Are real estate prices still rising with multiple bids and over asking prices in thousands of dollars?Â Yes, in many areas.Â However, there may be a light at the end of the tunnel for majority of home buyers who just cannot compete with sky rocketing prices.
With full summer upon us, there are plenty of homes coming on market and as a result there is a bit more variety of homes for buyers to choose from.Â However, be warned that majority of homes are being snapped up fast.
Take a look at the snap shot ofÂ single family detached homes sold in LivermoreÂ sinceÂ March 1, 2013.
This chart shows the number of homes that sold either above the asking price and or below the asking price.Â Out of approximately (275) homes that were sold since March 1, 2013,
- (87) of those homes sold less than the asking price.
- (84) homes that soldÂ for $25,000 above the asking price
- (56) homes sold for $50,000 above the asking price
- (7) homes soldÂ forÂ $100,000 above the asking price
- (5) homes sold for $125,000Â above the asking price
AsÂ you can see the market is still strong withÂ sellers pretty much gettingÂ over and above what they are asking. However, data is also suggesting thatÂ the number of homesÂ being soldÂ below the asking price are alsoÂ on the rise as compared to theÂ sales trendÂ for the first quarter of 2013.
You ever wonder what is the priceÂ difference between a bank owned, short sale and regular sale homes? Â Or how many of the sold homes Â were either bank owned, short sales and or regular sales in Â a given time period?
For Alamo homes,In Alamo, almost (80%) of the homes sold between August 2011 to October 2012 were regular sale with an averageÂ medianÂ price of about $1.3 million. Â About (10%) of the homes sold in same time period were Bank Owned with an average median price of almost $800,000 and almost (13%) homes sold asÂ Short SaleÂ fetching an average median price little above $800,000.
There are several variables (location, condition, etc.) that would dictate the final sold price of a home, however, the data below may provide you a rough indication of percentage of homes that were bank owned, short sale, regular sale along with the price they were sold at!
For Danville Homes,
In Danville, on the other hand, almost (78%) of the homes sold in the same period were regular sale with an average median price of about $800,000. Â About (8%) of the homes sold were Bank Owned with an average median price of a bit less than $700,ooo and almost (15%) homes sold as Short Sale fetching an average median price of about $700,000.
For San Ramon homes,
In San Ramon, almost (73%) of the homes sold in same period were regular sale with an average median price of about $710,000. Â About (9%) of the homes sold were Bank Owned with an average median price of almost $560,ooo and almost (20%) homes sold as Short Sale fetching an average median price little above $650,000.
So, what does all this means? Â Are Bank owned better then short sale or regular sale and or vice versa? Â No, not necessarily! Â Every house is unique and depending on the circumstances will sell for the what itself is worth! Â Depending on your unique situation, you may be able to use this data as a guide and be prepared for how the market is evolving!
Here is a brief overview of residential real estate market statistics on single family homes in Francisco, Dublin and Livermore area of San Francisco East Bay. Â For detailed review please check out my blog
For Sale Home Inventories are getting low and are expected
to stay low for next year as well. Listing inventories fell (10.5%) from second
quarter of 2012 and were down (13.8%) from 3rd quarter 2011.
Home prices are going back up after a long time. The median
price saw an increase of (3.8%) since 2nd. Quarter of 2012 and a whopping (10%)
increase from 3rd. Quarter of 2011.
With increase in competition for low inventories available
homes are selling on the fly- only staying on market for 33 days in 3rd quarter
(2012) asÂ oppose to (53) days in 3rd. Quarter of last year - a (37.7%)
Are you still thinking of selling or buying? As you can see
the trend is changing fast andÂ if you are a seller you may get top dollars and if you are
a buyer you may still have a chance of getting in the game before it is too late!
Please e-mail and or call with any questions.
What is going on with Single Family Home
values in Pleasanton
, San Ramon
and Danville markets?Â Have they bottomed out or still on a downward slide?Â Or are they actually starting to rise?
Please take a look here
Are you tired or perhaps donâ€™t understand the foreclosure process and are about to give up? You may want to consider these consequences first!
1) Most likely you will need to disclose on a future mortgage application that you went through a foreclosure.Â This may have an adverseÂ affect on your mortgage rates.
2) Your credit scores will be lowered considerably (250 to 300+ points)
3) You may notÂ be able to repair this â€œforeclosureâ€ item from your credit report.
4) A lender may seek deficiency judgment against youÂ and come after any amount they can not recuperate at a property auction
5) An employer may run credit check on prospective employees and this could jeopardizeÂ any chances of your selection.
The bottom line, you may want to consider short selling your house instead.Â You will be in betterÂ shape as far as your future credit is concerned.
You are inÂ a business of helping people.Â You want to do your very best. You get a listing - in this case only one lender, Chase. You put the house on market, you get multiple offers and then you are of to the races - chasing the Chase!
It takes about a week to get all the paperwork in via fax with multiple try outs, paper outages etc... One would thinkÂ thatÂ Chase will cut down the chase by having short sale packagesÂ submitted via e-mail or document sharing sites instead of good old fax systems.Â Â Don't you think we should ban these fax machinesÂ in today's electronic age?
Now the waiting game begins.Â The only way to get updates from Chase is to call, call, call and then call.Â No e-mails, just calls.Â If you are lucky and show persistence you will get some feedback.Â Otherwise, the standard answer, keep checking in couple of days, week after week after week. Finally, a negotiatorÂ is assigned and you think you are all set!Â No, now the real wait, works begins...
If you have your homework done and have everything in order your short sale is approved with conditions or is rejected.Â The chase (five months)Â is finally over.Â