Article
California Condos
If you have been house hunting recently for foreclosed bargains, chances are you have probably had competition. Everyone is coming out of the woodworks in invest in real estate that is going for a bargain price. According to latest figures by DQnews.com “ An estimated 42,293 new and resale houses and condos were sold statewide last month. That was up 4.9 percent from 40,371 in September and up 63.7 percent from 25,832 for October last year. It was the strongest month since December 2006 when 43,431 homes were sold. California sales for the month of October have varied from last year's low to a peak of 70,152 in 2003, the average is 44,602. MDA DataQuick's statistics go back to 1988.”
Even in areas which were unaffected some months ago, prices have fallen by 40%. This includes the expensive bay area. So, if you are looking for a deal while the markting is bottoming out, this is the time to buy.
Even though investors are buying cash outright, if you have the right credit score, a pre-qualification letter and downpayment in the bank, you will definitely be considered a serious buyer. And, the truth is this IS the right time to invest in real estate for a first time or a seasoned buyer.
A popular choice of real estate investment are condos and townhomes in California. Despite HOA and Mello Roos, they are still very popular with yuppie couples, small families and for 'renting' income. Another reason for the growing popularity of these California condos is the price. It is so much more affordable then buying a single detached home in California, even when you count the HOA.
Still, it is always advisable to do your own research and gain some knowledge by checking out blogs, talking to realters and those who are buying or selling condos before making a decision.
Many real estate consultants help people make the home buying process easy. The sales consultants can help you select the perfect condominium in California. They can assist with the interior finishes, assist you in finding a lender, and walk you through the mortgage approval process. In fact, the investor is shown the condos 'online' and once shortlisted, they can be shown the property and subsequently all the documents and legal papers.
Owning a good California Condo home has many advantages. Community facilities like spa, gymnasium and swimming pool are usually included as part of the package. Some condo community even offer a Movie Theatre, DVD library, yoga and aerobic classes and kids storytelling. With the luxury upgrades, you get the luxury of staying in a resort like apartment, which normally is not affordable for many. Some offer a private children's park and play area. California condos also offer a feeling of community living. For many, buying a condo is a great way to transition from renting to owning.
If you are thinking about buying a condo in California, take a look at what the California Condos can offer: First, check the quality of construction. Second, check if it is close to to work, shopping and schools. Does it offer open floor plans, luxury upgrades and acceptable storage area. You can also compare prices and condos by checking the quality of upgrades like countertops, cabinets, tiles and community facilities like pool, spa and gymnasium. HOA and Mello Roos also differs from area to area. If you have bought a California condo before May 2009, you may qualify for the Home Affordable Refinance Program (HARP). The California HARP Loan program can help save homeowners hundreds - perhaps thousands - each month on their mortgage payment.
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