Is It Time To Buy?

Depending On City, Ask any realtor what the most important factor in a home's cost is, and the answer will be, "Location, location, location." The location of a home can dictate whether a buyer can get a huge, spacious home for their family or tiny condo. Some hot areas almost guarantee an inflated price for the size of home and amenities included. New York City, San Francisco, San Jose, Miami and Honolulu are some of the more expensive areas to buy a home, but others include Chicago, San Diego, Seattle and even some parts of Minneapolis. The median home price in the U.S. was $200,700 in March 2008, according to the National Association of Realtors.
The most expensive area of the country is the northern California area of San Jose, Sunnyvale and Santa Clara with a median home price reached $845,300 in 2007. The least expensive area is an area including Pennsylvania and Ohio with average home prices of about $72,600. One thing I think is very important is location, where even in a soft market prices continue to rise. Most of my listings in Saratoga/Sunnyvale are still receiving multiple offers over asking.

Prices aside, there are many other important aspects to consider when purchasing a house in a market where prices are unstable.
#1 Hire a good experienced agent.
Their may be agents willing to discount. But a good agent will save you more dollars when purchasing or selling to cover the cost's of any commissions they may get.
Visit the Neighborhood
"Check out the neighborhood," "Don't just drive through it, spend some time in it and take a walk." If you like an area, consider other neighborhoods nearby. Sometimes an adjacent neighborhood can have a similar feel with a lower price tag.
Assess the House
Items to check: Check water pressure by flushing the toilet Check outlets for drafts Test the floor to make sure there aren't soft spots Check appliances to ensure they do work
Hire an Inspector
Many home-buyer resources stress that the new buyer make sure to have their potential home inspected, but that's not enough.

Cheers,

Mark



Your Silicon Valley & Sunnyvale Real Estate Professional
Mark Thomason
www.ThomasonTeam.com
408.850.3085