Looking at the low condo prices, is it a good time to buy one for housing/investment? Pretty sure 2024 will have lower rates so. I’m partial for condos due to the no maintenance and hassles. I’m thinking for this one as due to RTO, this one has the best location. Went to open house, well built, completely sound proof from freeway noise. EPA had not good reputation decades ago but looking at San Jose, Santa Clara crime rate, EPA is safe. This way location is golden, I can stay for a few years and rent it out for a constant investment income. Why not have someone paying rent for your mortgage? Condors are the easiest to rent. https://www.redfin.com/CA/East-Palo-Alto/453-E-Okeefe-St-94303/unit-206/home/1873281 #personalfinance #investments #housing
That's in East Palo Alto I'd stay away if I wanna live
Lol I felt safe there, safer than San Jose or Santa Clara.
Where are you staying in San jose? I don’t know any unsafe part rather than downtown.
Just bought a rental property in Seattle. Now the demand is lower than ever before. I used to see 30 to 40 competing offers. Now we had just one competing offer. I was able to get the property with 12k under asking and 30k under appraisal value. I see that interest rates are higher than the last 10 years but historically 6% is about normal in USA. Keep in mind if interest rates go lower you can always refinance. But then when it happens you will face higher competition and pay over asking prices! As the saying goes, you're dating the interest rates but marrying the purchase price..
This is solid advice, like the marry purchase price analogy. Feeling that rates will improve in 1-2 yrs. Election and all. Is Seattle prop tax 1.25?
What does refinancing your own house mean and how do you compete with others?
But I have heard that condos don’t appreciate as much.
Most sfh in Bay Area are from 1950-1970 era. Many require upfront expensive remodeling or fixing plumbing/electrical systems. This can easily be a few hundred grand expense. Already remodeled homes are expensive. With condos it’s a good balance, low risk. Medium rewards.
My only comment about condos is the HOAs. In Seattle, some HOAs are $700-1200 a month. Some HOAs cover water, garbage, and building maintenance but I would suggest confirming what they truly cover, the history of their HOA fees and how/when they have increased, history of major repairs, and their cash surplus. I live in a building with a fairly low HOA of $400 mo but the building has old pipes and there have been lots of issues/claims so the HOA continues to go up. Just good to be aware as it can impact your out of pocket cost.
Yea if you can pay cash. No if you have to pay the high interest rate.