Home Buying in 94542>Question Details

John, Home Buyer in 94608

I am very interested in a single family home in the 94542 area. It is a 30-40 yr old home.

Asked by John, 94608 Sat May 17, 2008

I am a first time home buyer. Is this home a good idea? What are some of the long term pluses and minuses?

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6
Hi John,

Home is always a good idea to have it! America wants all the citizens to own their homes. If that home happens to be an old or new does not matter. It reflects the price too.

Just make sure you do all the inspections. Review all the reports carefully. Make sure you get all the work done by the sellers (in this market), or get the price adjustment. Now is the best time to buy a home. Please visit my website at http://www.HomesByCharo.com and read some useful articles will help you make a decision.

Long term plus
1. Pride of Home ownership
2. Equity gain
3. Tax deductions
4. Credit scores gets higher with Mortgage loans paid on time
5. Stop making your landlord rich!
Long term minuses
1. Some maintenance /up keep of home specially older homes
2. Foundations repairs if on Hayward hills in 94542 area as you mentioned

Feel free to call me at 510-381-2105 if you need further assistance
Email me at CharoBhatt@gmail.com

Best wishes to you
Web Reference: http://www.HomesByCharo.Com
1 vote Thank Flag Link Fri May 23, 2008
Hi John,

There is about 10 months of inventory in Hayward in the 94542 zip code. The prices in Hayward have dropped like a rock. I just reduced a listing I had for an updated home from $389K to $299K. I would say that reduction was more than a rock falling.

Please follow this thread below to see about the prices in 94542 and make your decision on whether or not you should buy there.
http://www.city-data.com/zips/94542.html

If I can help further, please call me at 510-279-9580

Meena Gujral
Help-U-Sell Achievers Realty
40083 Mission Blvd
Fremont, Ca 94539
510-279-9580
1 vote Thank Flag Link Tue May 20, 2008
Hi John,

When you purchase any home there will always be pluses and minuses regardless of how old it is. My first home was built in 1895 and boy did it have some things that needed fixing! But the good part is all the victorian architecture that my family loves so much!

My best advice to you is to be sure that your Realtor does their due dilligence when it comes to home inspections! Any home can look great from the outside but when you climb into the attic or crawlspace, you can unearth many surprises. Some inspection reports may be offered by the sellers, but beware that the reports are current (within the last 6 months) and done by a reputable company (your realtor should know which inspection companies are good in your area).

Best of luck to you in your home search! Oh, and as a first time buyer, be sure to check out what types of services the city of Hayward has to offer you. Most cities have home buyer assistance programs of some sort.

~Jessica
0 votes Thank Flag Link Thu May 22, 2008
John,
I don't know the exact home that you are looking at, but I can give you a little advice.
I would advise you to work with a Realtor, I would recommend Coco Lewis in Fremont, 510-505-5554 or her email is coco@cocolewis.com.
If you have a good credit score (680+) and have saved a down payment of at least 10%, you are off to a good start. You will need to meet with a mortgage broker or lender to find out what you are qualified to purchase, the will do a pre-approval for you.
Are you planning on living in your home for a minimum of 5 years? Does the home that you are looking at meet your needs? If you are married with children are the schools in the area ones that you want children to attend?
Make sure that you get inspections done, if the roof has not been replaced you will be looking at that in the near future. This is an area with homes from the low 500's to over a million dollars, you need to make sure that you have a good negotiator working for you.
(+) you are able to purchase at time when the market has plenty of inventory, prices of homes are lower than they have been in years (East Bay prices have dipped), interest rates are low for solid buyers and Hayward is a good central location for everything in the greater Bay Area.
(-) difficult to qualify for a loan if you don't have good credit, without a good down payment you could pay private mortgage insurance (PMI)

I wish you the best on your home purchase!

Charles Coachman
0 votes Thank Flag Link Sat May 17, 2008
Hi Andrea,
This is in Hayward near fairview ave.
0 votes Thank Flag Link Sat May 17, 2008
John:

Sorry, I checked with USPS.com and could not find any cities in the 94542 area. What are you looking at?

Thanks
0 votes Thank Flag Link Sat May 17, 2008
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