I was curious if you decide to buy that home. What is your status right now? Are you still renting, or did you purchase a home? C.A.R. recently put out an article which I thought might be helpful to you. Here it is. Let me know your thoughts.
Finding an area with appreciation potential:
Some real estate experts believe that home buyers who purchase a house during the current market will gain equity if they stay in the house for at least five years and purchase in a desirable neighborhood.
MAKING SENSE OF THE STORY FOR CONSUMERS
Â· Neighborhoods with strong employment bases, such as hospitals, universities, and government, tend to be recession-proof. People desire to live near their jobs, so housing that is in close proximity to these types of industries are generally in higher demand than those in other areas.
Â· High gas prices and roadway congestion have led many people to seek â€œwalkableâ€ communities â€“ neighborhoods that offer both daily needs such as grocery stores and coffee shops to more specialty items like hair salons, all within walking distance. Walkable communities also provide public transportation, which is becoming more desirable to many home buyers and is increasing demand for housing in these areas. One Web site, walkscore.com, calculates the walkability of a community by locating stores, restaurants, schools, parks, and other attractions that are within walking distance. The scores are based on a 100-point scale with 100 points being a â€œwalkerâ€™s paradise.â€
Â· Home buyers who seek a new or nearly-new home should search in areas where the homebuilder is known for honoring warranties and building high-quality homes that are structurally sound. Homes in these areas are more likely to weather well and gain value in the future than homes in areas where the homebuilder is unknown.
Â· Homes in neighborhoods with sales momentum generally appreciate at a faster pace than areas where sales are flat. Some real estate industry consultants advise clients to pay close attention to the â€œlist to saleâ€ numbers, which reflect the difference between the asking price and the final closing price. Usually, if the gap in list-to-sale numbers is narrow, then the real estate market in that area is improving.
I look forward to hearing from you. Serena
If you have found a home that you want to purchase then do it. From all the information that I have read and heard the Bay Area in general will be stabalized within two years. The Bay Area is a destination with large employment opportunities. Areas on the outskirts of the Bay Area may continue to struggle for a few years, but with the prices at 3-5 year lows we are now seeing homes sales picking up in the Bay Area. None of us have a crystal ball, but we all know that the Bay Area is an excellent place to live and if you have the opportunity to make a great deal on a home then do it!
I would like to recommend you an excellent real estate team in Fremont that covers the entire east bay, Rick Geha/Coco Lewis team. You can reach Coco @ 510-505-5554 or firstname.lastname@example.org.
I wish you the best on pursuit to purchase a home.
Yes, most communities in California are still plagued with the 'Declining Market Condition' -but many areas regardless have steady interest and sales and this is absolutely true of the Fremont market.
Now can someone guarantee that the market will see a huges appreciation over the next 5 years - NO, no one can guarantee you that.
If you want a sure thing - well I am not sure where you'd go. But buying a house is more then buying solely for investment. Most people are purchasing a house for the multiple benefits it offers.
Also consider this - should the prices drop another 1% over the course of 6 months on a home which you buy for $700,000 that means $7,000 - yet if you see home stablize in the area you are looking which I believe they will or even increase by half then was the benefit of buying now versus the gamble of waiting worth it to you?
All in all, talk to a Realtor - you as the buyer don't pay our salary - and many of us work hard daily to bring information and accurate measurement of value and costs to the general public.
Please visit my website - http://www.4saleFremont.com