Pleasanton, CA in the east bay is very convenient to a lot of areas and is the choice of many. When we moved back to Calif. For example and my husband worked in San Jose, CA we looked all over. The peninsula was tooo expensive and we couldnt get very much for our money in the South Bay. Our next place to look was Pleasanton, CA awesome schools great community. Tons of sports for the kids, the night life is getting better. Going up to Danville was tooo far. Anyway, even with all every one is saying about the housing market. Pleasanton has been called "The Best Kept Secret" we have been pretty lucky in that our home value per sq foot is staying very steady. Our inventory is the best in the east bay (not too much but a nice selection). Now is the time to buy if you can buy at all. We dont have 12 months or more of inventory like other cities on the news more like 5 or 6 months of inventory which is close to a sellers market (lowere than 3 months).
Word on the street is that banks are going to be much more willing to work with investors when they make offers on bank owned properties. In the past is has been a challenging process with the banks holding on to their property and going with the higher bpo. Recently these reo;s have been moved to auctions and then being sold for .70 cents on the doller less money needed for repairs. Areas are getting hit hard with all of the short sales and reo's. At first banks wouldnt deal with investors thinking they'll get their money back. But now with invntory rising it is going to change.
As far as pricing your home to sell you can just look at the comps for the last 2 months, you have to go back 6 months. And its not just the previous comps, its whats on the market now, if you have reo's in the neighborhood you are competing with you have to think about that when pricing your home.
When figuring your sales price you have to remember its based on substatution. Unless someone completly falls in love with your home, you have to realize that if they can go around the corner and buy a similiar property for less why would they buy your home. I am a real estate agent in the east bay, ca but first i studied foreclosures and investments. I really think you have to think like a buyer when you are previewing homes.
I am going to another investment class in the beginning of Feb. I love the information. I have thought of buying out side of Calif for investment property buy why not buy in Calif if it will cash flow? I think of this market as a desperately needed correction. People were buying a home and then trying to sell it in one year expecting to get 13% (100,000) good for them but how long can that continue??? Real Estate is an awesome investment. If you are in it for the long haul. 3- 7 years or more. But when you shoot up the market that quik you price everyone out and then something like this is bound to happen!!!
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