Jeffrey Tung's Real Estate Blog » market increase 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 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.

Related articles
Enhanced by Zemanta
]]> http://jefftung.net/2012/04/02/more-forclosures-are-coming/feed/ 0 Prices have fallen again!!! http://jefftung.net/2011/05/20/prices-have-fallen-again/ http://jefftung.net/2011/05/20/prices-have-fallen-again/#comments Sat, 21 May 2011 01:10:57 +0000 Jeff Tung http://jtung.blogs.rwnetwork.com/?p=510 Although home sales have increased, the prices have decreased in 118 markets across the country.  Prices have declined approx. 7.5% in March from a year ago.  This is the eighth straight month of declining prices.  So what’s keeping the sales going?  I believe that the low interest rates and affordable prices are keeping sales alive. 

San Francisco is showing signs of recovery along with San Mateo county.  With gas prices continuing to rise, many buyers are moving back to big cities where they don’t have to use their car.  This may be one reason why San Francisco has been experiencing a brisk recovery.        

Related articles
Enhanced by Zemanta
]]> http://jefftung.net/2011/05/20/prices-have-fallen-again/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 Is the market recovering? http://jefftung.net/2011/04/22/is-the-market-recovering/ http://jefftung.net/2011/04/22/is-the-market-recovering/#comments Sat, 23 Apr 2011 00:03:33 +0000 Jeff Tung http://jtung.blogs.rwnetwork.com/?p=497 Home sales rose slightly last month.  This is the sixth month in a row that home sales have increased.  Lawrence Yun, NAR chief economist, says “We’re clearly on a recovery path”.  This is a good sign and sales should continue to increase. 

There are all types of buyers out taking advantage of the market.  First time buyers purchased 33% of homes sold in March and all cash buyers purchased 35% of the homes sold, for example.  With the market current market conditions, it makes more sense to purchase a property then renting.       

Related articles
Enhanced by Zemanta
]]> http://jefftung.net/2011/04/22/is-the-market-recovering/feed/ 0 Fannie offers to pay closing cost http://jefftung.net/2011/04/17/fannie-offers-to-pay-closing-cost/ http://jefftung.net/2011/04/17/fannie-offers-to-pay-closing-cost/#comments Mon, 18 Apr 2011 00:03:08 +0000 Jeff Tung http://jtung.blogs.rwnetwork.com/?p=493 If you plan to purchase a home in the near future, you might want to speed up the process in order to have 3.5% of your closing cost paid by Fannie Mae.   That’s right, Fannie Mae is trying to decrease their inventory of REOs.  If you close on a HomePath property by June 30, 2011, you’ll be able to save 3.5% of the purchase price in closing cost.   So act now!!!! 

Related articles
Enhanced by Zemanta
]]> http://jefftung.net/2011/04/17/fannie-offers-to-pay-closing-cost/feed/ 0 Delinquencies Continue to Decline http://jefftung.net/2011/03/28/delinquencies-continue-to-decline/ http://jefftung.net/2011/03/28/delinquencies-continue-to-decline/#comments Mon, 28 Mar 2011 22:41:57 +0000 Jeff Tung http://jtung.blogs.rwnetwork.com/?p=475 For the third month in a row, mortgage lates, 90 days or more, have declined.  This could be another sign of recovery.  With fewer defaults, the inventory level of REOs and short sales should go down as well.  Could this be the bottom or is it a double dip situation.  Only time will provide us with an answer.  Either way, now is still a good time to purchase real estate. 

Related articles
Enhanced by Zemanta
]]> http://jefftung.net/2011/03/28/delinquencies-continue-to-decline/feed/ 0 Increase in pending sales in San Francisco http://jefftung.net/2011/03/25/increase-in-pending-sales-in-san-francisco/ http://jefftung.net/2011/03/25/increase-in-pending-sales-in-san-francisco/#comments Fri, 25 Mar 2011 22:41:50 +0000 Jeff Tung http://jtung.blogs.rwnetwork.com/?p=471 In the coming months San Francisco will experience an increase in closed sales because the number of pending sales has increased by 8.9% which represents 2.6 months of the current supply of homes.  If supplies continue to decrease and demand stays strong, maybe a seller’s market might be on the horizon.

The market will change if employment increases and interest rates stays affordable.  However, if more distressed homes come on the market, we may not see a market shift for a long time or we may see a double dip in prices.

]]> http://jefftung.net/2011/03/25/increase-in-pending-sales-in-san-francisco/feed/ 0 3rd month of increased home sales http://jefftung.net/2011/02/25/3rd-month-of-increased-home-sales/ http://jefftung.net/2011/02/25/3rd-month-of-increased-home-sales/#comments Sat, 26 Feb 2011 01:28:43 +0000 Jeff Tung http://jtung.blogs.rwnetwork.com/?p=423 With January increase of home sales, it could be a sign that things maybe turning around.  Property sales increased 2.7%, nationally, and represents the first time in 7 months that sales were higher then a year ago.  23% of the sales were by investors and there was an increase of all cash purchases representing the highest level ever.  

Even though we are having economic problems, it is still a great time to purchase a property.  Interest rates are still pretty low and there are plenty of inventory.  This will change, but when?  Why not get something now and grow with your investment.  If you are ready, here are 5 affordable areas and 5 very expensive areas.  No matter where you go, the prices are definitely less then the were in 2007. 

Sales in San Francisco has been steady and returning to a healthy pace.  Sales rose by 20.7% from a year ago, January 2010. 

Don’t miss this great opportunity to realize your dream of owning your own home.  You might be surprised to know that it could be cheaper or as much as your rent.     

Related articles
Enhanced by Zemanta
]]> http://jefftung.net/2011/02/25/3rd-month-of-increased-home-sales/feed/ 0 Home sales rebound in 49 states http://jefftung.net/2011/02/11/home-sales-rebound-in-49-states/ http://jefftung.net/2011/02/11/home-sales-rebound-in-49-states/#comments Sat, 12 Feb 2011 01:19:02 +0000 Jeff Tung http://jtung.blogs.rwnetwork.com/?p=415 During the 4th quarter of 2010,  over half of the metropolitan areas have experienced price gains from a year ago, but the rest of the areas did not.  NAR chief economist Lawrence Yun is encouraged by the trend and says the sales in the last quarter of 2010 has absorbed much of the inventory including distress properties.  This could be a good sign that we may be recovering.  With the continued improvement of the market and more jobs become available, the market will be back to normal. 

Interest rates have been a big factor in sustaining the sales of homes.  Last year we have seen interest rates at its all time low, but the rates have been inching up.  This is a reaction to the housing recovery that we might be experiencing.  We may never see rates lower then 5% in the future.  In my 30 years of working in this industry, I thought I would never see interest rates lower than 6%, but it did happen.  If you’re planning to finance a purchase or refinancing an existing property, you may want to do it now before the rates go sky high.

Related articles
Enhanced by Zemanta
]]> http://jefftung.net/2011/02/11/home-sales-rebound-in-49-states/feed/ 1 HUD’s One Stop Website for Economic & Housing Data http://jefftung.net/2010/12/06/huds-one-stop-website-for-economic-housing-data/ http://jefftung.net/2010/12/06/huds-one-stop-website-for-economic-housing-data/#comments Tue, 07 Dec 2010 00:28:36 +0000 Jeff Tung http://jtung.blogs.rwnetwork.com/?p=359 HUD has created a website for the public to be able to research a wide variety of economic and housing market data at the regional, state, metropolitan area and county levels.  This information is being provided by the Census Bureau, Labor Dept., state and local government, housing industry sources, as well as HUD’s own economist.  You’ll be able to look at “Market at a glance” reports, Regional Housing Market profiles, regional Narratives, and a Comprehensive housing market analysis.

Related articles
Enhanced by Zemanta
]]> http://jefftung.net/2010/12/06/huds-one-stop-website-for-economic-housing-data/feed/ 0