Benicia, CA Foreclosure-Short Sale Update 4/09

Our inventory of homes for sale in Benicia, CA has dropped tremendously since the last year. HUGE drop in inventory. As I have written previously this is now a seller's market with multiple offers on homes time and time again-as soon as they hit the market.

As of 4/19/09 per the Bay Area Real Estate Information (MLS), Benicia has 106 homes for sale (single family and condos). We had almost twice as many last year.

19 of these listed homes for sale are foreclosures and the new news from several months ago is the number of short sales has gone up. There are 36 short sales listed. And short sales are going through. I recommend to my buyers that if a short sale home for sale appeals to them, go for it. It will be a long bumpy road, however, could be worth the wait. Every month we as Realtors become more adept in navigating the short sale process and getting the banks to approve a sale. It is important the buyers agent and sellers agent work closely together and communicate every week, even if the bank is not doing anything at that moment.

The interest rates are still great and there are some lovely homes for sale!! Until more foreclosures get released, as the news has indicated, it is still a great time to buy. Prices are not going up nor are they going down with all the multiple offers. They are hovering!

Remember -- use a trusted Realtor to assist you!