You have made the right decision to buy since it is a great time to buy right now. Prices are very low and interest rates are also very affordable. Livermore is a good city to live in and there is plenty to do. I live close by in Pleasanton and love to go to the restaurants in downtown Livermore and the Livermore Wineries.
I hope you are working with an agent so that you can be sure you are offering the right price. Your agent will provide you with the comparable sales and advice you of the current market conditions in that area.
If you are not working with an agent, I would love to help you. I have been selling real estate for 23 years. You can reach me at 510-279-9580
Help-U-Sell Achievers Realty
It sounds like you may be going through a very common thought process, called buyers remorse. I'm sure you probably had these questions prior to making the decision to purchase this particular house. However, now that you have made the decision, the mind likes to question itself and ask... did I make the right decision, is this the right house, will it appreciate, and on and on.
I believe many people make the mistake of looking at a house (primary residence) as an investment, and historically it can be (over time) a good investment. However, there are no guarantees and nobody can predict the future and the potential for a particular home in a particular neighborhood at a particular time in the future to increase in equity. We can make an educated guess based on history, but frankly the last couple of years should be a demonstration that nothing is guaranteed, even here in California!
The more important question you should be asking yourself, is if this is the house that is right for me and my family, do I like the house, the neighborhood, the value it presents to me and my family TODAY compared to other properties I have looked at, etc., etc.
If it appreciates... great! But don't base your purchase decision on the future and "hopeful" appreciation. Buy the house that is right for you today and for the next 10 years!
Thank you for the question and I wish you and your family all the best in the world, we all should be grateful for what we have today!
Best of luck,
Tim Denbo, CDPE
P.S. If you or anyone you know would like to attend a FREE Foreclosure Prevention Seminar for Homeowners, (open to everyone, agents/brokers welcome), please visit http://www.ForeclosurePreventionResource.com. The seminar is at the Hilton Pleasanton, Sept. 30th at 6pm. Limited seating, advance registration suggested.
I received freshly complied stats just yesterday, showing 10 years trends for various cities in the Bay Area. In that ten year period of time, even considering our recent declines, home values in the 94550 zip code increased by an average of 51.5% and 94551 increased 40%. If you are interested in comparision stats for other cities that may be in your future, let me know and I'd be glad to provide those for you.
The cost of gas to commute plus the wasted time of commuting could have a significant impact on the quality of life...which is why the trend nowadays is to move closer to work (even if it means living in a smaller house) to be able to spend quality time with family, save on gas (prices did at one time approach $5.00/gallon so it could very well happen again) and save on the cost of utilities for a smaller house.