I’m looking to buy a fixer in fremont, I believe I’m getting it less than market with 10% buffer after the remodel. So I have some cushion for a correction if it happens.
The home next to it (identical layout,sft), which is slightly in a better condition with some updates over the years appraised last month for $120k more than what I’m paying now.
My debate is with elections so close, should I pull the trigger? if a Trump event happens in Nov, how and when will be there an impact on RE? or is it a non-event at all?
PS: I know long term it doesnt matter, but question is about a RE sale that Im going to miss
I spoke with an agent yesterday about the Trump factor or the pre-election uncertainty in general.
He acknowledged it and sait it makes a good buying opportunity, or, in other words, “this is the worst time to list a house” (quoting him literally). Of course, he still took that new listing
We specifically discussed the under $1M price segment in Capitola… about 5 listings there right now that have been sitting for as much as 3 months… they had asked for what was reasonable probably in February (2016) and came a little too late to the party.
If a seller wants to sell this fall, he may have to accept a 2014 price. Yes, 2 years of gain (20%) lost in the last ~6 months.
Remember to buy when others don’t. Sell when others want to buy.
I think either way housing goes up after the election. It’s the uncertainty that’s causing pause. Once people know, then they move on and start making decisions. Just look at the data in the other discussion. The bay area added 8 jobs for every 1 home created from 2011-2015. That trend isn’t going to change.
Agree but how much more can housing go (realistically)? Are we saying a plain jane 2/1 SFH in SF will hit $1.5-2M? The pricing is out of whack as it is and to think it will go way higher is hard to believe. People will be forced to look east and beyond because they simply can not or will not pay those high prices.
I think $1.2-1.4M is the sweet spot based on affordability of $250k income. That’s why there’s so much demand below $1M. I think anything below $1.2-1.4M will go towards that price. Anything above that will probably have slower appreciation until the lower priced homes catch up. Then the homes above that price will start to go up again.