“How high can you jump?”
It was a topic about RE market on Mercury News in late 90s. Due to the red-hot RE market in late 90s and 2000, the bidding wars were un-avoidable among multi offers for one SFH. Similar stories were always heard, xxx bid $350K higher than the asking price, yyy bid $280K higher. For some particular houses, 20 or 30 offers were made; the highest bidder got the house. That was why the “Jump” topic was brought up on Mercury News: the sellers said ‘jump’, the highest JUMPERs got the Prizes.
It was kind of imaginable because the stock market was Red-Hot, Dot Comers went sky high every day, and there were so many paper multi millionaires then. People in Silicon Valley did not think $200K is money since they had $$MM on paper in stock options in the high tech bubble.
Now 7 years passed, the bidding wars start again. Is the house market Red-Hot again in Silicon Valley? Is every buyer a GOOGer or APPLer? If so, don’t say $200K bidding, he should bid for $M higher since he makes BIG $$ in his stock options.
How much can you save for a family of $250K income? Maybe you can save $200K in 3-4 years if you are really good at saving $$. Then a Jump on the bidding war would evaporate the $200K in one day, how much more $200K can you save in your life after you get the house?
With almost a $M mortgage on your shoulders, while you and your wife make $250K income, what kind of life you can expect? Please read fafafaya’s 硅谷年收入二十二万,住百万"豪宅"的一笔帐
http://web.wenxuecity.com/BBSView.php?SubID=tzlc&MsgID=14000
That is not a happy life as most buyers know.
