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More Than Half Of San Jose Home Sales Have A Co-Signer

in Bay Area News, Bay Area Real Estate by Ninja Movers Leave a comment

Earlier in the year, San Jose was named the most unaffordable city in the country. It’s no wonder, with the median home cost at about $900,000. Still, with a population of over 1 million, and growing, people are making San Jose home sales work.

How are people in San Jose able to buy homes?

A report in September may explain how people are still buying real estate, despite the high costs. They’re getting help. According to a report from Attom Data Solutions, which compiles nationwide property data, just over half (50.9 percent) of San Jose’s homeowners bought with the help of a co-signer — that’s more than in any other city.

The report shows that for the first time, more than half of all home-purchase deals in San Jose involve co-borrowers. No other city has topped the majority.  San Jose was followed by 45.2 percent in Miami; 39.1 percent in Seattle; 31.1 percent in Los Angeles; 29.4 percent in San Diego; and 28.8 percent in Portland.

“Climbing home prices are forcing more and more borrowers to consider other options, such as leveraging a parent’s credit, in order to qualify to buy,” Matthew Gardner, chief economist at Windermere Real Estate, said in the report.

Source: Mercury News

The good news is that percentage wise, homeowners in San Jose have more equity than in other cities. Partly because they are making bigger down payments and partly because San Jose’s real estate market is so strong. Nationally, the median down payment is only about 7.3 percent of the median price of a home.

Now look at the numbers for San Jose, where buyers put down 25.2 percent of the median price of a home. Again, that was the highest median down payment in the U.S., followed by San Francisco (22.3 percent), Los Angeles (19.3 percent); Naples, Florida (18.5 percent); and the Oxnard-Thousand-Oaks-Ventura metro in southern California (17.4 percent).

Perhaps the same people co-signing on the mortgages are also helping with the down payment, which of course, makes the mortgage payments far more affordable.

Featured image via David Sawyer/Flickr.

Are You Ready To Move Into A Tiny Home?

in Bay Area Real Estate by Ninja Movers Leave a comment

If you spend any time watching home channels on TV, you probably think the tiny house movement is the rage. On one level, it makes a lot of sense. Tiny houses are cute as all get out and with the cost of housing in the Bay Area, going small could mean the difference between having a place to live and not.

Image via <a href=

Ben Chun/Flickr” width=”960″ height=”643″ class=”size-large wp-image-10167″ /> Image via Ben Chun/Flickr

Tiny home owners typically go in with a budget ranging from $20,000 to $60,000, but for that, people don’t get much and they don’t get the land. According to Forbes, the average per square foot cost ranges from $200 to $400, which is a bargain when you consider that Bay Area home prices can go for upwards of $1,000 a square foot. The only problem is that the tiny houses rarely come with land.

Still, if you are looking to minimize your environmental footprint or if you want portability, a tiny home might be perfect for you — as long as you go into it with your eyes wide open.

There is no track record on tiny homes, so don’t look at a tiny home as an investment. The resale value might hold, but it might not.

Every tiny home buyer knows that they have to downsize to fit into a tiny home, but they may not know to what degree. For many tiny homes, there is no closet space for even dresses (they are often too long for the miniature closets). Big shoe collections have to go and while many who are drawn to tiny homes are outdoorsy, there’s very little room for skis, rock climbing equipment, surf boards and other outdoor gear. Storage units across the country are filled with not-quite-ready-to-be-thrown-away belongings of tiny house owners.

That’s not to say going tiny is a bad thing. If I were single, I would consider it. I love cozy surroundings and I love the idea of being able to afford a home that’s completely renovated and made to look exactly the way I want. With a husband, two dogs, a cat and a lifetime of belongings though, it would be a big mistake.

The Healthiest Real Estate Markets Are Right In Our Backyard

in Bay Area News, Bay Area Real Estate by Ninja Movers Leave a comment

While Bay Area real estate is still some of the most expensive in the country, the market has been slowing down somewhat. Still, some markets are healthier than others, and as it turns out, two of the healthiest real estate markets in California are right in our backyards.

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The healthiest market for home sales and for home values is Fremont. Fremont is even affordable, at least with Bay Area wages. The average Fremont homeowner spends only about 22.5% of their income on housing costs. That’s good news in a country where many spend upwards of half their income on housing. Still, the median home value in Fremont is pushing $1 million, which means incomes must be equally healthy.

The fourth healthiest market is San Jose, where people spend about 21 percent of their income on housing. Their homes are somewhat more affordable, but still out of reach for most Americans, at $862,800. So again, expect to need a good salary to not be house poor.

For both Fremont and San Jose, homes sell in fewer than 25 days on average, so expect bidding wars if you are buying or selling in those cities. In the 7th healthiest market, though, a home will spend even less time on the market. In Oakland, people spend just over a quarter of their income on housing with a median home value of almost $680,000.

While only three Bay Area cities made it into the study’s top 10, it’s fair to say that those three cities at least partially represent the market as a whole. The housing market here is still healthy, at least for a while.

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