Lori Uhl McClelland's Blog

Single Family Residential

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Actives:

San Benito County-178 of which REO/Bank Owned-26 or 15%

Hollister-111 of which REO/Bank Owned-19 or 17%

Pending:

San Benito County-179 of which REO/Bank Owned-29 or 16%

Hollister-148 of which REO/Bank Owned-26 or 18%

Absorption Rate:

San Benito County-1 month supply of inventory

Hollister-.75 months supply of inventory or 23 days

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Solds for the week: 18 (couple of later reporting’s skew #’s)

High Sold: $700,000 Equity Sale, New Conv. 1st

Low Sold: $55,000 REO/Bank Owned, All Cash

Full-Price/Over-Asking: 7 or 39%

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Sale Type:

REO/Bank Owned-11 or 61%

Equity Sale-4 or 22%

Short Sale-3 or 17%

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Financing Type:

New Conv. 1st-7 or 39%

All Cash-5 or 28%

FHA Loan-4 or 22%

VA Loan-1 or 6%

USDA Loan-1 or 6%

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Wow! For some reason it feels like the market has fallen off a cliff…..Whatever cycle the market is in there is still a micro-cycle within and we are in what I call the dregs of summer! That being said…our absorption rate for the San Benito County has reached 1 month. We have not seen this number in probably 2 years. Interest Rates remain historically low i.e. around 4.5% but lending standards are tougher than we’ve ever seen. The economy seems worse than what we’re hearing in the news…..Our market values have come down about 58% from the peak so if you can make a purchase…it is an awesome time to buy!

Single Family Residential

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Actives:

San Benito County-173 of which REO/Bank Owned-29 or 17%

Hollister -106 of which REO/Bank Owned-24 or 23%

Pendings:

San Benito County-196 of which REO/Bank Owned-36 or 18%

Hollister-156 of which REO/Bank Owned-30 or 19%

Absorption Rate:

San Benito County-.88 months supply of inventory or 26-days

Hollister-.68 months supply of inventory or 14-days

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Solds for the weeks: 10

High-$357,950  Short Sale, FHA Loan

Low- $105,000  REO/Bank Owned, All Cash

Full-Price/Over-Asking-8 or 80%

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Sale Type:

REO/Bank Owned-6 or 60%

Short Sale-3 or 30%

Equity Sale-1 or 10%

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Financing Type:

FHA Loan-7 or 70%

All Cash-2 or 20%

New Conv. 1st-1 or 10%

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!

Home Sweet Home ~ Summer Safety Tips

Mortgage Troubles ~ There Are Dignified Solutions

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%

Why I Work By Referral

Single Family Residential

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Actives:

San Benito County-153 of which REO/Bank Owned-22 or 14%

Hollister-91 of which REO/Bank Owned-18 or 20%

Pendings:

San Benito County-224 of which REO/Bank Owned-37 or 17%

Hollister-185 of which REO/Bank Owned-30 or 16%

Absorption Rate:

San Benito County-.68 months supply of inventory or 14-Days

Hollister-.49 months supply of inventory or 15-Days

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Solds for the week: 18

High-$499,900 Equity Sale-New Construction, FHA Loan

Low-$205,000 Equity Sale, FHA Loan

Full-Price or Over-Asking: 11 or 61%

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Sale Type

Equity Sale-8 or 44% (4 New Construction-Anderson Homes)

REO/Bank Owned-7 or 39%

Short Sale-3 or 17%

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Financing Type

New Conventional 1st-9 or 50%

FHA Loan-7 or 39%

VA Loan-1 or 6%

All CASH-1 or 6%