Hayward, CA

Why the grimace just because I said it’s a short sale?

I held an open house today for a property that is in a good location downtown (Hayward CA) within a couple of blocks from City Hall, the library, shopping, theater, restaurants and BART.

The price is right. The location is great. The property looks nice. The condition is good
There was a steady stream of lookers -- some came with by themselves, and half came with their agents.

They all seemed very interested in this property, and gave positive feedback.

Until I mentioned that it’s a short sale. Then they grimaced. Their agents, too.

Why the pained look on your face?

As I talked with some of them, it was evident that people have heard so many horror stories about short sales that they cringed at the mere thought.

People....

Note that many short sales DO close escrow. Granted they take a little longer than regular sales or bank-owned (REO) sales, we have to know that given the right circumstances and factors,

Short sales may represent some of the best deals around.

As long as the buyers are patient, the sellers are responsive, and the agents are knowledgeable, there is a good chance the short sale transaction will be successful.

Related posts

3 out of 5 short sales in California close.....it could be better, but how do we fix the system?

Why do short sales fail?

Hayward CA housing market: boom to bust. Over 60% of sales in 2011 were bank-owned.

Hayward CA housing market: boom to bust. Over 60% of sales in 2011 were bank-owned.

Downtown Hayward CA offers its version of an urban experience to residents and guests who go to the ultra-modern City Hall, see movies at the new multi-screen movie theater, get a bite to eat at many restaurants that range from the ubiquitous taqueria to fine dining at Neumanali’s. Library. Hardware store. Grocery. Yup. All here. For added measure, BART is just around the corner from an enclave of newer townhouses and condos.

Today they had their weekly Farmer’s Market. And in summer, they have their outdoor concerts.

No wonder that at the peak of the market, many people were drawn to the new homes that were being built just around City Hall. They offered inexpensive housing, great financing, easy commute, and an semi-urbanite experience.

Then the dam burst. Like many cities, the Hayward housing market came crashing down. The following charts show the market trends for detache single family homes.

Median for Sale vs Median Sold

Looking at 2011 compared to 2010, the trend seems to be slowly on the upswing towards the end of the year.

Sold properties (and what percent were foreclosures?)

According to this chart, the number of bank owned properties sold (striped section of the chart) declined from 90 sales in December 2010 to 69 in December 2011. This could be encouraging, and may be interpreted that fewer properties are being foreclosed, too. Perhaps more short sales are being approved?

Months’ Inventory

This chart clearly illustrates low inventory of properties for sale, and the downward trend continues to a low of 1 month’s inventory as of end of December 2011. The blue line represents average days on market. This is somewhat erratic in 2011, and ended with 45-days on market at end of the year.

Unofficial Tour of Hayward

There are several landmarks --- click here for photos. Someone did a video tour of Hayward --- nice photos, but he narrated it tongue-in-cheek. If you’re easily offended, turn off the sound ;).

Related posts

BERKELEY CA Real Estate Sales 2011 over 2010: Looking for foreclosures? Very low inventory!

Oakland CA Homes for Sale January 2012: 55% are short sales and bank-owned

Oakland CA top 5 real estate stories in 2011 including surge in sales and prices

Oakland CA 2011: Short Sales and Bank-Owned Properties are 54% of total sales

Top 5 real estate stories in 2011 nationally and in Alameda CA

Alameda CA Short sales and Foreclosures: Year End Report 2011 compared to 2010

Hayward median sale price down by 13%, more than the median asking price decline. However looking at the Supply vs. Demand chart, the demand declined by 8%, while the supply down by a more dramatic 19%. Hayward, like other parts of the bay area, is plaqued by short sales and foreclosures. If you or someone you know owes more than the home's worth and don't know what to do, please contact me immediately for a confidential consultation. As a real estate broker of over 10 years and a Certified Distressed Property Expert, I can help.

On Saturday, August 20^th, the 8^th Annual 10K On The Bay will be run along the Hayward shoreline. The event, run along the San Francisco Bay-Estuary on the Bay Trails, features both 5K and 10K courses. The track is level and affords engaging views of the shoreline marshlands. The 5K race begins at 8:30 a.m. and the 10K race starts 10 minutes later. Race day begins at 7:30 and is $35. Proceeds of the race will support the programs, exhibits and facilities of the Hayward Shoreline Interpretive Center. Free t-shirts and goodie bags will be given to registrants while they last.

More information is available on event website: www.10konthebay.org

This Thursday, July 22^nd, from 5:30 to 8:30, the second summer street party will be held in downtown Hayward, Ca. Stop thinking about buying or selling real estate for a few hours and relax and enjoy yourself. "B" Street will be closed between Foothill and Mission Boulevards as an assortment of western themed attractions, activities, and booths take over. Treat the kids (old and young) to pony and wagon rides and meet Rowell Ranch Rodeo Queen Danielle Williams.

Music will be provided by the aptly named California Cowboys and the Diehards. Classic cars and hot rods will share street space with food and craft vendors. There will be jugglers, face painters and games for the kids. The cost of admission...FREE!

I plan to attend so don't call me about your Hayward real estate plans tomorrow evening.