Jeffrey Tung's Real Estate Blog » General http://jefftung.net Realty World - Success Plans, Inc. Serving you since 1986 Mon, 30 Apr 2012 22:27:48 +0000 en hourly 1 http://wordpress.org/?v=3.3.2 Is the real estate market improving? http://jefftung.net/2012/03/20/is-the-real-estate-market-improving/ http://jefftung.net/2012/03/20/is-the-real-estate-market-improving/#comments Tue, 20 Mar 2012 23:47:45 +0000 Jeff Tung http://jtung.blogs.rwnetwork.com/?p=603 It seems like the market is improving.  Sales have been increasing and here are 8 areas that are showing signs of a recovery.

I have been experiencing a market that resembles the last seller’s market not a buyer’s market.  There is not a lot of inventory available for all of the buyers here in the Bay Area.  I have a property for sale in Pacifica, Ca, listed at $338k and received 6 offers and all above the list price.  I have been also representing buyers and making offers to purchase, but have been in bidding wars.   In San Mateo county, it would take approx. 4.1 months to sell all of the homes that are on the market compared to 4.5 months same time last year.  Where are all of the bank owned properties?

Related articles
Enhanced by Zemanta
]]> http://jefftung.net/2012/03/20/is-the-real-estate-market-improving/feed/ 4 HAPPY HOLIDAYS http://jefftung.net/2011/12/21/happy-holidays/ http://jefftung.net/2011/12/21/happy-holidays/#comments Wed, 21 Dec 2011 23:32:52 +0000 Jeff Tung http://jtung.blogs.rwnetwork.com/?p=587 I just wanted to wish you a very merry holiday season and I hope to bring you better news about the real estate market place. in 2012.  I believe the market will be similar to this year but hopefully it will get better.

With all of the crazy things that are happening today and during the year, I think it’s time to spend some quality time with friends and family.  They have been with you through the good times and bad.  So let’s be thankful for having people around you that really cares about you.

]]> http://jefftung.net/2011/12/21/happy-holidays/feed/ 0 Happy Thanksgiving http://jefftung.net/2011/11/24/happy-thanksgiving/ http://jefftung.net/2011/11/24/happy-thanksgiving/#comments Thu, 24 Nov 2011 18:56:56 +0000 Jeff Tung http://jtung.blogs.rwnetwork.com/?p=583 Just wanted to wish everybody a safe and happy Thanksgiving.

]]> http://jefftung.net/2011/11/24/happy-thanksgiving/feed/ 0 Happy Veteran’s Day http://jefftung.net/2011/11/11/happy-veterans-day/ http://jefftung.net/2011/11/11/happy-veterans-day/#comments Fri, 11 Nov 2011 21:04:09 +0000 Jeff Tung http://jtung.blogs.rwnetwork.com/?p=580 I would like to say thank you to all of the soldiers who have served and who are currently sacrfacing their lives to protect our country.       Without their courage and commitment, this country could be in turmoil.   Thanks again.

Related articles
Enhanced by Zemanta
]]> http://jefftung.net/2011/11/11/happy-veterans-day/feed/ 0 California sales in 2012 http://jefftung.net/2011/09/26/california-sales-in-2012/ http://jefftung.net/2011/09/26/california-sales-in-2012/#comments Mon, 26 Sep 2011 22:39:17 +0000 Jeff Tung http://jtung.blogs.rwnetwork.com/?p=558 California home sales are looking at a 1% increase in 2012 and the sales price may also increase 1.7%.   Employment , low interest rates and an increase of affordable homes are going to fuel the sales activity and help get the recovery going.  “It will take as long as five years for the state’s inventory of foreclosed properties to be absorbed” according to  Leslie Appleton-Young, chief economist for the California Association of Realtors. 

Related articles
Enhanced by Zemanta
]]> http://jefftung.net/2011/09/26/california-sales-in-2012/feed/ 0 How is your house doing? http://jefftung.net/2011/09/17/how-is-your-house-doing/ http://jefftung.net/2011/09/17/how-is-your-house-doing/#comments Sun, 18 Sep 2011 03:03:06 +0000 Jeff Tung http://jtung.blogs.rwnetwork.com/?p=546 In many areas in the nation, there are areas that are cheaper to buy a home then to rent.  You now can find a home for $100,000 in New York and through out the country including Hawaii. 

It may seem like some areas have not been affected by the economy but that is not true.   The properties that sell really quickly are usually the cream of the neighborhood.   

The Bay Area has been hit as well but not as bad as other areas.  It will be a while before we get out of this mess.

Related articles
Enhanced by Zemanta
]]> http://jefftung.net/2011/09/17/how-is-your-house-doing/feed/ 2 What will happen to interest rates? http://jefftung.net/2011/08/18/what-will-happen-to-interest-rates/ http://jefftung.net/2011/08/18/what-will-happen-to-interest-rates/#comments Thu, 18 Aug 2011 22:41:37 +0000 Jeff Tung http://jtung.blogs.rwnetwork.com/?p=534 With all of the budget problems we are going through, how will it affect interest rates?  Well according to NAR Chief Economist Lawrence Yun,  rates may increase however, there are other factors that could keep rates down. 

Right now  the rates have hit an all time low, 4.15%, and will stay low for another 2 years.  This is due to the faltering economy.  Although rates are at a all time low, sales of homes fell last month by 3.5% compared to the same time last year. 

This is an excellent time for buyers to purchase their home. 

Related articles
Enhanced by Zemanta
]]> http://jefftung.net/2011/08/18/what-will-happen-to-interest-rates/feed/ 0 How are we doing??? http://jefftung.net/2011/05/13/how-are-we-doing/ http://jefftung.net/2011/05/13/how-are-we-doing/#comments Fri, 13 May 2011 23:56:49 +0000 Jeff Tung http://jtung.blogs.rwnetwork.com/?p=506 If our government continues to ignore our budget problems that we have today, we will be in the same credit classification as Greece.  Once we loose our credibility, things will be more expensive.  Something has to be done.  

Although our budget is operating at a 60 % deficit, home sales have increased and is on track to out perform last year.  This increase is fueled by homes being more affordable, historically low interest rates, and lower unemployment, according to Lawrence Yun, NAR Chief Economist.  April did show signs of  our economy improving but the housing industry is still fragile. 

Even though we have an increase in sales, the values of the homes have dropped 3% in the first quarter of 2011, which makes this decline the largest since 2008. 

With all this going on, it’s still a great time to make that investment in the “Great American Dream”.     

Related articles
Enhanced by Zemanta
]]> http://jefftung.net/2011/05/13/how-are-we-doing/feed/ 0 Keep Your Home California http://jefftung.net/2011/04/10/keep-your-home-california/ http://jefftung.net/2011/04/10/keep-your-home-california/#comments Sun, 10 Apr 2011 20:23:13 +0000 Jeff Tung http://jtung.blogs.rwnetwork.com/?p=490 The California Housing Finance Agency (CalHFA) is administering $2 billion in federal funds for borrowers who are at risk of losing their homes.  Borrowers who took out loans after January 1, 2009 are eligible for 4 different programs as long as the property is a primary resident, meet income requirements, and face a documented financial hardship.      

The four programs are the following:

  • The Unemployment Mortgage Assistance Program (UMA) which will help homeowners with their mortgage payments.  
  • The Mortgage Reinstatement Assistance Program (MRAP) which provides funds for  homeowners who have fallen behind in their payments
  • The Transition Assistance Program which provides relocation assistance
  • The Principal Reduction Program (PRP) which provides funds to reduce the outstanding principal balance.

GMAC, Guild Mortgage, CalHFA, and California Dept. of Veterans Affairs are the organization that offers all 4 programs.

Related articles
Enhanced by Zemanta
]]> http://jefftung.net/2011/04/10/keep-your-home-california/feed/ 0 Preserve Mortgage Interest Deduction http://jefftung.net/2011/04/02/preserve-mortgage-interest-deduction/ http://jefftung.net/2011/04/02/preserve-mortgage-interest-deduction/#comments Sun, 03 Apr 2011 00:03:55 +0000 Jeff Tung http://jtung.blogs.rwnetwork.com/?p=479 There are about 78,000 homes that are either vacant and for sale, or under construction.  This is an improvement and with a normal level of buying, the homes would sell in 2 1/2 months.  The study shows that there is a housing shortage brewing.  If this happens, then it would change the market to a seller’s market and buyers will have a hard time purchasing again.  The market today is still considered a buyer’s market and there are more bargain hunters out looking for deals.  More investors are also very active making all cash purchases.  There are 6 cities that are considered to be cheaper  then renting the same house.   All this may be  history if unemployment rises, which it is decreasing today, interest rates continue to rise and become non deductible.

Related articles
Enhanced by Zemanta
]]> http://jefftung.net/2011/04/02/preserve-mortgage-interest-deduction/feed/ 0