3 Tips for Fresh Grads When Looking for their Own Space
"Congratulations!" "You just achieved another milestone!" "You have a world of possibilities ahead of you!" We're sure you've heard of those phrases when you announced to the world that you're graduating. We celebrate with you. And we'd also like to give you some sound advice if you're planning to find a new place to start your professional life afresh. These are 3 very practical tips if you're planning to get your own space right after graduation: 1. Live with your family and prioritize saving. Yes it's not the most glamorous option, but the most practical. This option removes the pressure of adjusting to a new environment while navigating your way in your field's industry, whether it's job hunting or adjusting your lifestyle from being a student to a young professional. If you have the support of your family, grab the opportunity to make one major adjustment at a time until you're ready to pay for your own rental space. Want a smarter move? Stay long enough to save a place you can buy for yourself. 2. Find roommates whom you can trust. Emphasis on roommates YOU CAN TRUST. These can be your roommates in college, new coworkers and people whom you know are responsible. This removes a big weight of worrying if you'll be able to pay for the rent because you know your roommates will all do their fair share. Just make sure there's a mutual agreement to pay on time and pay their share in full. Better put it in writing especially if your new roommates would be people you just met. 3. Consider buying a rental property. Okay, so hear us out. See if you can qualify for a mortgage and buy the most affordable home you can, even if it isn’t your dream home. Better yet, buy a multi-family house and live in one unit while renting out the others to help pay part (or maybe even all) of your mortgage. If you can't do it on your own financially, ask for help from someone to co-sign or invest in a space with you. You never know what can happen until you try. There are many more options that you can explore, but would require more details about you to fit your needs, lifestyle and capabilities. If you feel lost about finding a property, our team can help you out. Don't hesitate to call! Our number is 925-415-0835! If you'd like to be updated with our latest listings, and our curated market update, sign-up to our weekly newsletter here!
What Would it Cost You if You Wait?
Many buyers are losing a lot of money because they WAITED. Yes, you read that right. Buyers today are being priced out of their desired housing market and losing the chance to grab their dream home because it took them months before making a decision. The two biggest factors for this are the increasing mortgage rates and the appreciation of the home prices. Because there’s still a great demand for homes (in San Ramon alone, it’s almost a 100% seller’s market) and the trend is highly unlikely to take a pause anytime soon, prices and mortgage rates will continue to soar. THE COST OF WAITING THIS 2022 Increased Mortgage Rates Last December 2021, the average 30-year mortgage rate was 3.11% which rose to 4.67% by the end of Q1 2022. It increased by 1.56% in the first quarter of this year! The average 30-year fixed mortgage rate hasn’t risen above 5% in over a decade, but it will likely reach this milestone in the second quarter of 2022. Increased Home Prices Over the past three months, which had the lowest inventory on record, home prices increased nearly 10%. Nationally, home prices have hit the $200/sqft ratio, the highest in history! Rising rates, in the short term, boost demand because potential homebuyers want to get ahead of the increase, but in the long term, they reduce demand. Because the market is so undersupplied, less demand is actually a good thing. Home prices simply cannot maintain the rapid increases. Although a housing bubble isn’t likely yet, a sustainable growth rate is better and safer for the long term. Particularly in East Bay, both for single-family homes and condos, prices have increased. In Alameda County, there’s a 23% increase in prices of single-family homes, and 6% increase in condos. In Contra Costa, prices of single-family homes have increased by 6% while condo prices have increased by 13%. The inventory that we have right now in the East Bay is still low but RISING. We do not know how long the increase will be so it’s best to act now while we’re getting more supply than a few months ago. Now that we’re seeing a window for change, it’s the perfect time to act and make a purchase. Your success in buying and selling a home also leans on the strength of your team. If you’re still looking for a competent realtor that you can trust, give us a call at 925-415-0835!
Ep 6: The market's changing!
Is there really a change happening in the market? To what extent? Until when? Watch this episode to find out: Transcript: If you’re out there looking for a home for a long time, getting beat up and the crazy offers have put you on the sidelines, you really don't know where to start anymore, you're frustrated, you’ve given up... …well, there's hope for you. Because the markets are changing and this could be your opportunity to seize that. So if you're gonna ask me if the market's gonna crash I really don't think so. But there is a temporary blip and if I remember it correctly we had the same temporary blip last year in April and May so I'm kind of wondering if this is going to be a pattern every year. But definitely it's here right now and you have the time to seize the moment and get your offers accepted without the craziness. If agents out there are telling you there are 20 offers on a listing, they're talking nonsense. Nobody's getting 20 offers anymore if the property is priced correctly. If it's the right product and it is a desirable product in a desirable city an area, yeah sure, they'll get four to five offers or maybe seven offers. There are certain pockets still in the Bay Area that are getting multiple offers but not every area. So if you are in the market looking for a home for a while, struggled, kind of at the verge of giving up or have given up, give us a call. We'll talk you through it we'll explain to you exactly what's going on in the market. This is not your time to be scared by what you're hearing in the news or what you're seeing in the media. Yes, there are things that are changing right now but when the change is happening most of the time is the time to grab that opportunity. So give me a call at 925-698-1815 and me or one of my team members are here to counsel you and assist you through this process again. ___ Rama has been an agent for almost 2 decades already! If you want to work with someone of integrity, expertise, and great care for her clients, call her at 925-415-0835!
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