We haven't seen all the alt arm resets yet. how many will reset in 2010, in noe valley? How many foreclosures around the corner? If you are thinking of condo -tic beware Tics are DEAD MEAT and condos come with hoa fees that can jack up at anytime. SF is overpriced. Wait a couple of years and save your money. You'll then be able to buy more for less....Mark my words. Also, for more background on why it is not a goodtime to buy in the bay area, check out Patricknet.com
Agents only have one thing in their hearts ... the commission! whether you sink or swim is no concern of the realtard class..
I provide some great calculators on my website. Here's the one for mortgages:http://www.grobeckerco.com/home/listings/mortgage-calculator/
If you need assistance with finding decent neighborhoods and investments in SF I'm always happy to help. I'm a chartered retirement planning counselor and also a short sale/reo specialist.
Happy house hunting and best of luck! :)
it all depends how financially stable you are, and if you feel comfortable with mortgage payments.
DID YOU GET Pre-approved already? Knowing you numbers is a key factor.
Most likely we are stabialized, and price will be stable for a while, however low interest rate, Tax credit $8000, tax deductions, homeowner exemptions, and building equity are safe bet that you would make a wise decision.
Not only as Realtor I would say Yes to buy, if you have your funds together and would qualify for decent rate. but YOU DONT want to be pushed to last dollar and be frustrated with high payments, therefore honest evaluation of you own finance situation is best measurement.
The Benefits are obvious to buy if you want to move forward. But being comfortable with payment and HOA dues is another thing.
FIRST I would recommend to check with mortgage broker how much you can be approved for to get an idea, and take it from there...its free, without commitment and without affecting your credit score.
Please feel free to ask me if you have any other q., We also do 20% INCENTIVES from commission this spring, yup I need to mention that.:)
Happy New Year. There are a lot of factors to consider in whether it is the right time to buy or rent in San Francisco. The first and foremost would be job & financial security. If this is set, the next factor to consider is your objective. What do you want this property to do for you? Are you planning to reside in the unit for a longer period of time? Can you grow into or will you need to move as life progresses - marriage, baby, new business, etc.
If you honestly feel that this is set for you - I would highly consider getting into the market. If you can afford the payment and you qualify for traditional financing, you should begin to seriously weight your options.
Let me know if I can be of assistance.
Also, Trulia has a rent vs buy calculator for you to play around with and run the numbers behind different scenrios.
TIC offers you significantly lower price (24-30%) than a condo. It major drawback was a difficulty to sell. Now with fractional TIC loans it is not an issue. The reason clients buy TIC properties are twofold: 1. TIC property are more affordable, 2. There might be an upward surge in its value, if TIC is converted to a condo. This is, however, far from certain. You have to enter a lottery every year (as the number of condo conversion permits is limited) and you might never win. You might want to check the statistics on what the odds of this ever happening are. The key in your decision making should be the amount of time you might want to keep this property. What will you do next? Buy a house and rent out or sell your condo or TIC. In other words, have a plan - the right decision will jump at you. The rule of thumb, longer you plan to stay, better TIC looks. Good Luck!