Expanding upon the posts below, here are some stats that show you what the market looks like as of today:
In Bay Point, there are 195 listings and of those, 117 are bank owned and 67 are short sales.
In Pittsburg, there are 476 listings and of those, 250 are bank owned and 197 are short sales.
In Antioch, there are 771 listings and of those, 414 are bank owned and 310 are short sales.
In Brentwood, there are 294 listings and of those, 155 are bank owned and 94 are short sales.
But - I don't know what I want. And I'm thinking that prices are going to drop for at least several more months. I suppose I should line up a line of credit in case that perfect deal comes along. My business account is at Wells Fargo. Not sure where the best financing deals are. Need to deal with a bank that understands that self employed doesn't mean unemployed.
The rest is simple economics, whenever you have an abundance of supply coupled with a lack of demand, prices will adjust downward.
There are a lot more foreclosures in the Pittsburg and Antioch areas, so any time you get that many foreclosures in a certain area , the foreclosures become the market, and the prices drop a lot more , than they do in other areas, that don't have as many foreclosures.
That's the reason why. If you need help looking for a home, I am available to help you, and hopefully get you a great deal. The banks are more cooperative to negotiate a good selling price in these areas.
You can contact me at:
Old West Realty Inc.