A few things to think about. knowing when to buy. Its hard to know when you reach the bottom untill prices start to go up. So why dont you get prequalified to see what you can afford comfortably. As long as you can afford the home, you find something you really like jump in before prices go up. I am a realtor in the area. Some areas are starting to see multiple offers.
You want to make sure also that the realtor you get will represent you. I am selling a home in Pleasanton now that the realtor didnt do that great of a job in representing the buyer. the realtor didnt go over the inspections, the home owner had $50k in foundations issues that wasnt disclosed the homeowner new about it and now we may have to litigate. So, dont worry too much about it this is at the bottom because what you really need to buy is something in your price range that you can afford with a loan that is good for you.
I am happy to answer other quesitons. Have you been prequalified. When you talk to loan officers things to ask, is this the best interest rate I qualify for? what is the yield spread premium? (that means the loan officer is getting paid on the back end from the lender on your loan. Also, do you want a no cost loan or do you want to pay down a point to get a lower interest rate. Ask questions. I have looked at clients closing statements to see that they have paid unbelieveable fees and junk fees.
925 699 5041
Making it Happin
925 872 2626
For example, I sold my home in El Sobrante (crappy schools) in 2005 for $450000. It is now worth $300,000. I bought my home in Warm Springs for $720,000 and while off its highs, is still in the $730,000 through $750,000 range. Schools make a big difference. While this is anecdotal and only one person's experience, it might help you in your decision
THAT PRICES WE ARE SEEING TODAY WOULD ACTUALY BE THE PRICES OF 10 YEARS AGO IN SOME AREAS, YOU SUBMIT AN OFFER BASED ON THE MARKET VALUE IN WHATEVER AREA YOU LIKE,AND YOU MIGHT THINK YOU ARE GETTING A HECK OF A DEAL , LATER TO SEE THAT PRICES HAVE DROPPED 10% BOTTOM LINE, IF THE PAYMENT IS WITHIN YOUR REACH, AND YOU ARE GOING TO BE OK WITH IT IN A LONG TERM PLAN THEN I GUESS IS OK, BUT KEEP IN MIND THAT WITH ALL THESE PROPERTIES FALLING IN VALUE,IT WILL BE INEVITABLE THAT THEY MIGHT DRAG YOUR INVESTMENT ALONG. GOOD LUCK
Make sure you have an agent who is a great negotiater and can do the comparables for that area pretty well. If it makes you feel better, Fremont has done a lot better than many other cities. Parkmont area schools are very good so the chances of prices remaining stable in that area are great.
If I can be of any help, please contact me at 510-279-9580
Help-U-Sell Achievers Realty
40083 Mission Blvd
Fremont, Ca. 94539
These are my thoughts if I were buying a home in current declining market...
1. Why am I buying a home?
â€¢ Tax savings?
â€¢ Kidâ€™s school?
â€¢ Tired of renting?
â€¢ Pride of ownership?
â€¢ Need more space?
â€¢ Love Yard and nature?
â€¢ Build equity
2. How long will I live in this home?
â€¢ At least 5 years?
â€¢ Not sure?
â€¢ When I sell this home, will I buy a bigger home or smaller home?
â€¢ Will I rent this home and buy another one after 3 to 5 years?
3. What are my goal financing goals?
I have been practicing Real Estate for over 17 years. In my opinion, this is the best time to buy. You got a large inventory to choose from. You choose terms, price and property. Best rates too! Estimated 6.25% or 6.5% rates for 30% fixed! I think itâ€™s a great opportunity.
In history, people made money in Real Estate with the principle of buy low, sell high.
If you are going to hold the property until the values go up, you sure will make money.
I certainly would negotiate a good deal. Have sellers do all the repairs. Negotiate with lender as well for good rates and fees. Get in to you own home now instead of renting.
You are welcome to call me at 510-381-2105 or email me at CharoBhatt@gmail.com
if you need a Real Estate agent who can work in your interest.
Let us know if youâ€™d like to meet! We can provide all the data and a comprehensive strategy designed to get you the absolute best price and terms in the current market.
As much as I wish I could guarantee you of the exact moment when to pull the trigger as a buyer the truth is NO ONE CAN. But this much I can tell you - if you knew exactly when to do it, it would be fair to say that everyone else would know the same and the competion would only reduce the odds.
So the next best thing is to make an educated decision, one which needs to involve your Realtor. Make sure you carfully review the comps in the area, make the comparasions. Do the research for pending foreclosures. Do your research about your loan, find out what kind of rate you're likly to get and possibly negoitate a rate discount which the seller contributes too. This may off set any minimal delcine which the home you are expecting to buy may in coming months.
Also, do a little independant research - you do realize that in many of Fremont communities they have not seen the signifcant losses that other area's have. Much of this is driven by the families securing homes with highly sought after schools.
A tool which I use is Trendgraphix's, which released the June numbers and they are very encouraging for Fremont. If you email I will be happy to forward them.