Realty World – Success Plans, Inc.

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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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.