Jeffrey Tung's Real Estate Blog » Business 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/2012/04/30/is-the-real-estate-market-improving-2/ http://jefftung.net/2012/04/30/is-the-real-estate-market-improving-2/#comments Mon, 30 Apr 2012 22:27:48 +0000 Jeff Tung http://jtung.blogs.rwnetwork.com/?p=602 My buyers are still experiencing multiple offer situations with all of the available listings here on the San Francisco peninsula,  especially with homes that are priced under $500,000.  They are getting frustrated and some have stopped searching all together.  All I can say is to hang in there and something will come your way.  This is still the best time to buy something while interest rates and home prices are still low.   Multiple offers will continue if the inventory continues to be scarce.  There might be some relief soon as banks start to release their huge shadow inventory.  It is estimated that there is more then a million homes that are being held.  Will this HELP?  I hope so. 

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]]> http://jefftung.net/2012/04/30/is-the-real-estate-market-improving-2/feed/ 1 More forclosures are coming http://jefftung.net/2012/04/02/more-forclosures-are-coming/ http://jefftung.net/2012/04/02/more-forclosures-are-coming/#comments Tue, 03 Apr 2012 01:48:41 +0000 Jeff Tung http://jtung.blogs.rwnetwork.com/?p=612 Home sales have declined in some areas and its due to high demand, low interest rates and a shortage of homes to buy.  This creates a change in the market place.  Not good for buyers but good for sellers.

Buyers around the bay area are going to be happy to see more homes on the market.  Currently homes that are under $400,000 are experiencing a seller’s market.  Most sellers are receiving multiple offers for their home.  Every home that I have made offers for my clients have had more then 1 offer.  One house in Hayward had 18 to 20 offers.  Another house in San Bruno had 6 offers. My listing in So. San Francisco received 2 offers above the asking price, right after my open house, and 1 was all cash.   My other listing in Pacifica received 8 offers, all over the asking price.  It’s like that all over the Bay Area.  It’s pretty discouraging for buyers today.

Maybe there is some relief coming soon.  There is a shadow inventory due to be release around summer.  I hope this will help the buyers that are trying to get into their home.

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]]> http://jefftung.net/2012/04/02/more-forclosures-are-coming/feed/ 0 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?

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]]> http://jefftung.net/2012/03/20/is-the-real-estate-market-improving/feed/ 4 Fair Practices? http://jefftung.net/2011/12/28/fair-practices/ http://jefftung.net/2011/12/28/fair-practices/#comments Wed, 28 Dec 2011 20:24:36 +0000 Jeff Tung http://jtung.blogs.rwnetwork.com/?p=592 Here we are again.  It seems like every governmental agency has it’s favorites.  Remember the huge governmental bail outs, well here’s another example of government unfairness.  RESPA  seems to also have favorites too.  Is this really going to help consumers?

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]]> http://jefftung.net/2011/12/28/fair-practices/feed/ 0 Mixed messages http://jefftung.net/2011/11/04/mixed-messages/ http://jefftung.net/2011/11/04/mixed-messages/#comments Fri, 04 Nov 2011 23:46:39 +0000 Jeff Tung http://jtung.blogs.rwnetwork.com/?p=569 In the past few weeks the real estate market showed multiple signs of a rebound of some sort.  In 20 metropolitan areas prices rose 0.2% in August but were still down 3.8% year over year.  This may all change soon.  In September, pending sales were down 4.6%.  Could this be another beginning of a triple dip?  With Freddie Mac requesting for another $6 billion of your tax money and holding about 60,000 REOs from the market, which will take approx. 15 years to sell off, I don’t think our country’s rebound in a lot of areas will happen anytime soon and hope that the triple dip is not too severe.

Some help is on the way.  The Federal Housing Financing Agency is trying to help change the market.  They are making a few changes to the Home Affordable Refinancing Program to attract more borrowers and stimulate the mortgage industry and helping more homeowners.  The National Association of REALTORS are also concerned with the state of our real estate market and has a 5 point plan that could get us out of this triple dip situation and stabilize the market.  With any change, it will take a while for the changes to make a difference.  Let’s hope that it won’t be too long.

]]> http://jefftung.net/2011/11/04/mixed-messages/feed/ 2 Foreclosures are up in the third quarter!! http://jefftung.net/2011/10/24/foreclosures-are-up-in-the-third-quarter/ http://jefftung.net/2011/10/24/foreclosures-are-up-in-the-third-quarter/#comments Mon, 24 Oct 2011 23:11:37 +0000 Jeff Tung http://jtung.blogs.rwnetwork.com/?p=564 There has been more then 610,000 foreclosures last month and represents a 1% increase then the previous quarter.  On average it took 336 days to complete the foreclosure process nation wide.  New York took 986 days to complete the process while Texas only took 86 days.  Wow, Texas seems to be doing something different. 

President Obama is expected to help struggling homeowners with their mortgage payments.  The Wall Street Journal reports,  ”The administration’s plan is expected to eliminate “appraisals and extensive underwriting requirements for most borrowers” who are up-to-date on their mortgage and want to refinance at a lower rate”.  This should help those who have been keeping up with their payments and were looking for assistance in avoiding foreclosure. 

While most the country is having foreclosure problems, there are areas that are still doing well.  These areas are the most expensive areas in the United States.  The economy today doesn’t seem to hurt these types of properties.  In fact, it seems to have increased the sales activity  in this  price range.

]]> http://jefftung.net/2011/10/24/foreclosures-are-up-in-the-third-quarter/feed/ 7 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. 

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]]> http://jefftung.net/2011/09/26/california-sales-in-2012/feed/ 0 How much is your home today? http://jefftung.net/2011/09/09/how-much-is-your-home-today/ http://jefftung.net/2011/09/09/how-much-is-your-home-today/#comments Sat, 10 Sep 2011 02:42:50 +0000 Jeff Tung http://jtung.blogs.rwnetwork.com/?p=541 The economy has driven our home values down and there is no end in site.  Many areas in the nation has experienced major price reductions.  Not all areas have been hit but California has 6 areas that had the largest drop in value out of the top 10 areas nationwide.   The prices have decreased more then 60% from 5 years ago.  This situation will not get any better anytime soon due to the 1,000,000+ foreclosures that the banks are holding this year and another 1,000.000+ foreclosures in next 2 years.  It will take a few years to sell off all of the phantom inventory before any appreciation can be realized in these areas.    

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]]> http://jefftung.net/2011/09/09/how-much-is-your-home-today/feed/ 1 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. 

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]]> http://jefftung.net/2011/08/18/what-will-happen-to-interest-rates/feed/ 0 How is Europe? http://jefftung.net/2011/06/06/how-is-europe/ http://jefftung.net/2011/06/06/how-is-europe/#comments Tue, 07 Jun 2011 00:41:33 +0000 Jeff Tung http://jtung.blogs.rwnetwork.com/?p=531 If you think we’re the only country facing problems, then you haven’t been paying attention to our other neighbors in Europe.  They are experiencing economical problems as well!!  In fact, their problems do help our country but it could be a sign of what can happen to the U.S.. 

If we can’t stop our spending and fix our current problems, we will be creating an economical monster for our children.  This beast will not be easily defeated.  As our problem debtors become larger (the beast), the REO housing inventory becomes larger, and will take more time to be sold off.    

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