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Bay Area Connect

Guide To Santa Clara County Real Estate

By Thomas Feng | Agent in 95051


It’s Tuesday News Day and these are this weeks hot topics concerning the real estate market, the financial market, general market conditions, and interest rates.

Fox Business News – How to be the most attractive home buyer

As home prices continue to recover and interest rates remain at near-record lows, many houses are receiving multiple offers and to win the bid, buyers need to stand out from the crowd. According to the CALIFORNIA ASSOCIATION OF REALTORS®’ most-recent housing report, the median number of days it took to sell a single-family home decreased to 29.4 days in March.

  • Since markets are moving fast, housing experts recommend buyers have their loan pre-approved and their down payment ready before starting their search. With low inventory and demand high, buyers need to know their parameters.
  • Multiple offers are become the norm, so buyers need to be ready to compete and do their homework to seal the deal. The longer the negotiations, the bigger the chance a buyer could lose out to someone else who made a better offer.
  • Buyers also must be reasonable without being difficult because until an offer is signed, sealed, and delivered, other buyers can make offers on the property.
  • Even though it’s a competitive market, buyers should maintain their budget and not pay more for a house than it’s worth. Experts also warn that buyers shouldn’t cut corners like skipping the home inspection.
  • To be an attractive home buyer, consumers should plan ahead by checking their credit for accuracy and avoiding making any big purchases or taking on any big debt while house hunting.
  • Buyers who spot a good deal on a house shouldn’t wait days to make an offer. Since time isn’t on the buyer’s side, learning how to spot a great deal by researching an area’s home prices is pertinent.
  • In this market, cash is king. The more cash a buyer has, the more appealing they are as a buyer. Putting down 20 percent or more also makes a buyer look more financially stable and gives sellers comfort that they’ll qualify for a mortgage.

Los Angeles Times – Home prices gain again in February

The Standard & Poor’s/Case-Shiller home price index of 20 American cities rose 0.3 percent in February and was up 9.3 percent compared with February 2012. All of the cities covered by the index have risen year-over-year for two consecutive months.

San Diego Union Tribune – More homeowners can get mortgage reduced

Chase and Wells Fargo are the latest two banks that have agreed to slash mortgage balances as much as up to $100,000 for certain clients through the state program Keep Your Home California.

CNBC – With home listings low, speculative building is back

So-called “spec” homes, short for speculative, were all the rage for builders during the housing boom, but certainly not during the bust, when demand disappeared. Now, it seems that spec building is back.

The New York Times – The seller chooses the lender

Some sellers are finding lenders willing to provide financing for an eventual sale even before they put their homes on the market; they then add language to the sales contract requiring buyers at least obtain preapproval from the seller’s preferred lender.

DSnews – Completed foreclosures rise in March

In its most-recent foreclosure report, CoreLogic reported 55,000 homes were lost to foreclosure in March, up 6 percent from 52,000 completed foreclosures in February.

San Diego Union Tribune – Are foreclosure laws hurting the market

The Homeowners Bill of Rights, which went into effect Jan. 1, forces banks to stop dual tracking, the process of starting the foreclosure process while a loan modification has been submitted or being reviewed by the bank. The effects of the bill may already be apparent. Experts weigh in on whether the end of dual tracking is good or bad for the market.

Talking Points…

  • As the weather heats up, some home buyers may be considering purchasing a home with a pool.
  • If a home that is in foreclosure has a swimming pool that has been neglected, it’s possible that it’s hiding years of neglect, bad siding, algae, and other mysterious damage.
  • It can be difficult to estimate what pool repairs may be needed during a basic home inspection. If the home is a short sale, the pool may be sitting for months longer and cost more than the buyer initially estimated.
  • On the other hand, a pool may add extra value to the property, as well as years of personal enjoyment. Adding a pool to an existing home generally is not advisable for a buyer who does not plan to living in the home for long term. Dollar-for-dollar, buyers will never recoup the costs of adding this amenity.

If you have any questions about the current real estate market give me a call at (408) 840-3852 or shoot me an email at Thomas.Feng@gmail.com to discuss your situation and how to get the most out of the current real estate housing market.

Because of the many legal and tax situations that can arise through the sale and purchase of real estateALWAYS consult with your ATTORNEY or ACCOUNTANT before making ANY decisions in ANY transaction

Copyright 2010-2013 by Thomas Feng, All Rights Reserved. You may reblog or republish.

* THIS ARTICLE WAS POSTED AT Thomas Feng’s Bay Area Connect *

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