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Is the real estate market improving?

Jeff Tung — Mon, 30 Apr 2012 22:27:00 +0000

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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More forclosures are coming

Jeff Tung — Tue, 03 Apr 2012 01:48:00 +0000

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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Mixed messages

Jeff Tung — Fri, 04 Nov 2011 23:46:00 +0000

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.