Property Q&A in 94533>Question Details

Braden Spear, Home Buyer in 95687

What makes this location so much less expensive than Vacaville (besides distance)?

Asked by Braden Spear, 95687 Sun Jan 18, 2009

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This question is about this property: http://www.trulia.com/property/1073269097-5024-Day-Dr-Fairfi…

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For starters, the percentage of active listings that are either REOs (bank-owned) or short sales is 14% higher in Fairfield-Green Valley (80% of all listings) than in Vacaville (66%) -- see http://tinyurl.com/DistressSales1709 .That's an important factor, since most of the REO sellers are slashing prices dramatically in order to generate quick multiple-offer sales, particularly in those communities with the greatest number of distress sales.

So it follows that prices in those communities would fall at a faster clip than in those areas with "fewer" distress sale listings. And that's exactly what the year-end statistics for 2008 show. In Fairfield-Green Valley, homes lost 35% of their value last year, while their Vacaville counterparts "only" lost 28% in 2008 (see http://tinyurl.com/2008-Sales ).

Moreover, even without those distress-sale impacts, homes in Fairfield have traditionally sold for less than similars home in a comparable neighborhood in Vacaville. There is no one reason why that's the case; many different factors contribute to Vacaville's traditionally higher home values.

The home on Day Drive has currently been on the market for 31days, with a $19,900 price reduction 11 days after it came on the market. It is a bank-owned property. Two other homes on that street are in escrow -- one about 300 sq. ft. smaller, which had a list price of $245,000 and another that's about 500 sq. ft. larger which was listed at $289,900).

If I can answer any other questions or help further, please contact me either through my Trulia Profile or my website (see below).
Web Reference: http://homesection.com
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