April Market Report - Phillips Ranch

Below is a chart showing the number of houses sold in Phillips Ranch from 2006 to 2009. In April 2009, 7 properties were sold and 19 properties went into escrow. Of the 7 properties sold, 1 is regular sale at bargain price, 2 short sales and 4 bank owned properties.

17 properties went into escrow in March and only 7 were sold in April showing the level of difficulty to close escrow successfully. Unless the property is an outrageous deal like the bank owned or short sales selling 10% to 40% below market, buyers are not that desperate to get the deal through in today's buyer's market.

Transactions could easily fall apart in escrow due to buyer's inability to secure a loan or buyers' change of mind. Unless the escrow is closed successfully, sellers need to psychologically prepared for the worst scenario to put the house back on the market if buyer back out from the deal.

The sales volume is almost double this April comparing to last April in 2008. We are continue seeing market price rebounding rapidly for about 10% to 15% since January.

Since the interest rate is still below 5% for 30 year fix rate loan, it is great time for buyers to secure good deal at low interest rate.