The low end of the housing market has definitely taken off. There is increased demand for foreclosure properties compared to only a few months ago. In some places prices have fallen more than 50% from the market peak in 2005.
I'm writing purchase contracts on homes priced at $250,000 and below in the Bay Area that have anywhere from 5 to as many as 21 offers! Cash is still king, but banks are looking for the highest net to the seller regardless.
I've said this before but it bears repeating: the ratio of pending sales to actives is more important than the number of active listings. Pendings determine how many months of unsold inventory is on the market.
In Pleasanton, CA there were 35 pending sales in March 2008. In contrast, there were just 7 homes pending in the same city in February 2008. This is a sign that the market is starting to move.
When your move matters, choose a realtor who has the experience and superior service to make your move as smooth as possible. A native of Pleasanton, Julie has a wealth of local knowledge to share.
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