REO Report for Whittier California, November 2008

REO Report for Whittier California - November 2008

As of today, December 3, 2008, there are 93 bank owned homes for sale in Whittier.

There were 37 REOs sold in the month of November, at an average price of $336,521 which is 100.87% of the average asking price.

The chart at the bottom half of the page shows the monthly sales of REO properties in Whittier since the beginning of 2008.

What does it mean?

• Bank owned properties are now selling faster. The average Days On Market for November was 34 days.
• Although prices have come down since the beginning of the year, bank owned properties are selling for more than their asking price.
• Agents in Whittier are seeing multiple offers on bank owned homes that are in good condition. These "bidding wars" may start to drive prices higher.
• If you want to buy a bank owned property, be prepared to make an offer that is higher than the asking price.
• If you find a home that you really like, and want to buy, don't wait even a day or two before you make an offer on it. If it is in good condition, and priced well, the odds are good that there will be multiple offers on it and it will be in escrow before your offer is written.
• The average sold price is lower; however, in July, sales more than doubled over the previous month.

The property you see today, and want to make an offer on tomorrow, was seen by someone else yesterday, who is making an offer today.

Bob Willis, Realtor®
Prudential California Realty
16218 E. Whittier Blvd.
Whittier, CA 90603
Phone: (562) 639-9400
Email: bob@willisrealtor.com

Search for your new home online at http://myhome.listingbook.com

Learn more about Whittier real estate at http://www.WhittierWelcomesYou.com.

-Blog End-