Why I Use a Loan Agent

Many of us have very busy days working, schooling and spending time with our families. When it comes to loans or refinancing why spend your time getting quotes from banks on rates that change daily and between loan companies! In my lifetime I have had mortgage loans from over 8 different banks. Why you ask? The reason is that the bank that has the good rates today is not the one that will tomorrow. Rates and incentives change on a daily basis and you will need a Loan Agent to watch out this for you!

I recently had my loan agent watching rates for over 2 years. We finally got to the lowest rate the 30 year fixed has been at and as soon as I closed the rates shot up again. This type of timing and fast execution is not possible without someone in the industry shopping the rates for you on a daily basis.

For those of you that do now have a loan agent already, I highly recommend Mya Tran with Coldwell Banker who I have been working with for over 5 years. Please feel free to contact her at (408)472-7558 or e-mail her at mya_tran@yahoo.com.

Happy 5th Year Anniversary!

April of this year was Alan's 5th Year Anniversary as a Realtor specializing in residential real estate! The success of the business would not be possible without the support and referrals of you as the client base.

I wanted to take a moment and thank you for your support throughout the years and I continue to look forward to your business in the years to come.

If you ever have any real estate needs or know of someone who could use my assistance, please do not hesitate to e-mail or call! I am always available to service you.

Sincere Thanks,

Alan Wang

Interesting Statistics on Single Family Homes in Escrow

Here are the numbers for the week ending 5/10/08.

The following is considered the rule of thumb:

Buyers market if: Less than 25% of the houses in inventory are in Escrow
Sellers market if: 25% or more of the houses in inventory are in Escrow

Class 1= Single Family Homes Only as of 5/10/08:

Zone % of listings in escrow Active # of Listings
1 South County 14.1% 828
2 Santa Teresa 24.9% 139
3 Evergreen 20.5% 438
4 East Valley 16.2% 868
5 North Valley 25.1% 293
6 Milpitas 21.1% 168
8 Santa Clara 23.9% 220
9 Downtown 15.9% 360
10 Willow Glen 19.1% 233
11 South San Jose 16.9% 461
12 Blossom 24.6% 297
13 Almaden 28.6% 100
14 Cambrian 21.6% 207
15 Campbell 24.6% 153
16 Los Gatos 24.8% 155
17 Saratoga 20.9% 106
18 Cupertino 40.8% 100
19 Sunnyvale 32.0% 168

Overall % in escrow (SFR Only) is 20.4%. This percentage is up 3 tenths of a percent from last month.

Total class 1 listings as of 5/10/08 (5363) – 5/12/07 (3348) / Pending 5/10/08 (1375) - 5/12/07 (1106).

Courtesty of Fidelity Title

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