Foreclosure in Turlock>Question Details

Stephan, Home Buyer in San Francisco, CA

There is a lot of talk of a softening real estate market. How would you describe the real estate market in Turlock?

Asked by Stephan, San Francisco, CA Mon Apr 23, 2007

How long do homes typically sit on the market in this city?

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5
If we go back in the last year, the public has been exposed to endless news on 'the bubble', and now upon us we are reading of 'foreclosure' and 'defaults' as a result of the latest media hype of the 'subprime lending industry failure' that is now upon us. This negative aspect has taken it's toll in our market place. Final phases of subdivision buildouts have had builders giving huge price incentives/packages to buyers. ALL of this has had a major effect on the resale market. The numbers I have most recently viewed are showing that the foreclosure/default rate are representative of only 6-8% of the homes in the whole county area. Though in general a small amount and those homes are being marketed at extremely reduced prices - the resale market has had to get in to line at the same time to compete. We are seeing homes on the market 120+ days, and not uncommon to see some sitting a great deal longer. As the few short sales and foreclosures actually proceed to a sale of record - that sale price will then be used in comparable analysis's, whether it be appraiser, final end investor, or Real Estate agents. One must truly compare apples to apples in this market - try as best to stay within a 15% variance, give major attention to curb appeal - and be open minded for any repairs needed. There seems to be a huge increase in buyer activity of late. There should be! Buyers have a huge amount of inventory to choose from - and serious buyers are aware that the interest rates are at an affordable level to take advantage of now. Many buyers with financing in hand are experiencing the extreme time lag when putting in bids on short sales. This in time is bringing them back to the resale market of homes not in that category. It is most important that all buyers have solid preapproval from a reputable lender. As the 100% financing guidelines have finally been revised, a seller's agent must work closely with the lending segment each step of the way to bring that sale to fruition.
2 votes Thank Flag Link Mon Apr 23, 2007
IF you don't mind living in the *barrio*, you can get a *GREAT* deal. Houses on 1/2 to 1/3 acre lots that sold in 2006 for $400k are going for < $70k. That's right! More than a 75% DECREASE!

Even if you'd like to live in a nicer area, like some of the foreclosed places in gated communities in north Modesto, used to see for $400k are now going for $150k.

Keep in mind though the Central Valley is a TOILET.
0 votes Thank Flag Link Thu Jan 7, 2010
I've been trying to purchase a home in Turlock for about 4 months, and right now, those that are good deals aren't sitting at all. I've asked to put bids in on homes that have only been on the market 4-14 days and have learned an offer has already been accepted. Those that are still sitting on the market are usually overpriced for what you are getting. If you see something you like in Turlock, be sure to act quickly- the competition is out there with investors and first time buyers.
0 votes Thank Flag Link Thu Apr 23, 2009
If the property is priced aggressively, then the market will absorb it within 60 days. If the seller refuses to recognize the current state of our market which has fallen 2% per month for the past two years, then the property will sit for over a year. So, if the agent can be honest with the seller, price it ahead of the pack, and market the property thoroughly, then it will sell within 60-100 days.
0 votes Thank Flag Link Tue Jan 15, 2008
That last answer had a ton of good information! And I am sure it came from a very reliable source.

Keep it simple.

The Turlock real estate market is saturated, both residential and commercial.

If Turlock is your goal, for whatever reason, the world is your oyster.
0 votes Thank Flag Link Tue Sep 18, 2007
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