We are planning on buying a single family detached house in the Parkmont area of fremont at $697,000. With

Asked by Cycleshoe, Fremont, CA Mon Jul 21, 2008

the continuous falling prices in the area is it a good time to buy? How can we be certain that the price is right?

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8
Joanna Jensen, Other Pro, Livermore, CA
Fri Aug 28, 2009
Hi Home buyer.

A few things to think about. knowing when to buy. Its hard to know when you reach the bottom untill prices start to go up. So why dont you get prequalified to see what you can afford comfortably. As long as you can afford the home, you find something you really like jump in before prices go up. I am a realtor in the area. Some areas are starting to see multiple offers.
You want to make sure also that the realtor you get will represent you. I am selling a home in Pleasanton now that the realtor didnt do that great of a job in representing the buyer. the realtor didnt go over the inspections, the home owner had $50k in foundations issues that wasnt disclosed the homeowner new about it and now we may have to litigate. So, dont worry too much about it this is at the bottom because what you really need to buy is something in your price range that you can afford with a loan that is good for you.

I am happy to answer other quesitons. Have you been prequalified. When you talk to loan officers things to ask, is this the best interest rate I qualify for? what is the yield spread premium? (that means the loan officer is getting paid on the back end from the lender on your loan. Also, do you want a no cost loan or do you want to pay down a point to get a lower interest rate. Ask questions. I have looked at clients closing statements to see that they have paid unbelieveable fees and junk fees.

JoAnna Jensen
Pleasanton CA
Legal Realty
925 699 5041

Chris Jensen
Emery Financial
Loan Officer
Making it Happin
925 872 2626
0 votes
Ws Homeowner, Other Pro, Sunol, CA
Sat Oct 11, 2008
I think some of the agent response is responsible in that nobody know and it depends upon your goals and circumstances. It does help to be in a good school district even if you don't have kids. Although crazy expensive, the mission district (excluding the Gomes redistrict risk area) and to some extent the Warm Springs area are not seeing huge price declines. Look at the foreclosure tool on sfgage.com and you can see a vast difference between fremont and oakland and if you dive further down you can see a difference in foreclosure activity between different zip codes within Fremont. This would provide a cushion, but not a guarantee.

For example, I sold my home in El Sobrante (crappy schools) in 2005 for $450000. It is now worth $300,000. I bought my home in Warm Springs for $720,000 and while off its highs, is still in the $730,000 through $750,000 range. Schools make a big difference. While this is anecdotal and only one person's experience, it might help you in your decision
0 votes
Martin Miram…, , Castro Valley, CA
Thu Jul 24, 2008
AT THIS POINT , YOUR GUESS IS AS GOOD AS ANYBODY'S! WHO WOULD HAVE GUESSED
THAT PRICES WE ARE SEEING TODAY WOULD ACTUALY BE THE PRICES OF 10 YEARS AGO IN SOME AREAS, YOU SUBMIT AN OFFER BASED ON THE MARKET VALUE IN WHATEVER AREA YOU LIKE,AND YOU MIGHT THINK YOU ARE GETTING A HECK OF A DEAL , LATER TO SEE THAT PRICES HAVE DROPPED 10% BOTTOM LINE, IF THE PAYMENT IS WITHIN YOUR REACH, AND YOU ARE GOING TO BE OK WITH IT IN A LONG TERM PLAN THEN I GUESS IS OK, BUT KEEP IN MIND THAT WITH ALL THESE PROPERTIES FALLING IN VALUE,IT WILL BE INEVITABLE THAT THEY MIGHT DRAG YOUR INVESTMENT ALONG. GOOD LUCK
0 votes
Meena Gujral, Agent, Pleasanton, CA
Tue Jul 22, 2008
Hi,

Make sure you have an agent who is a great negotiater and can do the comparables for that area pretty well. If it makes you feel better, Fremont has done a lot better than many other cities. Parkmont area schools are very good so the chances of prices remaining stable in that area are great.

If I can be of any help, please contact me at 510-279-9580

Meena Gujral
Help-U-Sell Achievers Realty
40083 Mission Blvd
Fremont, Ca. 94539
510-279-9580
0 votes
Charo Bhatt, Agent, Fremont, CA
Tue Jul 22, 2008
Hello CycleShoe,

These are my thoughts if I were buying a home in current declining market...

1. Why am I buying a home?
• Tax savings?
• Kid’s school?
• Tired of renting?
• Pride of ownership?
• Need more space?
• Love Yard and nature?
• Build equity

2. How long will I live in this home?
• At least 5 years?
• Not sure?
• When I sell this home, will I buy a bigger home or smaller home?
• Will I rent this home and buy another one after 3 to 5 years?
3. What are my goal financing goals?

I have been practicing Real Estate for over 17 years. In my opinion, this is the best time to buy. You got a large inventory to choose from. You choose terms, price and property. Best rates too! Estimated 6.25% or 6.5% rates for 30% fixed! I think it’s a great opportunity.

In history, people made money in Real Estate with the principle of buy low, sell high.
If you are going to hold the property until the values go up, you sure will make money.

I certainly would negotiate a good deal. Have sellers do all the repairs. Negotiate with lender as well for good rates and fees. Get in to you own home now instead of renting.

You are welcome to call me at 510-381-2105 or email me at CharoBhatt@gmail.com
if you need a Real Estate agent who can work in your interest.

Best wishes,

Charo Bhatt
510-381-2105
Web Reference:  http://www.HomesByCharo.com
0 votes
Dallas Texas, Agent, Dallas, TN
Mon Jul 21, 2008
Real estate professional code of ethics can't make a comment regarding if the price is right . ANYTIME is a great time purchase tax benefits! If you locate a home with equity your advantage
http://www.lynn911.com http://www.homes-for-sale-dallas.com
0 votes
The Medford…, Agent, Fremont, CA
Mon Jul 21, 2008
Bottom line – you can’t be 100% sure. No one has a crystal ball. Nor can you exactly time the market to hit it at its peak as a seller. However, you can look around at the market indicators and trends and make some educated guesses. We’d be happy to meet with you, show you all the local area data in graphical form and help you see where we believe the market will be over the next 6 months. We subscribe to a 3rd-party data source that crunches all of the current data, provides current analyses and extrapolates trends. And we are VERY familiar with the Parkmont area – in fact, we have a listing there right now not far form the home you are looking at.

Let us know if you’d like to meet! We can provide all the data and a comprehensive strategy designed to get you the absolute best price and terms in the current market.

carl@carlmedford.com
Web Reference:  http://www.carlmedford.com
0 votes
Andrea Davis, , Fremont, CA
Mon Jul 21, 2008
Cycleshoe:

As much as I wish I could guarantee you of the exact moment when to pull the trigger as a buyer the truth is NO ONE CAN. But this much I can tell you - if you knew exactly when to do it, it would be fair to say that everyone else would know the same and the competion would only reduce the odds.

So the next best thing is to make an educated decision, one which needs to involve your Realtor. Make sure you carfully review the comps in the area, make the comparasions. Do the research for pending foreclosures. Do your research about your loan, find out what kind of rate you're likly to get and possibly negoitate a rate discount which the seller contributes too. This may off set any minimal delcine which the home you are expecting to buy may in coming months.

Also, do a little independant research - you do realize that in many of Fremont communities they have not seen the signifcant losses that other area's have. Much of this is driven by the families securing homes with highly sought after schools.

A tool which I use is Trendgraphix's, which released the June numbers and they are very encouraging for Fremont. If you email I will be happy to forward them.

Good Luck.
Web Reference:  http://www.aDreamRealtor.com
0 votes
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