Feds Cut Rates By Another Quarter Point

The Federal Reserve cut rates by another quarter point to 2%! What does this mean to Buyers and Sellers trying to refinance? Currently not a whole lot. Rate cuts tend to take a period of months to trickle down into the loan market. Though it may help short term rates, most of us are looking at a secure 30 fixed for the long run.

I have not seen the low rates of 2001 and the close ties to rate cuts that were obvious during that time period. I have been seeing loans take longer periods of time to qualify and get funding. For jumbo loans the rates are in the mid 6's which are really nothing too excited for the average home buyer or owner. Banks are a-lot more cautious with who they loan money to and are dealing with many loans that have fell through as well.

Those of you who are getting regular conforming loans under $417,000, these loans seem to be plentiful. I am still trying to secure one of these stimulus package or Conforming Jumbo loans. When I successfully refinance myself, I will pass my experience onward.

For loan inquiries please contact Mya Tran mya_tran@yahoo.com for a detailed analysis of your loan needs and tell her Alan sent you!

http://www.businessweek.com/bwdaily/dnflash/content/apr2008/db20080430_504053.htm?campaign_id=rss_daily

San Jose Best Cities For Home Sellers

Here is an interesting article on the San Jose market.

http://www.forbes.com/2008/04/07/homes-sellers-cities-forbeslife-cx_mw_0407realestate.html

State of the Market

Inventory continues to climb since January 2006. The latest inventory number for Santa Clara County's Single Family Homes is 5092 and 1793 active Condominiums and Townhomes. The good news is that the number of pending homes is slowly climbing but still not enough to clear out the backlog of inventory. Buyers are slowly moving into the market but there is no clear indication that the worst is over yet. If you are a Buyer, I do suggest that you continue to keep an eye out for great deals and motivated Sellers. There does seem to be some buffer still based upon the numbers.

Contact me today for an analysis of your specific property needs!

Price Reduced $15,000 607 Valley Forge Way in Campbell!

607 Valley Forge #4 in Campbell has been reduced another $8,000 for a total reduction of $15,000 to a list price of $351,888. We had an offer come through but we just could not meet at a common number. Since another Buyer has warmed up my Seller for negotiations please forward this to your friends and family and see if we can get an offer that would work for everyone!

Please call me today for a private showing!

Conforming Jumbo and Stimulus Loans

My loan broker has been trying hard to get these new Conforming Jumbo and Stimulus loans for purchases and refinancing. These loans are slowly materializing in the market. If you are a homeowner that still has some equity, it is time to consider refinancing that ARM to a 30 year fixed. If you are a new home Buyer, many of these loans may not exist after December of 2008 this year which is something to keep in mind during your planning.

I will keep you posted when I am able to secure one of these loans.

Sold 700 Baltic Circle #714 in Redwood Shores!

Just Sold 700 Baltic Circle, #714 in Redwood Shores sold to the Buyers of Alan Wang!

Lovely 12 year new Townhome, tri-level with upgraded hardwood floors on the main level, 1424 square feet, near the water and near the pool. I was able to get the price $36,000 below list price! Not all properties will have this type of reduction but if the area is right and the Seller is motivated a-lot could happen. I have noted Condominiums and Townhomes at Redwood Shores sitting on the market for quite some time. This is a great area near the water and near Oracle and other high tech corporations.

For similar properties please give me a call or e-mail me for an assessment!

Just Sold 1101 S. Main St in Milpitas

Just sold 1101 S. Main Street in Milpitas to the Buyer of Alan Wang! This is a brand new home development in Milpitas offering loan programs with 4.99% financing! Two bedroom, two bathrooms, with 1400 square feet, call me today to join my Buyer on this awesome deal!

It is a great time to buy, call me for a pre-approval!