Hollister, San Benito County Real Estate Market Update for October 3rd, 2009

Single Family Residential

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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!

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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%

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Sale Type

REO: 13 or 81%

Short Sale: 2 or 13%

Equity Sale: 1 or 6%

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Financing Type

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!