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Buying property in Silicon Valley makes perfect sense, according to Referral Realty broker Moise Nahouraii. Nahouraii recently showed SILVAR members why.
Nahouraii said in addition to the advantages of historic low mortgage interest rates, low home prices and high rents, property appreciates in Silicon Valley three times more than anywhere else in the state. The top three industries leading the country out of the recession are high tech, energy and medical industries, which all exist in Silicon Valley.
“Land here is gold!” exclaimed Nahouraii.
Additionally, in a survey of Silicon Valley CEOs, 84 percent considered housing as a top problem in the region; 67 percent said the cost of housing was one the most pressing challenges. Majority of respondents want government to approve more affordable housing.
This is the best time to invest in real estate in Silicon Valley because rents are rising because of high demand due to foreclosures, short sales, unemployment, damaged credit, loss of stocks, increased debt, stringent loan qualifications by lenders, lack of down payment for a home, etc. Nahouraii showed bargain properties on the MLS and illustrated how purchasing a single-family home (self-managed) and multi-unit property (self-managed) could generate a positive cash flow for an investor.
“Investment should carry itself because you could lose your job tomorrow. You have the most stability in Silicon Valley than anywhere else,” said Nahouraii.
The Cupertino First-time Home Buyer Seminar held last Saturday was well-attended.
The City of Cupertino and SILVAR’s Equal Opportunity Committee partnered to present a First-Time Home Buyer Seminar at the Cupertino Community Hall last Saturday. SILVAR members served as panelists in discussions focusing on credit information and tips for first-time home buyers. A third segment of the seminar was presented by The Housing Trust of Santa Clara County.
Presenting advice on credit, Richard Miller (Proficio Mortgage Ventures), Kenneth Chan (HSBC), and Jimmy Kang (Bank of America) stressed now, more than ever, your FICO score is very important. Miller recommended that potential buyers check their FICO score at least once a year to make sure their credit report is accurate; six credit cards are ideal; and make sure debt on each credit card is no more than 30 percent of the allowed credit. Chan informed international buyers of requirements for buying property here in the U.S. Kang talked about the different loans available for buyers.
A panel of REALTORS® with Chris Alston (Keller Williams Realty), Nina Daruwalla (Coldwell Banker), Grace Keng (Re/Max Real Estate Services), and Moise Nahouraii (Referral Realty) informed prospective home buyers that these days, in addition to having a good credit rating and history, they need to get pre-approved by a lender before they start looking at homes or contacting a real estate professional. They differentiated between a REALTOR® and a real estate agent, stressing REALTORS® pledge to abide by a Code of Ethics. They reminded buyers there is no “perfect home,” but with the help of a REALTOR® who is knowledgeable and employing good negotiating strategies, one can find the best property for the best value and clinch the deal.
Dan Lachman, program manager of The Housing Trust of Santa Clara County, then shared information on programs that provide financial assistance to first-time homebuyers, including the Closing Cost Assistance Program (CCAP), the Mortgage Assistance Program (MAP) and Equity Share Co-Investment (ESCO).
“Almost 80 percent of all home searches today begin on the Internet. With just a few clicks of the mouse, home buyers can search through hundreds of online listings, view virtual tours of neighborhoods and homes,” said Tess, Crescini, chair of SILVAR’s Equal Opportunity Committee. “Many prospective home buyers don’t realize a lot of preparation is needed before their search. We hope we were able to educate them about these important steps, so their home buying experience can be successful.”
Crescini moderated the SILVAR panels, along with Sue Bose, who is also a member of the committee. The weekend seminar was held in observance of Affordable Housing Week. Also represented at the event were credit counselors from SurePath, West Valley Community Services, Neighborhood Housing Services Silicon Valley, Project Sentinel and Habitat for Humanity.
See article and more photos on here.
Silicon Valley Association of REALTORS® says ... 