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Market Conditions in Fremont : Real Estate Advice

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  • Home Buying481
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Activity 58
Tue May 27, 2014
Syed Karim asked:
This question was asked from http://www.trulia.com/rental/3154803096-37490-Parish-Cir-Fremont-CA-94536
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Wed May 7, 2014
Huey Nguyen answered:
Hello Robert Warren,

I don't know if I understand your question correctly, but I believe you are asking where the Fremont BART station is.

Here is the address of the BART station in Fremont: 2000 BART Way, Fremont, CA 94536

Here are the directions to the BART station from the listing you provided, as well:

http://www.bart.gov/stations/frmt/directions?tofrom=to&address=41601%20Mission%20Creek%20Dr%2C%20Fremont%2C%20CA%2094539&station=FRMT&mode=DRIVING

I hope that helps!

Best regards,



Huey Nguyen
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Mon Apr 14, 2014
Dan Tabit answered:
Madhavan,
You really can't rely on online valuations or on shoot from the hip agent perspectives on a home they can't really see in person. Any local agent that has seen the home, may withhold their true opinion if they have an interested buyer too.
You need a great professional agent on your side to help determine not only the value, but your offer strategy. The listing agent works for the seller, so they can't be objective and won't keep your confidences.
Have your agent prepare a market analysis for you and review the findings with you. Also ask them to research what they can about the seller's level of motivation, the speed at which similar homes are selling and decide on a strategy to move forward. Best of luck
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Sat Apr 12, 2014
Huey Nguyen answered:
Hello leiladeweese,

Please refer to this website of the Fremont Unified School District to check on the school attendance areas of a property you are interested in:

http://www.schoolworksgis.com/FremontUSD/schoollocator.html

For 3876 Wildflower Common, the schools are as follows:

Hirsch Elementary
Horner Junior High
Irvington High

Good luck!


Best regards,



Huey Nguyen
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0 votes 3 answers Share Flag
Sun Mar 9, 2014
The Medford Team answered:
The best approach is to establish a relationship with a local realtor who will walk you through a comprehensive comparative market analysis for the property. At the end of the day, any property is worth what a buyer is willing to pay for it and in these days of freshly minted IPO money, there is a lot of cash available for homes like these, so the sellers are obviously eager to cash in when they can. ... more
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Mon Mar 3, 2014
John Juarez answered:
Inventory in the Warm Springs and Irvington areas of Fremont continues to be low. You might see more houses on the market on any one day but they will sell quickly and the inventory will be down a week later. Prices are still moving up. Multiple offers are common. Those areas continue to attract of new homeowners who think that it is a good time to buy. ... more
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Wed Feb 26, 2014
Ali Qureshi answered:
BMR properties, depending on the city, may qualify for partial financing through the city as a subordinate 20%. Best option is to contact the city to find out more about the program and also contact your lender to see if they have any issues with a subordinate financing. ... more
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Mon Feb 17, 2014
Ali Qureshi answered:
Hi Joann,

The elementary school assigned to this property is Oliveria Elementary and not John Gomes
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Thu Nov 7, 2013
Ali Qureshi answered:
Usually newer construction is priced higher then resale homes. It depends on the floor plans, HOA and the upgrades you choose. I don't see it priced a lot higher but considering it is a newer construction, prices will be higher. ... more
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Thu Nov 7, 2013
Ali Qureshi answered:
The East Bay Market in general is finally showing sign of becoming a " normal " market as appose to the abnormal market that we all witnessed just a few months ago! With inventory shadow just behind us, I see great hope in the market. The current Market is at perfect equilibrium, where we have the supply and still a great demand. We will see how the supply and demand curve shifts early next year depending on the amount of funding the government will throw in the economy, which obviously will have an over all effect on the interest rates! I still think this is a great time to buy, especially for those thinking of holding for the next 7-10 years. ... more
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Wed Nov 6, 2013
Ali Qureshi answered:
Home values have shifted upwards in the past few month. I would recommend getting professional comparable from a licensed real estate agent. Depending on the condition of the house, upgrades and the layout will all add up the value of this house. ... more
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Sat Jul 27, 2013
Brian Ripp answered:
Hi Shonaa,

Just a short market update in addition to the advice below.

June 2012 to June 2013 Listings are down approx. 25%

Median home selling prices;
2001...........450K
2006...........700K
2009...........540K
2012...........580K
2013...........720K

Possibly due to supply and demand, prices in some areas are higher than the peak of 2006. Most of that increase came in 2013.

Sit down with a Broker and discuss your needs and the market conditions in your price range.

good luck,
Brian
... more
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Sat Jul 20, 2013
Dean Paul Dominguez answered:
The power of the ARM allows you lower payments in the short term. If you intend to sell in the short term an ARM might be right for you.

Further, deciding on an ARM will naturally make you inquire about where interest rates are going for the future. If you believe interest rates will increase later, you can decide to use the ARM but be prepared to sell or refi. ... more
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Tue Jul 2, 2013
Pacita Dimacali answered:
This market continues to surprise us. In 2011, it was a challenge to sell...then things started percolating in early 2012, and it has now turned into a buying frenzy where sellers hold the cards.

Both interest rates and home prices have gone up. That hasn't stopped buyers from attempting to buy a home primarily because the home prices are still lower than where they were at the peak in most places, but that is changing fast, too.

Rather than gambling on timing the market, look at your situation. Are you ready to buy? Are you already preapproved for a loan? Have you seen homes that fit your requirements and budget range?

Look at the COST to buy --- what you will need in terms of down payment and closing costs, and what your monthly payments will be --- instead of sales price alone.

Here's a blog that may illustrate this best
http://www.kcmblog.com/2013/06/10/buying-a-house-is-now-the-time/

Good luck.
... more
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Wed Jun 19, 2013
John Juarez answered:
Shonaa,

You have already said that the price is too high. What kind of advice do you expect that will be meaningful to you when you have already made your decision? My advice: move on.

Or…take the advice of several others and hook up with a local Realtor who can give you solid guidance for a possible fair price for this house…or others if this one does not work out for you.

By the way…this house was on the market in 2005 for $898,000 for 3 days and was withdrawn from the market.
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Sat May 25, 2013
Steven Ornellas answered:
Hi Xiaopooh,

This property's status is "Pending, Show for Backups" and as Manny states may be closing on 6/9.

This property was first purchased on 4/9/08 for $570,000.

-Steve
0 votes 2 answers Share Flag
Sat May 18, 2013
hippycritter answered:
Hi John,

I think there are a few questions to figure out what your goals are.

1. Are you looking for appreciation or cash flow? In 'good' areas, home prices are bid up beyond the actual flow of net income you might make, especially in this market! So a more 'challenged' neighborhood might get you your cash flow with lower appreciation, whereas in a better 'hood', appreciation with a negative cash flow might be what you find.

2. 'Fixer' or 'turnkey'? Do you want to try to find a bargain and then fix it up ('diamond in the rough), or is coordinating contractors and getting your hands 'dirty' not your style. I.e maybe you want to just 'turn the key' and rent out the house without much more work? Easier to find the homes that nobody wants (still not easy in this market) than one that is all fixed up.

3. Seller's market. There are very few homes for sale at this time (in my neighborhood listings, they are all either pending or sold, no SFH available since they are all consumed before they get to the market). What I am saying is that there are so many buyers for each home (15+ offers) that you need to bid as much as 5-10% over asking and even then some buyers come to sellers with all cash and it is hard to compete. Not saying that price appreciation is going to stop and 15 years gives you a good horizon, but it's a little like trying to buy an air conditioner during a heat wave.

Good luck!
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Sun Apr 14, 2013
Brian Ripp answered:
Building more homes will not impact our schools - False
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Sun Oct 14, 2012
John Juarez answered:
Because the unit is a BMR – Below Market Rate – unit the price is below market rate. The unit has been set aside for purchase by a buyer who meets the requirements of this special program. For details, have your agent get in touch with the listing agent. ... more
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Thu May 31, 2012
Mike Chung answered:
Waiving an appraisal is a high risk move and I wouldn't do it unless I had a really clear idea on the value of the home. This is more directed to agents representing home buyers because they are ultimately going to be responsible for paying the difference in case the home appraises at a lower value then what was agreed on in the contract. Do your due diligence and amass as many comps as you can that will justify that the value of the home is as close to on par as it can be to the amount that your buyer is willing to offer. If not, this could really come back and bite you in the rear.

For example, a home is listed at $315K, a buyer offers $330K and that offer gets accepted. The Listing Agent, at some point during the process (preferably before the buyer's offer gets accepted) would have informed the Selling Agent that his buyer needs to fill out an addendum stating that they are waiving the appraisal contingency. Which just basically states that the sellers will receive no less than the agreed upon amount of $330K , regardless of what the appraisal comes back as. If the appraisal comes back and the home is "appraised" at $315K, then the buyer has to pay that extra $15K, out-of-pocket to accommodate the difference between the accepted offer price and the appraised value. The reason this can be high risk is because of the potential situation that a home appraises at a much lower value, for this example, we'll say something like around $275K. In that case, the buyer would be responsible for the $55K difference. There are certainly some workarounds, but it will usually come down to more money that your buyer will need to come up with to purchase the home and as a buyer's agent you are obligated to try and limit that as much as possible.

If you are very familiar with the value of the home and have a great idea of what it will appraise for, then you don't have much to worry about, this is where the due diligence comes into play. In the situation that I had, the home appraised at $350K, which was right around where I expected it to, so everything was fine and my client ended up with $20K in equity right when they moved in. But I can't stress how important it is that you know the surrounding areas and know your comps.
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