Riverwalk is a nice community â€“ however, it is like most other communities in Fremont right now â€“ itâ€™s affected by the same market conditions that are affecting the other communities. In other words, it may continue to go down or it may begin to level out and hold its own. To be honest, you are asking the $50 million dollar question to which everyone wishes they had the answer.
With the return of multiple offers on the bottom of the single family market, I personally feel that we are nearing the bottom. Are we there yet? Itâ€™s hard to say. However, if you own a home you want to sell to move up, this could be a very good time to sell and relocate. Itâ€™s all about timing the market.
If you sell your Union City home now and buy a Riverwalk home, the difference between the two prices will be lower now than if you wait for the market to move up. If you sell your current home for $500,000 and buy a new home for $1,000,000, the difference is $500,000. If you wait until the market turns around and property values increase, the differential between the two will also increase. A 10% increase will put the $500,000 home at $550,000 and the $1,000,000 home at $1,100,000. The difference is now $550,000, or a differential increase of $50,000. To move up, you have to come up with that extra $50,000.
If market prices continue to go down, you can still benefit from selling your current home now. Sell and secure a month-to-month rental that will allow you to leave as soon as a good deal becomes available. Monitor the prices and available homes in Riverwalk and then buy when the right house becomes available at the right price.
In the current fluctuating market, I donâ€™t recommend putting a contingent offer on a home while you try to sell your existing home. This will put you in a situation where you can loose any negotiating power you might otherwise have, both on the buying AND selling ends.
If you'd like to see the trends for your existing neighborhood and the Fremont homes, let me know offline and I can get those to you. It may help in the decision making process.