Single Family Residential
Actives: SBC-143 of which REO-25 or 17%
HO-69 of which REO-18 or 26%
Pendings: SBC-235 of which REO-59 or 25%
HO-197 of which REO-47 or 24%
Absorption Rate: SBC-.61
HO-.35 months supply of inventory..less than half a month’s supply of inventory…holy moly!
Solds for the week: 16
High: $428,500 REO, FHA Loan
Low: $119,900 REO, FHA Loan
Full-Price or Over-Asking: 14 or 88%
REO: 13 or 81%
Short Sale: 2 or 13%
Equity Sale: 1 or 6%
New Conventional 1st: 5 or 31%
FHA Loan: 7 or 44%
VA Loan: 1 or 6%
CASH: 3 or 19%
Agents are continuing to report receiving multiple offer’s even on short sales.
I had a very weird thing happen this week. The mother of another agents buyer who wrote an offer on one of my REO listings e-mailed me to complain about her daughter and son-in-law always losing out on multiple offer’s and did her daughter need a new agent. I told her no….agents are receiving 10 to 40 offers on affordable properties. 1 winner means 9 to 39 disappointed buyers.
Tammy and I are the only CDPE – Certified Distressed Property Experts in San Benito County. We believe short sales will be the new order of the day going out to at least 2015 so if you know a distressed homeowner we’d appreciate the referral!