Lori Uhl McClelland's Blog

Single Family Residential

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Actives:

San Benito County-198 of which REO/Bank Owned-30 or 15%

Hollister-127 of which REO/Bank Owned-23 or 18%

Pendings:

San Benito County-198 of which REO/Bank Owned-32 or 16%

Hollister-160 of which REO/Bank Owned-27 or 17%

Absorption Rate:

San Benito County-.95 months supply of inventory or 29 days

Hollister-.79 months supply of inventory or 24 days

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Solds for the week: 2

High-$665,000 Equity Sale-FHA Loan

Low- $195,000 REO/Bank Owned-All CASH

Full-Price/Over-Asking-1 or 50%

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Sale Type:

REO-1 or 50%

Equity Sale-1 or 50%

Short Sales-none

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Financing Type:

FHA Loan-1 or 50%

All CASH- 1 or 50%

Conv. 1st-none

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 Whoa! Just when you think it can’t get worse…2 closed sales this week….the short sales are suspiciously absent…what could that be? Another new ineffective government program? HAFA was rolled out the beginning of April…it’s August! Short Sale closings ought to be rockin and rollin by now 4 months, please a regular Short Sale can get done in that amount of time…just a thought…have no proof except the last 2 weeks the short sales closings have vanished….

Single Family Residential

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Active:

San Benito County-188 of which REO/Bank Owned-27 or 14%

Hollister-123 of which REO/Bank Owned-20 or 16%

Pending:

San Benito County-186 of which REO/Bank Owned-29 or 16%

Hollister-153 of which REO/Bank Owned-26 or 17%

Absorption Rate:

San Benito County-1.01 months supply of inventory

Hollister-.80 months supply of inventory or 24 days

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Solds for the week: 4 (are you kidding…thats pathetic)

High-$289,000  REO/Bank Owned, New Conv. 1st

Low- $175,000  REO/Bank Owned, FHA Loan

Full-Price or Over-Asking-4 or 100%

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Sale Type:

REO/Bank Owned-4 or 100%

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Financing Type:

New Conv. 1st-2 or 50%

FHA Loan-2 or 50%

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What is going on in the market? Is it the mid-summer dull-drums….does the economy sucks much worse than we’re lead to believe…our absorption rate has doubled in recent months….that being said we still technically have a shortage of listings. Our absorption rate is at 1 month a normal supply of inventory would be 3-6 months. Less than 3 is a seller’s market and more than 6 is a buyer’s market. Rates are incredible! I had a buyers loan get locked 2 days ago at 4.375 on a 30 year fixed….There’s no other way to put it…that’s a kick *** rate!

Single Family Residential

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Active Homes:

San Benito County-173 of which REO/Bank Owned-25 or 14%

Hollister-105 of which REO/Bank Owned-21 or 10%

Pending Homes:

San Benito County-195 of which REO/Bank Owned-38 or 19%

Hollister-157 of which REO/Bank Owned-32 or 20%

Absorption Rate:

San Benito County-.89 months supply of inventory or 27-days

Hollister-.67 months supply of inventory or 20-days

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Solds for the week: 13

High-$396,000 Equity Sale, New Conv 1st

Low- $142,000 REO/Bank Owned, FHA Loan

Full-Price/Over-Asking-9 or 71%

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Sale Type:

Equity Sale-5 or 38%

        Investor Flip-2 or 15% of the total solds

REO/Bank Owned-4 or 31%

Short Sale-4 or 31%

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Financing Type:

FHA Loan-6 or 46%

New Conv 1st-5 or 38%

VA Loan-1 or 8%

All Cash-1 or 8%

Single Family Residential

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Actives:

San Benito County-176 of which REO/Bank Owned-28 or 16%

Hollister-106 of which REO/Bank Owned-25 or 24%

Pendings:

San Benito County-207 of which REO/Bank Owned-38 or 18%

Hollister-170 of which REO/Bank Owned-31 or 18%

Absorption Rate:

San Benito County-.85 months supply of inventory or 26-days

Hollister-.62 months supply of inventory or 19-days

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Solds for the week: 12

High-$445,000 Equity Sale, New Conv. 1st

Low- $157,000 REO/Bank Owned, New Conv. 1st

Full-Price/Over-Asking: 9 or 75%

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Sale Type

REO/Bank Owned: 5 or 42%

Equity Sale: 4 or 33% of those 3 were Flips or 25% of total

Short Sale: 3 or 25%

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Financing Type

New Conv 1st: 7 or 58%

FHA Loan: 5 or 42%

No CASH deals this week!

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 Wow! 25% of the total Solds were Investor Flips! There’s a new seller in the neighborhood….better pay attention!

Single Family Residential

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Actives:

San Benito Couny-167 of which REO/Bank Owned-26 or 16%

Hollister-99 of which REO/Bank Owned-24 or 24%

Pendings:

San Benito County-206 of which REO/Bank Owned-38 or 18%

Hollister-170 of which REO/Bank Owned-32 or 19%

Absorption Rate:

San Benito County-.81 months supply of inventory or 24-days

Hollister-.58 months supply of inventory or 17-days

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Solds for the week: 9

High-$530,000 Equity Sale-All CASH

Low- $145,000 Equity Sale-Seller carried New 1st

Full-Price or Over-Asking-2 or 22%

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Sale Type:

Equity Sale-6 or 67%

Short Sale- 2 or 22%

REO/Bank Owned-1 or 11%

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Financing Type:

New Conv. 1st-3 or 33%

FHA Loan- 2 or 22%

All CASH- 3 or 22%

VA Loan-  1 or 11%

Seller Financing-1 or 11%

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 Wow! Equity Sales still rule the day and a new one….Seller Financing!

Single Family Residential

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Active:

San Benito County-169 of which REO/Bank Owned-26 or 15%

Hollister-98 of which REO/Bank Owned-21 or 21%

Pending:

San Benito County-195 of which REO/Bank Owned-33 or 17%

Hollister-165 of which REO/Bank Owned-31 or 19%

Absorption Rate:

San Bentio County-.87 months supply of inventory or 26/days

Hollister-.59 months supply of inventory or 18/days

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Solds for the week: 16

High-$545,000 Equity Sale, FHA Loan

Low- $220,000 Short Sale, New Conv. 1st

Full-Price or Over-Asking: 5 or 31%

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Sale Type:

Equity Sale-8 or 50%

   Of those 8 – 5 were Investor FLIPS or

   63% of the Equity Sales!

REO/Bank Owned-4 or 25%

Short Sale-4 or 25%

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Financing Type:

New Conv. 1st-8 or 50%

FHA Loan-6 or 38%

All CASH-2 or 12%

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 I think I might need to add a new category under Sale Type: Investor FLIPS! 63% of the Equity Sales were Investor FLIPS and actually as a % of the total Solds they were 31%!

Single Family Residential

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Actives:

San Benito County-166 of which REO/Bank Owned-23 or 14%

Hollister-99 of which REO/Bank Owned-19 or 19%

Pendings:

San Benito County-195 of which REO/Bank Owned-33 or 17%

Hollister-163 of which REO/Bank Owned-28 or 17%

Absorption Rate:

San Benito County-.85 months supply of inventory or 25/days

Hollister-.61 months supply of inventory or 18/days

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Solds for the week: 21 (another week of late reporting sales)

High: $545,000 Equity Sale, FHA Loan

Low:  $110,000 REO/Bank Owned, All CASH (Tammy’s deal)

Full-Price or Over-Asking: 11 or 52%

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Sale Type:

Equity Sale-9 or 43%

Short Sale-8 or 38%

REO/Bank Owned-4 or 19%

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Financing Type:

New Conventional 1st-9 or 43%

FHA Loan-9 or 43%

VA Loan-2 or 10%

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Wow! Another week of big numbers but really they’re cooked just like the jobs report this week! Many late reporting – Sold’s. One I noticed all the way back to April 15th!

Look! The Equity Sales were king of the hill! Who said there’s not Equity in the marketplace? One third of all US homes have no mortgage against them! You won’t hear that news in the media.

5 Things to do before you sell your home!

Single Family Residential

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Active:

San Benito County-149 of which REO/Bank Owned-24 or 16%

Hollister-87 of which REO/Bank Owned-20 or 23%

Pending:

San Benito County-212 of which REO/Bank Owned-33 or 16%

Hollister-177 of which REO/Bank Owned-27 or 15%

Absorption Rate:

San Benito County-.70 months supply of inventory or 15/days

Hollister-.49 months supply of inventory or 15/days

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Solds for the week: 18 (few late reportings skew the total)

High-$459,000 Short Sale, All CASH

Low- $140,000 REO/Bank Owned, All CASH

Full-Price/Over-Asking-9 or 50%

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Sale Type

REO/Bank Owned:7 or 39%

Short Sale:7 or 39%

Equity Sale:4 or 22%

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Financing Type

FHA Loan:7 or 39%

New Conv 1st:6 or 33%

All CASH:4 or 22%

USDA Loan:1 or 7%

Single Family Residential

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Active:

San Benito County-152 of which REO/Bank Owned-25 or 16%

Hollister-88 of which REO/Bank Owned-20 or 23%

Pending:

San Benito County-236 of which REO/Bank Owned-38 or 16%

Hollister-198 of which REO/Bank Owned-31 or 16%

Absorption Rate:

San Benito County-.64 months supply of inventory or 19 days

Hollister-.44 months supply of inventory or 13 days

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Sold’s for the week: 16

High-$700,000 Short Sale, New Conv. 1st

Low- $163,000 REO/Bank Owned, USDA Loan

Full-Price or Over-Asking- 7 or 44%

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Sale Type:

Short Sale-7 or 44%

Equity Sale-6 or 38%

REO/Bank Owned-3 or 19%

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Financing Type:

New Conventional 1st-7 or 44%

FHA Loan-6 or 38%

All CASH-2 or 13%

USDA Loan-1 or 6%

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Wow! Big week for the Sold’s….Short Sales and Equity Sales dethroned the REO/Bank Owned properties as the big players.