married filing separately, would you say it’s a good idea to start a Roth while under the income limit, even in this climate? Any reason not to?

like

Can someone provide some knowledge here? I’ve recently saved $100K and have a chance to invest this into an investment property which will wipe out most of my savings. Does it make sense to continue investing this $100K in hopes of dividends / appreciation or invest into real estate but may wipe me of my savings?

like

Which demat accounts can a Citi employee hold ?
Is only Kotak securities allowed ? Are there any exceptions ?

like

Should I leave my first permanent job as a team leader of 4 DPs in a FMCG business (only been there for 4 months) to join a huge Tech business for a 12months contract?

They offer me 60% more money than my permanent role. Circa 2000 dollars every month in my pocket

However, I am worried if I accept the tech role and I do not become permanent I will be looking again for a job in 12-24 months and my CV won't be showing a managerial position. Won't be showing any progress.

like

If you could start your MBA degree over what would you do differently?

like

YOE-9
SAP EWM TECHNICAL
CURRENT CTC : 16.6 LPA
What should I expect?

like

Additional Posts in Advertising

Scenerio: Its Friday. You're working on a crazy detailed RFP and you're so close to finishing the $$$ part and the office internet DIES. Do you:
A) tether to your phone and get 'it dun
B) go for beer

like

What y'all know about Space150?

like

Why do some art directors only really start looking at stuff at the 11th hour? Thus forcing people to stay late on the Friday of a 3 day weekend.

likehelpfulfunny

Ted Royer helping JL win VW. Rumor or true?

likefunny

I want to quit and give myself a couple months to find a new job and enjoy my life. Someone told me I need to approach my reason for leaving sensitively as I don't want to ruin my connections and references. Any tips?
How do I put in my notice with no new job offer without coming out and saying "this place no longer fulfills me and I want to be able to breath for a couple months when I search for something new" ?

like

Looking for senior designers that knows shopper marketing. Please DM with books!

I envy creatives. It seems like your jobs are far more interesting.

like

Does anyone have an insider perspective on Siegel + Gale (NYC)? They have a few Strategy positions open right now.

like

If you get an offer a few days before you have a final interview (or while you're waiting to hear back), is it okay to ask for some time? Or do they expect you to answer right there?

i'm in the final round for 2 different media positions in 2 completely different places (NYC and NC) and things are moving really quickly for both. the NYC job is my dream one but they're both offering $40k so i'm conflicted. any advice would be helpful lol

like

Which agencies in NY do great strategy work and are actually valued? It feels like strategy is lacking at most agencies...

like

Can I start season 4 of Halt & Catch Fire without watching seasons 1,2, 3? (Heard this is the only great season)

like

Hey guys! Working on an interesting personal project and would like to know who you guys would suggest as having the freshest haircut in the ad game! Their names, portfolio and agency would be great.

like

The dickiest of dick moves is to schedule a 9am meeting and then move it at 8:45 the morning of.

like

I promise you, whatever you have to tell me as I sit down with my lunch is not as important as eating my lunch.

likesmart

The clients love saying “ladder up.” Hate it

like

What was your most amazing day in advertising?

likeuplifting

What agency is doing the new Twizzler ads?

like

Has anyone been able to negotiate anything extra or terms when being laid off?

like

I’m going to lose my marriage if I stay in my current job.

I can’t quit because I’m the only income on the house.

I don’t have a new job yet.

Hard times.

like

I’m looking for some new things to read or listen to — doesn’t need to be ad-related. Books, podcasts, whaddya got?
I’m not really into fiction, but open to anything. Last books I enjoyed were Junior and Moonwalking with Einstein, last podcast I binged was Startup (Gimlet).

like

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the
Fishbowl app

See what’s happening in your industry
from the palm of your hand.

A phone with Fishbowl app

Scan your QR code to download
Fishbowl app on your mobile

Download app

Sign up for free to view this conversation on Fishbowl

By continuing you agree to Terms of Use and Privacy Policy

Already have an account? Log in

Sign up for free to continue using Fishbowl

By continuing you agree to Terms of Use(New) and Privacy Policy(New)
Messaging rates may apply

Already have an account? Log in

For account settings, visit Fishbowl on Desktop Browser or

General

Legal