Slow Down Market!
It is here! It has been here and it is still here! The market has slowed down from the peak a few months ago. Good news for buyers and good news for sellers as now the buyers who have been waiting on the sideline will be back! Sellers - do care and try to make your house ready, fix that plumbing leak, clean up and declutter, do repairs that are necessary to make your house super likeable! Buyers - don't settle down on a house and get a realtor's help to decide on that perfect price.
If you see the chart, the home prices continue to appreciate, so buyers, don't wait and go find your home while it is still slow. Mortgage rates also have been rising slowly but steadily. Don't wait to buy to see, but buy and wait!
Try to talk a great loan officer where you are banking with or ask a realtor if you have any question about mortgage rates, refinancing, HELOC, etc. Because it will save you money in the future! Contact me today to know who is my favorite loan officer!
Hip Condo vs Home with Granny Unit
For a long time, a client wanted to buy this particular luxury building at downtown San Jose. 2/2.5 listed for more than $1,2 mil. The HOA alone is more than $700. A secure building, with 2 parking space and it is totally gives out a hip vibe. All his needs are within walking distance. In need of some eggs? Safeway is right downstairs, just take an elevator ride and some walking for a total of 5 mins. Bubble tea shop, Gong Cha, is only 6 mins walking (we timed it). Carl's Jr. is 7 mins walking. Post office is 2 mins elevator ride. Posh Muji store is also within a few minutes of walking. Do you get what I'm sayin'?
My client waited for this special condo for months to lower the price, and it did. He waited again (because the plan is not going to throw free money at any property), and waited again. Then one day, it dawned on him that from a financial perspective, it is NOT a good idea for him to purchase this hip hop condo. Why, you said? The HOA fees alone is throwing money of $700 every month till the day he sells it.
For a certain buyer, the condo may work better but for some others, it may be a much better investment to buy a single family home with a large enough lot that in the future you can build a "granny unit" that will give you that cash flow you need to be rich in real estate. Google the news of San Jose approves the new rules of these "granny units" and go this link to check all the details, straight from the source: http://www.sanjoseca.gov/ADUs
Regardless which type of home fits your lifestyle and budget, it is important to talk to a real estate professional and crunch the numbers. Numbers don't lie ... then make a decision!