Unfortunately, adjectives such as "affordable", "value", "good", "quality" and "spacious" are terms that have specific meanings to specific people. What is "affordable" to the average second time home buyer is often completely "UN-affordable" to the first time home buyer. Thus, we'd need a lot more information to help you.
More often than not, when a potential home buyer asks for "affordable" housing, they really one or more of the following:
- housing in a more desired neighborhood, but the seller is desperate to sell;
- a home that is discounted because of condition, but, if "shined up" could be worth substantially more due to the value of the other homes in the area;
- a home that I can negotiate the pricing on (i.e. get for less than the list price)
- a property that I can flip and pocket a quick profit
Truth is, Curious, right now, we just don't have any of these types of property in San Jose or the county. You can certainly find homes prices in the low $400,000s available in San Jose, but this is about the price in that area or the investment to bring the home to a livable condition is likely to exceed its market value. In fact, there are so few homes on the market in most cities, that buyers are scrambling for housing. While the market is waning every so unperceptively as the summer comes to a close, I can tell you from personal experience, that we're still looking at multiple offers FAR over the asking price for even the most "dog eared" home in desirable areas.
So if "affordable" means buying a home in a good area for less than the going rate of other homes, then there aren't any affordable homes in Santa Clara County just yet. And, unfortunately, I'm not certain that there will likely be similarly "affordable" homes in the near future. The best advice...don't wait. I've had a couple of clients do that for the past two years, and they wish (now) that they had taken my advice and bought the "almost perfect" home versus waiting for the affordable and impossible bargain when prices fell again.
Allison James Estates & Homes
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Tel (408) 426-1616