Morning! The amount of down payment you have and the price range in which you are looking will provide you with a wonderful home! There are many great options out there right now, and I donâ€™t believe you will have to go to Hayward to find a home that truly fits your needs and desires. Projected resale value is always a critical part of buying a home â€“ Union City homes typically have better resale potential because of the better schools.
The existing pre-approval you have gives us a ballpark idea of the constraints we will have â€“ before we head out to look at homes, it will be important that you check back in with your lender to ensure that the recent rate hikes have not changed the numbers for you. We will also need a copy of the preapproval letter to submit along with an offer.
Your primary concern seems to be â€œwhenâ€ to jump in and start looking. We are currently working with a number of buyers looking for foreclosed homes in the Fremont Tri-city area â€“ this gives us a very good feel for the current market. Weâ€™re seeing an increase in the number of properties that are receiving multiple offers. Weâ€™re seeing other groups of buyers coming and going before and after us. Bottom line is this â€“ the bottom of the market appears to be heating up.
As you know, it has been the number of foreclosures, short sales and the lack of decent loans that has caused the market to decline. Weâ€™ve come though over 18 months of foreclosures hitting the market, and there will be a steady stream of foreclosed homes continuing to come on the market for the next 18 or so months. The difference between now and 18 months ago is this:
(1) Prices have already dropped substantially and are looking like they are coming close to the bottom.
(2) New loan programs are making it possible for buyers to get back into the market.
(3) Rising interest rates are triggering a buyer flurry â€“ they are jumping in now before it is too late.
(4) Investors are starting to come back into the market â€“ many investors believe we are at the bottom and donâ€™t want to miss out. Many of these are bringing all cash offers.
(5) Rising gas prices are compelling buyers who live in outlying regions to jump in now to cut the cost of their commute.
I donâ€™t believe we are going to see an increase in prices in the short term, however, I believe we will see a lot of adjustment going on as the bottom of the market starts to take hold. I also believe that prices are going to hold fairly stable for the next 18 months.
Bottom line: now is a great time to get into the market! In fact, many great homes are flying off the market in very short periods of time.
One last thing: I am guessing you are first-time buyers. We have an awesome coaching program designed just for you to make sure you totally understand the buying process! This includes our comprehensive Buyerâ€™s Guide â€“ no one else out there has anything like it! Our schedules are totally flexible to accommodate you. Weâ€™ve received rave reviews from the many first-time buyers weâ€™ve placed in homes just in the past few months alone. We know one very important thing: itâ€™s all about you! Weâ€™d love the opportunity to meet with you at a Starbucks near you, explain who we are and how we work, and then see if weâ€™d be a match for each other. There is no cost or obligation to meet â€“ and the beverages are on us! Check out the following URL for a better idea of who we are and how we work: http://www.carlmedford.com/files/360170/The%20Ultimate%20Buy