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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.

The Los Angeles Times – Better times for home buyers will take a few years, experts say

Low inventory and rising home prices are frustrating to many buyers, but unfortunately would-be buyers may have to wait a few more years for relief, according to experts.

  • Institutional investors, who have been driving the market with their all-cash purchases and buying houses for rental income, need to be in and out in two to three years, according to one real estate analyst. Otherwise they cannot make a profit.
  • For housing to normalize, individuals will need to come back to the marketplace and that will be driven by employment.
  • Among the signs that investors are buying up swaths of homes in a specific area are the lack of bank-owned properties coming on the market despite high foreclosure rates.
  • Consumer understanding has been a step behind what’s happening in the housing market. When the prices started going down, sellers were the last ones that got the memo. Today’s buyers may have to be willing to look in different locations, while prices continue to appreciate.

In other news…

Default Servicing News – Incorrect, outdated information most common issue on credit reports

While 22 percent of American admitted they have never checked their credit report, nearly a quarter also said they have encountered issues with their credit report, with incorrect or outdated negative marks leading as the main type of problem, according to a recent FindLaw.com survey.

Los Angeles Times – Latest data show housing prices are rising nationwide

According to data supplied by Pro Teck Valuation Services, the average median price of the 100 mostactive core-based statistical areas was up almost 12 percent from the same period a year earlier.

CNNMoney – Will the housing rebound crush the job market?

A new study points to higher homeownership as the reason the unemployed aren’t finding work.

Los Angeles Times – U.S. home prices post 12.1 percent gain in April

Led by gains in the Western states, national home prices were 12.1 percent higher in April than the year prior, according to CoreLogic’s home price index.

The Wall Street Journal – Study: How using homes as ATMs fueled foreclosures

Why did so many people who bought their homes before the housing bubble fully inflated end up losing their homes? These homeowners aggressively used their homes as ATMs, extracting cash by refinancing into larger loans or using home-equity loans, according to a paper published by Steven Laufer of the Federal Reserve Board.

San Diego Union Tribune – Tiny housing bubble may be forming amid buying pressure

In the housing market blowing another bubble? Quite possibly, but it’s still a great time to buy a home. IN a market that I unusually prone to boom and bust, we are very early in the process, judging by the market fundamentals.

What you should know…

  • Relisting a home isn’t an enviable position for any seller. Generally, when a home is relisted it is because something went wrong the first time, and for many sellers, trying again to sell the home raises more questions than answers.
  • A true relisting is defined as having a 90-day gap between the time the property goes off the market and when it comes back. In that scenario, many real estate agents say it isn’t always price that kept the property from moving.
  • According to one real estate expert, when relisting a home, the first objective should be to tackle the questions of why the home was removed from the market in the first place. It could be a number of reasons – financing failing to come through, an appraisal coming in lower than expected, or the house being relisted at a lower or higher price – but the best answer is always the truth, no matter what it may be.
  • Sellers relisting their home after three or more months off the market should listen to comments from their REALTOR®. The best place to start is with a post-mortem on what went wrong the last time.
  • After a listing ends, homeowners should ask their REALTOR® how the market perceived the home. The answers to this question should guide future strategy, especially if a number of other real estate agents and buyers raise the same issues.

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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