The idea behind being a home owner is the improved quality of life and pride of ownership. This is where you'd love to live, to be close to places and people you care about, features you'd like to have in your home, ... Now, if the notion of quality if life is mixed with the notion of investment then something has to give. This is something you have not decided yet, hence you're torn between choices. You have to make that decision first.
As for rate of appreciation, new condos will appreciate faster in the first few years. Single family homes, historically, have had the best appreciation. Recently areas with better schools have appreciated more than other areas.
Sit down have a heart to heart with your Realtor, it'll help you see things a lot more clearer.
Hope this helps!
What is your motive in buying a home? Just my viewpoint - Appreciation wise, a condo/Townhome in Cupertino will appreciate well, than a single family home in SJ, specially certain parts of SJ. If you even buy in SJ-95129, which has cupertino schools, you are doing good, you cant really go wong!....long term investment wise+ enjoying a beautiful City and neighborhood. Need to discuss options in detail? Call me. Thanks,
Nina Daruwalla, CB, 408-7773823
â€œâ€˜Itâ€™s not only Marin and San Mateo counties having this illusion that it wonâ€™t happen to them, itâ€™s also Newport Beach,â€™ Thornberg said.â€
â€œInstead, Thornberg said that the first signs of the housing bubble started in inland areas and are slowly moving outwards to the Pacific. â€˜You canâ€™t have plummeting prices in San Joaquin and East Contra Costa counties that donâ€™t affect Western Contra Costa and Alameda counties,â€™ he said. â€˜And you canâ€™t have plummeting prices in Alameda and Contra Costa counties that donâ€™t affect San Mateo and Marin.â€™â€
â€œForeclosures have become a larger part of the market in the Bay Area, making up 76.2 percent of home sales in San Joaquin County, 49.7 percent in Solano, 26.1 percent in Alameda and 12.3 percent in San Mateo.â€
â€œKari Clouse, a certified mortgage planning specialist in Benicia, said that although government-sponsored loans now exist, their terms arenâ€™t very attractive. Still, without 10 percent down, most potential buyers wonâ€™t be able to afford a home.â€
â€œâ€˜Right now you need more money down and we live in a state where people donâ€™t save,â€™ Clouse said.â€
â€œâ€˜People donâ€™t have the money to get these jumbo loans,â€™ she said. â€˜Who has 10 to 20 percent down on a $500,000 to $700,000 house?â€™â€
The Marin Independent Journal reports from California. â€œThe median price of a single-family home last month was $862,500, down from $965,000 a year earlier, and just 110 single-family homes were sold - about half as many as the 218 sold in March 2007, DataQuick reported. Sales totals â€˜were easily the slowest March in Marin,â€™ said John Karevoll, a DataQuick analyst, who noted the research firmâ€™s records date back to 1988.â€
â€œâ€˜This is a pitifully low sales count is more of an illustration of what is not going on, rather than what is going on,â€™ Karevoll said, noting March figures were a record low for the Bay Area as well.â€
â€œâ€˜Sellers are still trying to overprice their homes and nobody is falling for it any more,â€™ said real estate agent Celine von May.â€
â€œThe countyâ€™s inventory of 1,401 homes for sale is up from the 1,087 properties on the market at this time last year, said Levi Swift, president of the Marin Association of Realtors.â€
â€œBuyers remain hesitant, Swift said. â€˜They want to make sure theyâ€™re not catching a falling knife.â€™â€
â€œThe 213 properties in default in March is up 14 percent from February and 167 percent from a year ago, according to ForeclosureRadar.â€