The cost per square footage for an addition really depends on the contractors. Some may reduce the cost depending on the scale of the project. For example, one of my clients is adding close to 500 square feet and paid around $220K to $250K, excluding finished materials. Some contractors quote $300 to $400 per square foot, but the final cost depends on various factors-whether it’s a first-floor or second-floor addition, the scope of the project, and whether you have approved plans or need someone to handle both the design and construction. I recommend getting quotes from multiple contractors and comparing them. However, a lower quote doesn't always mean better quality. It's important to research contractors by reviewing their past work and talking to previous clients to get a better sense of their reliability. Good luck with your project!

It's a great question and one that many people are asking right now. While there are signs of cooling in some markets due to rising inflation and affordability concerns, it's hard to say if the 'bubble' will truly pop like it did in 2008. Today’s housing market is driven by different factors, like low inventory, strong demand, and stricter lending practices. However, economic conditions can shift quickly, so it's definitely something to keep an eye on.

Thank you for the comment , sure will do .

The question of whether home prices will crash or recover depends on several key factors. Right now, the recent drop in interest rates could increase buyer activity, but the market remains unpredictable due to broader economic conditions. In many areas like the Bay Area, we’re seeing a softening in home prices, but not a full-blown crash. The limited housing supply and ongoing demand, especially in high-demand areas, tend to keep prices stable. Overall, while prices may dip slightly or remain stable, a significant crash seems unlikely in the near term. It's important to stay informed and monitor both local market trends and interest rate changes.

Thank you! 🙏 It’s always rewarding to see dreams come true, and I’m grateful to be a part of that journey.

Hi, it just went pending yesterday evening for $1.17M in the 95123 zip code.

Yep it's one of the fast growing areas in Lathrop, Especially River homes are just going crazy.

Thank you for the kind words! I'm glad you're enjoying the podcast. I'm sure Danh will get back to you soon after receiving your email. In the meantime, if you have any urgent questions or need further assistance, feel free to reach out to me directly. Thanks again for your support!

Manteca and Lathrop have become increasingly popular, particularly following COVID and the tech industry boom. The abundance of available land has fueled a wave of new home developments in both areas. Lathrop, especially, has experienced significant growth due to its riverfront properties, which have attracted many homebuyers. When considering neighborhoods, both Manteca and Lathrop provide a variety of choices. For those focused on safety and future appreciation, areas like River Islands in Lathrop are highly desirable, thanks to their modern developments and excellent community amenities. If you'd like to set up a personal meeting to discuss your specific needs, feel free to reach out to me via WhatsApp through the link on nagarajhomes.com.

Thanks! For the first property, I went with a 15% down payment and used an SBA loan with a 6.675% interest rate. The second property required a 35% down payment, and I secured an investor loan due to the short closing timeline.

The Bay Area housing market is definitely facing challenges, but calling it a crash might be an overstatement. While prices have softened and sales have slowed in some areas, it's more of a market correction than a full-blown crash. Factors like high interest rates, economic uncertainty, and affordability issues are contributing to the current environment. However, demand for housing in the Bay Area remains strong due to its job market and desirability, so it's more of a cooling-off period than a collapse.

@@nagarajannaiah Thanks for summarizing.

Thanks for the support! I'm glad you found the info helpful. For good homes in the Bay Area, head over to nagarajhomes.com and use the home search feature. You can adjust the filters based on price, area, and your specific requirements. Feel free to reach out to me directly so we can plan and narrow down your search together. I'm here to help you find the perfect place!

Thanks for your feedback! I aim to cover topics thoroughly to provide as much useful information as possible. If there’s something specific you’d like to see more of or a particular area I could improve, I’d love to hear your suggestions

Should go straight to the point instead of just running around the bush.

I appreciate your concern, but just to clarify, the units in question are unsold condos, meaning they don't have existing mortgages tied to them. The $31k price tag from the auction is all about recouping unpaid maintenance fees from the developer. Buyers of these units wouldn't be inheriting a mortgage, as there isn't one attached to these unsold properties. Thanks for bringing this up-it's important to get the facts straight!

NO TRUE! PLEASE DON'T GIVE INACCURATE INFORMATION. If you buy a property at an auction, the winning bid is the purchase price. The new owner is only responsible to pay the back real estate taxes, and HOA fees if there are any. The mortgage company only gets whatever the winning bid is, even if it is at a loss.

Hey, I hear you! I know it can be frustrating when the flow gets interrupted. The live call-ins sometimes require me to step in, especially when we need to mention call-in numbers or handle other logistics. But I’ll definitely work on letting the attorney finish their thoughts more fully in the future. Thanks for the feedback-I'm always looking to improve and make sure there's as much value as possible!

You're correct that generally, for certain visa categories like the EB-5, you need to show a $1 million investment in a business, excluding real estate. However, there are some exceptions and nuances, especially in targeted employment areas where the minimum investment can be $800k. I’d recommend verifying the specific requirements with a qualified immigration attorney. If you're looking to discuss this further, I'd suggest setting up an appointment with Ashima. Mention my name when you contact her, and you might receive a discount on the consultation. She's well-versed in these matters, and it could be beneficial to get her insights. I'll also be speaking with her more in the coming days about real estate investment opportunities.

Thank you for sharing your perspective! I completely agree that buying a home should align with your family's needs and long-term plans rather than trying to time the market. Your strategy of minimizing opportunity costs while still investing in the market is insightful. Using a margin loan for the down payment can indeed be a creative approach, especially for those comfortable with a bit more risk. And yes, having a cash buffer for living expenses is crucial. Balancing financial planning with life goals is key, and it sounds like you've got a thoughtful approach to doing just that!

Thank you for sharing your thoughts! You’ve raised some important points, and I appreciate the discussion. Navigating the housing market can be challenging, but with the right information and careful planning, there are still opportunities to be found. While realtors do have a vested interest in closing deals, it's crucial to work with one who truly understands your financial situation and long-term goals. They should help you navigate the market with your best interests in mind, rather than just pushing for a sale. For many, diversifying investments and exploring more affordable areas can indeed be a wise strategy. Patience and prudence are key, especially in uncertain economic times. Remember, my videos are based on real facts and what I observe with other buyers. I’m here to provide transparent, practical advice to help you make informed decisions. Keep asking questions, stay informed, and don’t hesitate to explore all your options. Thanks again for the comment, and keep the encouragement coming!

You're absolutely right-households with an income of $1 million or more are indeed a small minority. This highlights the importance of financial planning and making smart decisions, especially in today's housing market where affordability can be a challenge for many. While not everyone can achieve that level of income, there are still strategies to build wealth over time, such as investing wisely, managing debt, and making informed real estate decisions. My goal with the content I create is to provide insights that can help you navigate these challenges, based on real facts and observations from working with a variety of buyers. It’s about making the most of the resources you have and planning for long-term financial health. Thanks for the comment, and keep the conversation going!

I totally get where you're coming from-it's surprising how high the prices remain in places like Gilroy, especially given the commute challenges. Even with RTO mandates, the demand for space and the lifestyle that comes with it is keeping those prices up. The market dynamics in the Bay Area are definitely unique, and the pricing in areas like Morgan Hill and Gilroy could use some realignment. What's also driving this is that sellers aren't ready to reduce prices. If they don't get the price they want, they’re able to rent out their properties and test the waters again next year. It’ll be interesting to see how things evolve in the coming years!

It's definitely a concern many people share, especially with the current economic uncertainties. While some believe the market is due for a correction, others think the demand for housing in areas like the Bay Area will continue to support high prices. It’s always a challenge to predict when or if a bubble might burst. Buying in today’s market does come with risks, and it’s crucial to weigh those carefully against your long-term goals.

Hey @jayfloramusic! Thanks for the tip! I've been thinking about adding slides too. By the way , Santa Clara is a great place !

I guess the only thing crazier would be paying $3M and finding out the ghosts charge extra for rent! Real estate prices these days can definitely make you do a double-take.

Thank you for the comment .You're absolutely right about the long-term perspective. It's a marathon, not a sprint, as they say. Or maybe more like a really expensive, slow-moving marathon with unpredictable weather conditions. But hey, at least you'll have a roof over your head when the apocalypse comes, right? Jokes aside, it's important to consider your financial situation and future plans when making a big decision like buying a house. There's no one-size-fits-all answer, so it's essential to weigh your options carefully.

​ @nagarajannaiah if one lose his/her job during a downturn and his/her house is under a loan, the n foreclosure may happen. Also it is not easy to sell during downturn. Additionally, if house prices decline, equity could vanish. During the initial years, a significant portion of the monthly payment goes toward interest rather than building equity. So, in a job loss scenario, buying a house becomes like high-rent accommodation. if one is on rent, With job loss, there is predictable and manageable downside and one can move to cheaper location here is USA or abroad. Buying a house makes sense when economic conditions are good or houses are in affordable range with respect to income or one has enough cash to sustain a downturn. Also Taking a loan makes sense when interest rates are low. Though bay area has limited supply of houses, the boom is mainly driven by high tech paying jobs of tech industry. It is not a gurantee that such conditions will exist in bay area after 20 years. There was a time when auto industry was prosperous in USA but it is gone now.

You've raised some excellent points regarding the challenges of homeownership, particularly during economic uncertainty. Job loss, economic downturns, and fluctuating interest rates can heavily impact homeowners, while renting tends to offer greater flexibility. In the Bay Area, high salaries in the tech industry play a significant role in the housing market. With base salaries often reaching $500,000 to $600,000 per household, and total compensation, including RSUs, sometimes surpassing $1 million, many tech professionals can afford higher housing costs. This increased purchasing power has fueled competition and driven up home prices in the region. However, it's crucial to acknowledge that these exceptional salaries aren't guaranteed to last. Economic conditions can shift, and industries can change. Long-term financial planning and diversification are essential when considering significant investments like homeownership. Having helped families secure homes ranging from $300,000 to $3 million, I have seen firsthand the differences in income and the struggles that can come with it. The challenges faced by those earning less, particularly in high-cost areas like the Bay Area, are very real. It's also important to recognize that these high salaries are not reflective of the entire population. Many families in the Bay Area and across the country earn considerably less, with incomes often between $100,000 to $200,000. This income disparity presents challenges for those trying to afford housing in high-cost areas like the Bay Area. Homeownership does offer potential benefits, such as building equity, tax advantages, and stability. Ultimately, the choice between renting and buying is personal and depends on individual circumstances and risk tolerance. It's important to carefully weigh the potential benefits and drawbacks, taking into account factors like job stability, financial situation, and long-term goals.

Hey there! Thanks for sharing your perspective. It's true, real estate costs can vary dramatically across different regions. The Bay Area is known for its high cost of living, influenced by factors like job opportunities, lifestyle, and limited housing supply. While it might not seem like a great deal compared to other areas, it's essential to consider the overall package: location, property condition, amenities, and potential for appreciation. Everyone's situation is different, and what's a good deal for one person might not be for another. It's always a good idea to do your research, compare prices in different areas, and consult with a local real estate agent to get a better understanding of the market.

Whether a recession is coming depends on various factors like inflation, interest rates, and job growth. Stay informed and adapt!

Thank you for the comment , He moved out of Eagle Ridge and still trying to rent but rental market is also too slow in the Gilroy.

The housing market is definitely a complex situation right now. Your observations about your neighbor's struggles and the broader economic factors are valid. It's a challenging time for both buyers and sellers. It's definitely a tough market for landlords and homeowners right now. It sounds like your neighbor might be overestimating what renters are willing to pay in the current market. It's a balancing act between getting a good return on the investment and actually finding tenants. As for the broader question of how people afford expensive homes, there are several factors at play: Historically low interest rates: While they've risen recently, they were very low for a long time, making borrowing more affordable. Dual-income households: In many cases, both partners work, increasing household income. Stock market gains: Investments have done well for some people, providing a source of funds. Foreign investors: Some buyers come from countries with higher property values, making local prices seem more reasonable. However, the situation is changing. Rising interest rates, inflation, and economic uncertainty are making affordability a bigger concern. It will be interesting to see how the market adjusts in the coming months and years. I agree that property taxes are a significant expense for homeowners, and it's important for potential buyers to factor that into their budgets. As for taxes on investors and foreign buyers, those are policy decisions that can impact the market, but they also have complex implications.

@@nagarajannaiah well said. As we all age, buyers should aware of buying a high price home can lead them into many financial stresses. is that worth it for health, precious life, relationships? Hope investors are mindful about not too greedy and selfish even though we live in capitalism. You don’t want to live in a mansion but surrounded by poor and homeless neighbors. The real estate correction is needed soon and tax high on ppl have more than 3 properties.

I completely agree. Prioritizing wealth accumulation over quality of life and community well-being is a dangerous mindset. It's time for a shift towards more equitable housing policies.

Below Market Rate (BMR) housing in San Francisco presents a unique situation. While the income limits and price caps might seem restrictive, it's crucial to consider the broader context. For buyers who qualify, BMR housing offers an opportunity to own a property in a city with notoriously high housing costs. It's a chance to build equity and potentially save on rent, especially when you factor in the reduced commute times and costs associated with living in San Francisco close to your work. However, it's true that appreciation might be limited due to the price controls. This might not be the best investment for those seeking quick, substantial returns. Ultimately, whether BMR housing is an "opportunity" depends on individual priorities and financial goals. If stability, affordability, and location are top priorities, it can be a valuable path to homeownership in San Francisco.

When the bubble pops, it won't be a gentle "pop goes the weasel" but more of a "boom shakalaka" kind of situation. So, buckle up and enjoy the ride while it lasts! 😜

While a housing market crash might seem like a chance for a fresh start, it's important to remember that "The bottom is a bottomless pit, there's always something lower." - Anonymous. Instead of wishing for a crash, let's focus on creating sustainable solutions for affordable housing and responsible lending practices.

The Bay Area has always been a diverse place, and it's true that demographics have shifted over time. It's great that people from all backgrounds want to call it home. As for housing prices, they're driven by supply and demand, not any particular group. It's important to remember that everyone deserves a chance to live where they choose, and we should avoid making assumptions about others based on their background. Let's celebrate the diversity that makes the Bay Area so special!

@@nagarajannaiah All that he is saying is that a new comer doesnt know more that a person who lived there for generations. Do you agree?

@@krishnak3033 Ultimately, it boils down to the fundamental economic principles of supply and demand. The high demand for housing in certain areas drives up prices, but it's important to note that not all homes command premium prices. Location plays a crucial role in determining real estate value, as the adage goes: "Real estate is all about location."

Thank you for your comment! It's true that the Bay Area's housing market has been extreme, with sky-high rents making it challenging for many people. The idea of being a top performer every day is similar to the housing market - it's not sustainable to expect peak performance continuously without some corrections. Just like a small market correction can be healthy for the economy, acknowledging the need for balance in our personal performance and expectations is important too. Sustainable success requires room for growth and adjustment.

Hi, Thank you for the comment. Gilroy's real estate market has been slow for the past few months, with many properties remaining unsold. This trend is expected to continue. Fully upgraded homes in great locations are still selling, but whether to buy now or wait depends on the price and specific area you're considering. For example, I had two properties in Eagle Ridge. One sold for $1.66M with seller financing options, while the other, initially listed at $1.6M, was reduced to $1.42M but still hasn't sold. The $1.42M property lacks many upgrades. In the Eagle Ridge community, homes are generally priced higher than newer constructions nearby, which are more like row houses. This is a good time to negotiate with sellers for price reductions or to cover closing costs. If prices drop too much, sellers may opt to rent out their properties instead of selling at a very low price. However, the rental market is also tight, with few tenants available. Let's see how things develop.

Yep totally agree 👍. Bay Area ESPP, RSU makes difference

@@nagarajannaiah are you saying people still have option to cash out their ESPP,RSUs if they do have a job loss? Pls explain.

Yes, even after a job loss, you generally have the option to cash out Employee Stock Purchase Plans (ESPPs) and Restricted Stock Units (RSUs), though the specifics depend heavily on your company's plan documents. The extra money isn't necessarily preventing foreclosures but is being held in reserve for a few years. Recently, one of my clients lost their job and, instead of selling their home, they decided to rent it out while moving to India. They plan to return once they find a new job.

I'm glad I got into crypto when I did because it was a turning point for me financially, and it was the best decision I've made so far..

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Rate fluctuations are one factor among many in the housing market. It's important to consider your individual situation and overall market conditions alongside interest rates.

@@nagarajannaiah yes. But hopefully we both can agree that your local market is a bit over valued and crime is a factor. It’s very sad to me. The bay area has been nothing but one of the most beautiful places to be.

I absolutely agree the Bay Area has incredible beauty and potential, but it's also facing challenges like affordability and safety. One of the reasons people are drawn here, despite the issues, are those higher-paying salaries and the dynamic stock market. I moved to California in 2014 and never want to leave this beautiful place. My goal is to help people navigate this market and hopefully be part of solutions that preserve what makes this place special.

Please check processing times here travel.state.gov/content/travel/en/legal/visa-law0/visa-bulletin/2024/visa-bulletin-for-april-2024.html Any Questions please schedule meeting with @Ashima Duggal

Thank you, my What's App number is +1 858 880 4577