Jeffrey Tung's Real Estate Blog

Are you going to make the June 30th deadline? Hopefully you will since it’s been a stressful process. If you don’t make it, then let’s hope that Congress votes to extend the deadline 3 more months.  The Senate has approved the extension because of the enormous back log of sales and now it time for Congress to consider the extension.

According to Vicki Cox Golder, president of the National Association of Realtors, said the extension was a matter of fairness.

“These are not buyers who just entered into the market. These are buyers who previously met all the qualifications for the tax credit, but find themselves at the mercy of a work-flow jam with the lenders or other delays and might not be able to complete the purchase of their homes.”

I think it’s the right thing to do, especally since it’s not the buyer’s fault for not meeting the deadline.

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Are you planning to repair the fixer upper you just bought? Have you had that overwhelming feeling when you shop for kitchen cabinets, refrigerator, tile, etc.? Well, there are a lot of things to consider. You can spend more money then what you can get in return.

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Spring is almost over but cleaning is a chore that seems to never end. It is even more important if you’re planning to sell your home in time for the summer selling season. There are a few things that you can do to help make your home more attractive.

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Last month San Francisco’s sales price for median priced homes have increased by 11.6% from the same month the previous year. During the month, 188 single family homes were sold and 284 homes were pending. This is an increase of 27% in sales from April 2009 and 33% increase in pending properties during the same period. This is a good sign that we might be on the right track to recovery. Property values are better but they still have a long way to what they were a few years ago. This is still a good time to buy something. Prices are still very attractive, however some prices in some areas are so attractive that it is generating multiple offer situations.

 The real estate market is still not fully recovered but there are positive signs that we are at the bottom and maybe moving up. The prices of homes fell so much that it is tempting many renters to buy a home instead of renting. The monthly payments might be the same especially when you include your tax savings. Rates are still affordable and there are many homes to choose from. The only problem we have is that many of these homes have gone down so far in price that it is creating a buying frenzy. Many of the homes that are less then $400k are getting multiple offers. Be patient because there is talk that more REO’s and Short Sales are going to hit the market next year.

For the 6th straight month, homes that are in contract has been increasing. This means more sold homes in the next couple of months. NAR chief economist says the housing market momentum has clearly turned to the better.  He also expects home sales to rise through the 4th quarter of this year.

For more information, please click on the following link:

http://rismedia.com/2009-09-01/pending-home-sales-on-a-roll-up-for-sixth-straight-month/