There are no condos in Fremont, Union City, or Newark for sale, or that have sold this year in the 350K price range. There are currently 3 for sale in the east Bay under $350K. One is in Oakland, one in San Leandro, and one I forget. 3 have sold this year under 350K. One in San Leandro, one in Hayward, and one in Oakland. Have you ever thought about buying in a mobile home park? For $350,000 you could get a 3 bedroom in one of the cities where you are targeting and rent out 2 rooms so you may even be able to live for free. They are becoming more and more attractive for younger buyers who have limited budgets for this area.
Thanks @Marcy Moyer for the quick reply. I can up this to $400K max and I saw a few properties in Red fin. My timeline is until May so thanks for looking out for deals. I appreciate everyone here in BP trying to help, that makes this community amazing, you guys are rockstars!!!!
You would be hard pressed to find anything at the $350K mark. I don't think you'll get a top-class condo for anywhere near $500K (it will be significantly more).
You will get into bidding wars on properties under the $400K mark you see on Redfin. Realtors will list for ridiculously low prices in order to start a bidding war. This is a tried and tested strategy that is widely used (and abused) in ultra-hot real estate markets (see: Toronto and Vancouver).
Maybe look into buying a multi-family property (1-4 units) and that way you can use the rental income to help yourself qualify - the multi would need to be owner occupied (house hacking). You can also take advantage of FHA financing for a very low down payment.
With all that, you still have to find a deal that pencils or is at least something you are comfortable with.
@Omar Khan thanks very much for the warning on the bidding war, I won't fall into this as I'm sticking with a max $400K budget. I'm not in a rush and the math has to work
@Jonathan Pflueger , good call on the multi, just need to find an awesome deal so I'm reaching out to folks here in BP.
Thank you both!
@Marcy Moyer I like your idea on mobil home park, do you have some listing for it pls PM me if you do. Thanks
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