Did you know Newark has many of the best home deals in all of the Bay Area?
Buying or selling your home can be an overwhelming experience. It is hard to know who to trust and it is hard to know if you've got the best deal. Fortunately, there are many professionals out here that can help you. We've been doing this for 35 years at Rainbow Funding and Realty, and as the saying goes, "there is no better time than now." As I'm writing this there are more than 50 homes for sale in Newark. The lowest-price detached home in Newark is right at $450,000 and the most expensive, almost $1 million.
The median home value in Newark is $568,800. Newark home values have gone up more than 20 percent over the past year and Zillow predicts they will rise 9.3 percent within the next year.
This is great news for residents here in Newark. Not only are we seeing our home values rise, but we are also able to refinance and buy with interest rates at historic lows.
"Location, location, location" is the motto behind most real estate transactions, and in the Tri-Valley, Newark is a hidden gem. The median home price in Fremont is more than $700,000 and it is estimated to only rise 6 percent in value. In Union City it is close to $600,000, Redwood City is close to $900,000 and in Palo Alto it is more than $2 million for the average home. Newark has a lot to offer and has steadily grown over the past 10 years.
For the price of a condo in San Francisco you can buy a three-bedroom home in Newark. Newark is 30 minutes from Berkeley, San Francisco and San Jose.
As tech companies expand out it is only a matter of time before they expand into Newark. Soon, employees from Facebook, Google, Adobe, Dropbox, Zygna, Twitter, Yelp and Salesforce (just to name a few) will find Newark. Look at what happened in Mountain View when Google exploded, and Apple in Cupertino. In addition to all these compelling reasons to buy in Newark, let me give you one last reason.
The average rent for a home in Newark is about is $2,050. If you purchase the least expensive house on the market in Newark, near $450,000, then your mortgage would be about $2,150. For about $100 more a month you can own a home and have all the advantages that come with it.
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Adam Modzeleski is a real estate professional with Rainbow Funding and Realty in Newark, BRE No. 01918384. Rainbow Funding is a local family owned and operated real estate company.