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Guide To Santa Clara County Real Estate

By Thomas Feng | Agent in 95051
  • 6 things home buyers should avoid doing once they are preapproved. Real Estate News 8/19/14

    Posted Under: Home Buying in Santa Clara, Home Selling in Santa Clara, Financing in Santa Clara  |  August 20, 2014 11:53 AM  |  153 views  |  No comments

    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.



    Bloomberg – More Money Down Adds to U.S. First-Time Buyer Blues: Economy

    Many prospective buyers of the least expensive homes in the U.S. are facing a variety of challenges that are difficult to overcome on the path to homeownership. Such obstacles, combined with the expectation of having to offer more cash up front, threaten to derail the younger generation from entering the housing market, according to Susan Wachter, a professor of real estate and finance at the University of Pennsylvania’s Wharton School. She stated, “If higher down payments persist, we will have a millennial generation that’s missing in action in homeownership.”

    • In addition to stagnant wages, growing student debt, and competition from investors, those looking to purchase moderately priced houses must also provide more cash up front.
    • The median down payment for the cheapest 25 percent of properties sold in 2013 was $9,480, compared with $6,037 in 2007.
    • The higher bar is a symptom of still-tight credit that is crowding out first-time buyers even as interest rates remain near historical lows. Younger adults, who would normally be making initial forays into real estate, are among those most affected.
    • The median down payment for the cheapest 25 percent of homes was 7.5 percent of the sales price last year, up from a low of 3.1 percent in 2006 and compared with an average 4.2 percent from 2001 through 2007.
    • One of the main reasons for the jump is that fewer first-time buyers are applying for loans backed by the Federal Housing Administration, which require smaller down payments, after the government agency boosted mortgage-insurance premiums.
    • Some of those borrowers may be going to private lenders that demand bigger down payments instead. In 2013, 39 percent of first-time buyers used FHA loans, which generally require 3.5 percent down, compared with 56 percent in 2010.
    • First-time purchasers accounted for 28 percent of all sales of previously owned homes in June, compared with about 40 percent historically. A dearth of first-time buyers is pushing down the national homeownership rate, which fell in the second quarter to its lowest level since 1995.

    In other news…

    Inman News – 6 things home buyers should avoid doing once they are preapproved for a mortgage

    In order to keep your loan closing as smooth and hassle-free as possible, there are some simple steps to follow so there are no surprises while waiting for final approval. It’s important to remember that obtaining a home loan is a very interactive process, so avoid common pitfalls, like changing bank accounts or applying for new credit.

    NewGeography.com – Kotkin: In The Future We’ll All Be Renters; America’s Disappearing Middle Class

    Joel Kotkin’s upcoming new book, titled The New Class Conflict, argues that “Many people who once had decent incomes, and may have owned or hoped to own a house or start a business have slipped to the lower rungs of the economy. In the past decade, the number of people working part-time and receiving such benefits as food stamps has expanded well beyond inner cities and impoverished rural hamlets.” If unaddressed, Kotkin’s book lays out the ramifications of a potential reversal in class mobility and the slowing diffusion of property ownership in America and how it threatens to undermine the country’s traditional role as a beacon of opportunity.

    Forbes – A Look At The Housing Market Eight Years After The Collapse

    While the U.S. housing market has recovered significantly, how does it compare to pre-bubble levels? Three market indicators, namely median home sale price, new homes sold, and foreclosures, were analyzed to compare the latest data (May 2014) to the housing market at its bottom (February 2009) and at its peak (June 2006).

    Wall St. Journal – Higher Housing Costs Aren’t Likely to Fade Soon, Fed Study Says

    Researchers say a recent uptick in housing inflation isn’t a fluke. As for projections in the near future, they see housing inflation slowing to around 2 percent by the end of next year in the Northeast while rising to around 3 percent in the South. The model forecasts inflation holding at its current level of around 2.9 percent in the West and falling to 2 percent in the Midwest.

    Daily Finance – Mortgage Rates Slip to Near Lows for the Year

    Average long-term U.S. mortgage rates declined this week, approaching their lows for the year. Mortgage rates are below the levels of a year ago. They have fallen in recent weeks after climbing last summer. The nationwide average for a 30-year loan slipped to 4.12 percent from 4.14 percent last week.
    Read the full story

    AOL Real Estate – As Closing Costs Rise, Here’s How to Knock Them Down

    A new report by Bankrate.com shows mortgage closing costs increased 6 percent over the past year to an average of $2,539 on a $200,000 loan. Origination fees increased 9 percent to $1,877, and third-party fees increased 1 percent to $662. Lenders argue that new regulations and tighter lending standards designed to protect consumers and lenders make the process of getting a mortgage costlier and more arduous.

    Talking Points…

    • Lower interest rates in the second quarter of 2014 failed to offset continued home price increases, lowering housing affordability statewide and in 19 of 26 counties in California, according to the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.).
    • The percentage of home buyers who could afford to purchase a median-priced, existing single-family home in California fell from 33 percent in the first quarter of 2014 to 30 percent in second-quarter 2014 and was down from 36 percent in second-quarter 2013, according to C.A.R.’s Traditional Housing Affordability Index (HAI).
    • Home buyers needed to earn a minimum annual income of $93,590 to qualify for the purchase of a $457,140 statewide median-priced, existing single-family home in the second quarter of 2014. The monthly payment, including taxes and insurance on a 30-year fixed-rate loan, would be $2,340, assuming a 20 percent down payment and an effective composite interest rate of 4.32 percent.

    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 2010-2014 by Thomas Feng, All Rights Reserved. You may reblog or republish.

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

  • Santa Clara CA 95050 95051 95054 Real Estate Market Report, August 2014

    Posted Under: Market Conditions in Santa Clara, Home Buying in Santa Clara, Home Selling in Santa Clara  |  August 18, 2014 12:32 PM  |  179 views  |  No comments

    Thomas Feng with Bay Area Connect presenting the Santa Clara CA 95050 95051 95054 Market Activity in the previous month of July 2014.



    Statistics include: Pricing of all sold and active listings, Property Sales, Inventory, Market Time, and an Overview of sold listings.

    To schedule an appointment to go over all of these statistics overlaid with school data/API Scores call me at408-840-3852 or send me an email Thomas.Feng@gmail.com.

    For a copy of this market report or a market report for another Bay Area city simply fill out this Market Report Form and I will have one sent over to you within 24 hours.


    Photobucket PhotobucketPhotobucket



    Please leave questions and comments below or on our wall at Facebook and I will include it in my future videos.


    June 2014: 88 Sold Listings
    Sold homes from 2 months back. Homes take about 2 months to close and have final sales #’s.

    15 in 1mil+, 9 in 900s, 15 in 800s, 15 in 700s, 11 in 600s, 8 in 500s, 15 in -400s


    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 2010-2014 by Thomas Feng, All Rights Reserved. You may reblog or republish with links back to this post.

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

  • New Listing: 2551 Monroe St Santa Clara CA 95051 4 Bed 2.5 Bath $915,000

    Posted Under: Market Conditions in Santa Clara, Home Buying in Santa Clara, Home Selling in Santa Clara  |  August 15, 2014 1:26 PM  |  184 views  |  No comments
    Wonderful Ditz Crane home with great floor plan.

    Open kitchen overlooking backyard and spacious family room. Separate dining room and formal living room, indoor laundry and downstairs office/bedroom. Spacious backyard with large redwood deck and lawn area.

    Additional features include automatic roll up garage door, central heating, automatic sprinklers, and attic fan.

    4 bed 2.5 bath, 1,938sqft, 6,100 lot size, offered at $915,000 MLS# 81429589.

    Open House 8/16-8/17 1:30-4:30PM.




    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 2010-2014 by Thomas Feng, All Rights Reserved. You may reblog or republish.

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

  • Millennials Are Ready To Buy Homes. One Cool Thing!

    Posted Under: Home Buying in Santa Clara, Rent vs Buy in Santa Clara, Home Ownership in Santa Clara  |  August 13, 2014 1:38 PM  |  221 views  |  No comments
    Although Millennials face multiple challenges, including tight credit, limited inventory, and high debt loads, this generation sees a home as a good investment, and comprises one-third of recent buyers.

    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 2010-2014 by Thomas Feng, All Rights Reserved. You may reblog or republish.* THIS ARTICLE WAS POSTED AT Thomas Feng’s Bay Area Connect *

  • Fed Survey: Mortgage Standards Ease for First Time Since Housing Bust. Real Estate News 8/12/14

    Posted Under: Home Buying in Santa Clara, Home Selling in Santa Clara, Financing in Santa Clara  |  August 12, 2014 12:08 PM  |  202 views  |  No comments

    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.



    New York Times – Affordable Housing Draws Middle Class to Inland Cities

    Domestic migration patterns within the U.S. are increasingly being driven by the quest for cheaper housing, so the country’s fastest-growing cities are now those where housing is more affordable than average. The desire for a new, better, or cheaper home and the opportunity to buy instead of rent were among the housing-related reasons people increasingly cited for moving.

    • Moving inland to states in the heart of the country is a decisive reversal from the early years of the millennium, when easy credit allowed cities to grow without regard to housing cost and when the fastest-growing cities had housing that was less affordable than the national average.
    • Among people who have moved long distances, the number of those who cite housing as their primary motivation for doing so has more than doubled since 2007.
    • Rising rents and the difficulty of securing a mortgage on the coasts have proved a boon to inland cities that offer the middle class a firmer footing and an easier life.
    • For example, Oklahoma City has outpaced most other cities in growth since 2011. Other affordable cities that have jumped in the growth rankings include several in Texas, including El Paso and San Antonio, as well as Columbus, Ohio, and Little Rock, Ark.
    • Tony Trammell, one of a group of about a dozen friends to make the move from San Diego, paid $260,000 for his 3,300-square-foot home in a nearby suburb. “This is the opposite of the gold rush,” Mr. Trammell said.
    • For those who moved more than 500 miles, the share who said they were chiefly motivated by housing has risen to 18 percent in 2014, from 8 percent in 2007.
    • Glenn Kelman, the chief executive of Redfin, said that when the company started its real estate service in 2006, he expected the business to thrive in coastal centers. “Now we’re growing fastest in the middle of the country; we can’t hire people fast enough in Houston, in Dallas, in Denver. And all of our customers come from the same place — the airport.”

    In other news…

    The Atlantic – Many Renters Could Afford Mortgages, But Can’t Afford Homes

    In many metro areas across the U.S., more than 50 percent of renters could afford to own a home, so why aren’t more young renters becoming first-time home-buyers right now? According to data analysis, the Atlantic notes that “Young renters don’t appear to be transitioning into homeownership at the rate they could be. Either renters are opting out of the American dream, or it remains out of reach for reasons beyond affordability.” Possible explanations include tight credit, low inventory, and investor cash.

    Bankrate – Closing costs: States ranked

    States have been ranked by average closing costs, from most expensive to least expensive. To determine the rankings, Bankrate requested good faith estimates for a $200,000 mortgage loan from up to 10 lenders in each state. The hypothetical loan was for a purchase of a single-family house in the state’s largest city, using a 20 percent down payment, with excellent credit. California ranked as the 22nd most expensive state for closing costs.

    HousingWire – Homeownership at near 20-year low, but some bright spots

    Homeownership in the U.S. continues to fall, down to a low of 64.7 percent, a level not seen since 1995. Despite low interest rates and expanding credit availability, affordability has remained an issue. Also, first-time home purchasers are declining as a share of total home sales. Experts have expressed concerns that loosening of mortgage credit and a reduction in home price growth won’t be enough to reduce the trend of declining mortgage origination.

    HousingWire – Moving from renting to homeownership could get easier

    For some potential homeowners, adding in rental history to a credit score could make all the difference in securing a mortgage. In a survey of 20,000 people in government-subsidized housing, 59 percent of that group would have prime credit scores if rental history was added to credit score evaluations. Notably, it was reported earlier this summer that mortgage lenders might start considering rent payment history in credit scores.

    Wall St. Journal – Fed Survey: Mortgage Standards Ease for First Time Since Housing Bust

    Nearly one in four U.S. banks said they had eased mortgage-lending standards for borrowers with strong credit during the second quarter, the largest such movement by lenders since the housing bust hit nearly eight years ago. Demand for prime mortgages rebounded to its highest level in a year, according to the Fed survey, offering a hopeful sign for housing markets that have stumbled during the first half of the year.
    Read the full story

    L.A. Times – High housing costs are a drag on California’s economy, report says

    A shortage of housing – especially at affordable prices – is becoming a bigger drag on the state’s economy, according to a new report from forecasting firm Beacon Economics. That being said, the pace of home sales in California should pick up in the second half of this year and into next. The firm predicts annual price growth of 4 to 6 percent for the next two years, a more sustainable pace than the double-digit gains seen for much of the last two years.

    Talking Points …

    • Home prices nationwide, including distressed sales, increased 7.5 percent in June 2014 compared to June 2013, according to CoreLogic. This change represents 28 months of consecutive year-over-year increases in home prices nationally.
    • On a month-over-month basis, home prices nationwide, including distressed sales, increased 1 percent in June 2014 compared to May 2014.
    • At the state level, including distressed sales, only Arkansas posted a decline in June 2014 with 0.4-percent depreciation. A total of 12 states, plus the District of Columbia, reached new highs in the Home Price Index dating back to January 1976, when the index started. These states are Alaska, Colorado, District of Columbia, Iowa, Louisiana, Nebraska, North Dakota, Oklahoma, South Dakota, Tennessee, Texas, Vermont, and Wyoming.

    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 2010-2014 by Thomas Feng, All Rights Reserved. You may reblog or republish.

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

  • Sunnyvale CA 94085 94086 94087 94089 Real Estate Market Report, August 2014

    Posted Under: Market Conditions in Sunnyvale, Home Buying in Sunnyvale, Home Selling in Sunnyvale  |  August 11, 2014 12:12 PM  |  222 views  |  No comments

    Thomas Feng with Bay Area Connect presenting the Sunnyvale CA 94085 94086 94087 94089 Market Activity in the previous month of July 2014.



    Statistics include: Pricing of all sold and active listings, Property Sales, Inventory, Market Time, and an Overview of sold listings.

    To schedule an appointment to go over all of these statistics overlaid with school data/API Scores call me at408-840-3852 or send me an email Thomas.Feng@gmail.com.

    For a copy of this market report or a market report for another Bay Area city simply fill out this Market Report Form and I will have one sent over to you within 24 hours.


    Photobucket PhotobucketPhotobucket



    Please leave questions and comments below or on our wall at Facebook and I will include it in my future videos.


    June 2014: 88 Sold Listings
    Sold homes from 2 months back. Homes take about 2 months to close and have final sales #’s.

    36 in 1mil+, 7 in 900s, 11 in 800s, 12 in 700s, 14 in 600s, 4 in 500s, 4 in -400s


    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 2010-2014 by Thomas Feng, All Rights Reserved. You may reblog or republish with links back to this post.

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

  • Santa Clara CA 95050 95051 95054 Real Estate Market Report, July 2014

    Posted Under: Market Conditions in Santa Clara, Home Buying in Santa Clara, Home Selling in Santa Clara  |  July 14, 2014 10:02 AM  |  335 views  |  No comments

    Thomas Feng with Bay Area Connect presenting the Santa Clara CA 95050 95051 95054 Market Activity in the previous month of June 2014.



    Statistics include: Pricing of all sold and active listings, Property Sales, Inventory, Market Time, and an Overview of sold listings.

    To schedule an appointment to go over all of these statistics overlaid with school data/API Scores call me at408-840-3852 or send me an email Thomas.Feng@gmail.com.

    For a copy of this market report or a market report for another Bay Area city simply fill out this Market Report Form and I will have one sent over to you within 24 hours.


    Photobucket PhotobucketPhotobucket



    Please leave questions and comments below or on our wall at Facebook and I will include it in my future videos.


    May 2014: 101 Sold Listings
    Sold homes from 2 months back. Homes take about 2 months to close and have final sales #’s.

    24 in 1mil+, 11 in 900s, 12 in 800s, 24 in 700s, 10 in 600s, 7 in 500s, 11 in -400s


    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 2010-2014 by Thomas Feng, All Rights Reserved. You may reblog or republish with links back to this post.

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

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