Jeffrey Tung's Real Estate Blog

Great news!! Congress has finally approved a extension for those of you who have been in escrow since April 30th.

You’re renting now and your lease is about to expire, do you want to stay for another year or do you think you might want to take advantage of the best buying opportunity since 1968? Well before you make a decision to purchase, there are a few things to consider before you start shopping. Once you understand what’s involved, you will feel better about making a decision to pursue the “Great American Dream of Home-ownership”.

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Even though the federal  tax credit may not make a come back, there are lots of reasons why it is still a great time to purchase a property. 

One of the most important factor that affects most buyers is interest rates.  As the rate gets higher, the amount of money a person can qualify for would be less. Interest rates have been really low historically speaking and with the problems we are facing today, the rates will go back up.  I don’t think interest rates will ever be lower then what they are today.  30 years ago, I thought I would never see rates as low as they are today.  We could see rates as high as 18%, just like it was in 1981, or even more.

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With the passing of the health care bill, there may be some unforeseen problems brewing. It would be a good idea to try and think of ways to make sure you’re going to be financially stable when 2014 comes around. If the budget for the program is more then projected, it will likely lead to higher interest rates. peninsula

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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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In efforts to help everybody who needs help, HUD has updated their list of counselors.  This will help you find answers to help you with your financial problems.  This is a free service and should be your step in trying to get help from your government.

If you need guidance or more information about your options, HUD may have answers for your situation.

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Where did the year go!!!! The holidays are just around the corner and it’s time to look back and think about next year. This year has been better then last year in terms of the market. Property values have gone down so low that it has spurred a lot of buyers to purchase instead of renting. Some areas have decreased in price to what it use to be 10 years ago. The market seems to be stabilizing and the government is trying a bunch of stuff to help.  

The market is showing signs of a slow recovery, but it is changing. One of things that is helping the recovery along is the tax credit. The federal government will give qualified buyers a $8000 tax credit for purchasing a home. That’s right!! $8000. So, if you’re planning to buy a home, now is the time before the program expires, 11/30/09. The purchase has to be completed by 11/30/09 to qualify. There is talk about extending the program but there is no guarantee that it will be extended. For more information about the program, please click on the link below or let me know and I’ll be happy to assist you.

http://www.realtor.org/government_affairs/gapublic/homebuyer_tax_credit

Summer is almost over and I hope you’re enjoying the season. 

 The worst recession in 70 yeas is also showing signs of being over too. The Commerce Dept. reported that the economy shrank at an annualized rate of 1% which is better then the 6.4% shrinkage in the first quarter of this year. Economist think the economy is poised for growth, but slowly. You can read more of the state of the economy by clicking this link: http://rismedia.com/2009-08-03/signs-of-life-slower-decline-may-signal-recessions-end/.