Hollister, San Benito County Real Estate Market Update for July 24th, 2010

Seal of San Benito County, California
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Single Family Residential

San Benito County-166 of which REO/Bank Owned-27 or 16%
Hollister-100 of which REO/Bank Owned-21 or 21%

San Benito County-200 of which REO/Bank Owned-35 or 18%
Hollister-162 of which REO/Bank Owned-29 or 18%

Absorption Rate:
San Benito County-.83 months supply of inventory or 25 days
Hollister-.62 months supply of inventory or 19 days

Solds for the week: 11
High-$890,000 Equity Sale, New Conv. 1st
Low- $149,000 REO/Bank Owned, All Cash
Full-Price/Over-Asking: 3 or 27%

Sale Type:
REO/Bank Owned-6 or 55%
Equity Sale-3 or 27% (1 was a investor flip)
Short Sale-2 or 18%

Financing Type:
All Cash-5 or 45%
New Conv. 1st-5 or 45%
VA Loan-1 or 10%
FHA Loan-none

Interesting week for the Solds. A couple of high selling properties both with more than $100,000 price reductions. Another interesting note is the number of all cash transactions! Wow…cash is still king!

It appears we are in the most difficult lending environment the industry has seen in a very long time if ever. Transactions almost never close on time. If you’re closing is only a couple days late count yourself as a lucky one. I have one transaction right now that has been in contract since May 15th and the buyer’s are just starting hope for loan docs to come next week!

Because of the difficult lending environment on my listings I’m now asking for the following:
1. BofA Pre-Qual (required on my BofA REO’s)
2. Pre-Approval from the buyers lender of choice including that lender’s DU Approval/DU Findings
3. Proof of Down-Payment/Funds to close

If a buyer can provide all of that…they’re serious about closing the deal!

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