The Housing Stimulus Package Continued

August 25, 2008 · Lee Ginsburg · Comment here

This is my third and probably final thought on the recent Housing Stimulus Package.

http://www.pruvoices.com/2008/08/housing-stimulus-package-i-dont-think-so/
http://www.pruvoices.com/2008/08/is-this-new-stimulous-package-going-to-help-the-bay-area/

The FHA foreclosure rescue is a great idea but I don’t think it is practical, at least not in the Bay Area Market that I am familiar with. The FHA will offer to qualified buyers a new fixed rate loan at 90% of today’s market price for the home they are living in and that they own and owe considerably more money. With this program the owner shares the future appreciation with the FHA. This adds to family stability and less homes on the market and gives the family to gain some equity. I think the original lender will lose more under this than with the foreclosure process but it might be easier, quicker, look better on their books and they also gain a new guaranteed loan. In my opinion too many ifs to make this work in large numbers but the thought is GREAT. Read more

10 Reasons you should NOT buy a house in 2008!

August 25, 2008 · Karin Cunningham · Comment here

1. You don’t feel like taking advantage of GREAT opportunities while prices have stabilized.

2. You enjoy renting over owning your own home.

3. You believe in buying HIGH and selling LOW rather than what experts suggest which is buy low and sell high. Duh!

4. Your accountant told you that you have enough tax write offs.

5. You don’t believe you can build equity if you buy at the bottom of the market. Read more

“Bouncing Along the Bottom”

August 20, 2008 · Karin Cunningham · Comment here

Last month I attended the Inman Real Estate Conference at the Palace Hotel in San Francisco. It was so cool because I got to listen to different panels of experts talk about the state of the real estate market, new and improved real estate technology, and a lot about blogging and websites. Read more

Housing Stimulus Package! I don’t think so!!!

August 17, 2008 · Lee Ginsburg · 2 Comments

Credit/Loan Does it Stimulate the Housing Market? I don’t think so!!!

AS promised in my last blog I have continued my thoughts on the most recent Housing Stimulus Package. I will continue in next week’s blog.

Part of the recent Housing Stimulus package is a much publicized First Time Home Buyer Credit! It is not a credit. It is 15 year Interest FREE loan. Gotta take anything For Free. This applies to any home purchased between April 8, 2008 and July 1, 2009. How and why they picked those dates; Read more

Is This New Stimulus Package Going To Help The Bay Area???

August 4, 2008 · Lee Ginsburg · Comment here

YES! YES! YES! It may not be as immediate as we would like but it will. The two major provisions that I see as beneficial to specifically the Bay Area Are:

The increase in the conforming loan limit to $625,500 permanently and the ability of Freddie Mac and Fannie Mae to borrow if necessary from the U.S. Treasury.

The increase in conforming loan limits has no immediate effect since the emergency stimulus package temporarily increased the limit to $729,750. That terminates Dec. 31 of this year so the new permanent increase is a major long term bonus. Bay Area Realtors Read more

How much do I offer?

July 16, 2008 · Shokoofeh Nowbakht · Comment here

Ok, you find a house and now like to make an offer, but how much? Don’t think just because it’s a short sale or REO that you can offer 20% or so lower than the asking price. Do your homework, study your market, and find out what the market value of the property is. Discuss it with your realtor. Generally, if the property has been on the market for months and specially if it hasn’t had a price reduction, you would have a stronger position to negotiate. Don’t be surprised to see multiple offers and overbidding on short sales and REOs in today’s market. Sometimes, the listing agents list the property at lower than the true market value to create activities and multiple offer situations. So, talk to your realtor and make a reasonable and realistic offer.

GOOD LUCK!

20 homes under $500,000 in San Bruno

July 16, 2008 · Shokoofeh Nowbakht · Comment here

First time home buyers and investors, what are you waiting for? I just checked the multiple listings and found 20 homes in San Bruno for sale, listed under $500,000. WOW!!! These include regular sales, shortsales and bank owned.

This is the time to buy real estate!

Shokoofeh Nowbakht, Realtor

Real Estate Roller Coaster

July 9, 2008 · Mark Hasha · Comment here

Is the Bay Area real estate market on its way back up or is it still coasting down?

On June 25^th the CALIFORNIA ASSOCIATION OF REALTORS® reported that home sales increased 18.1 percent in May in California compared with the same period a year ago, while the median price of an existing home fell 35.3 percent. So is that good news or bad for S.F. bay area real estate market? It depends.

If you need to sell your home the bad news is that your home may have given back any appreciation it had made over the last three years. The good news is that if you have owned your home for more than three years you should realize a gain on your home sale; it just won’t be at the top of the market. If you are selling your home to buy another, then more good news, your next home will cost less than it would have a year ago.

Have you thought of buying investment property in the past but the numbers just didn’t make sense? Good news, with the decrease in the prices of homes and the strong rental market due to over extended home owners returning to the rental market you can once again find properties that can generate enough income to cover expenses and offer good returns on future appreciation.

Despite all the confusing information in the media, the best news I got from the California Association of Realtors report was that home sales have increased. Real estate operates on the law of supply and demand and as the number of home sales increase, inventory will begin selling off and prices will once again return to stability and the long term appreciation will occur as it has always done in the past.