Melanie Ross, GRI, e-PRO Benicia CA & Vallejo CA Real Estate

Where oh where did the listings go? SOLD is one way and there is very little coming on the market.

I was updating my website last night for some July numbers from our local Bay Area Real Estate Information. OF course it is a point in time for posting what is happening in the Vallejo, CA real estate market. So that means some Realtors do not post a listing SOLD quickly or at all. However the source gives a very good picture of what is happening in today's world.

As of last night, in Vallejo there were 252 homes listed for sale (single family and condo), 78 are foreclosures and 116 are short sales. There were 193 homes sold (at least posted sold) from July 1- July 31.

At this rate we have less than a month and a half of inventory at this pace of homes being sold. The homes are slowly trickling out from the REO agents. We have homes that are in pre-marketing and eviction status. However, from talking to other REO agents, that number is no where what is was last year.

Everything that stands up with four walls is getting multiple offers in Vallejo. Short sales are getting multiple offers which was unheard of. The good side many are being approved. Patience is a virtue when waiting for a short sale to be complete, but can be worth the effort.

My personal opinion is there are many homeowners who are watching what is going on with short sales and will eventually jump into the market. So there is an inventory out there waiting to make a move.

Is it enough for all the buyers who are hungry to purchase a first home, an investment home or move up? Time will tell.

Most important is PATIENCE. If you want to buy or sell, your time will come and it will happen.

Today's weather is predicted to be beautiful. Why not bring your blanket, low beach chairs, and picnic baskets for delightful evening watching the popular movie "Kung Fu Panda" outside in our wonderful downtown City park.

The Blues Defenders, a Sonoma County music group will start the festivities by playing their brand of "gritty roadhouse style West Coast Blues" from 6:30-8PM.

This event is sponsored by Benicia Parks and Community Services Department along with Benicia Performing Arts. Movie night downtown has been going on for quite some years. I can remember taking a blanket and sitting on the lawn watching movies played against the side of the historic Capitol Building at least 7 years ago with my twin daughters.

It is an opportunity to connect with friends and neighbors and meet new friends!! The location in the downtown City park provides ample space for adults to mingle and children to run free playing on the famous playground which my daughters loving called the "wood park".

If you forget to bring a snack, popcorn will provided by local volunteer groups. Or just walk across the street to Safeway. Just remember this is an alcohol free event! For more information you can call 707-746-4285.

Another reason to consider living in Benicia, CA. Free Movie Night in the summers!

With summer starting full tilt and people deciding what can we do this summer for a "staycation", think of visiting Benicia, CA June 13th. Experience a French Theme Event along our famous promenade next to the Carquinez Straits. Sponsored by our wonderful Benicia Street Program this will start at 10AM and run til 4PM. Come browse the vendor booths filled with delicious treats, arts and crafts, jewelry....plenty to keep your interest piqued! Listen to the sounds of Paris by several local musicians.

"Marche Benicia" is a new event for our lovely city. Sip wines imported from France staffed by our local Soroptimist International of Benicia in the wine garden. Add some Champagne and mimosas and OH LA LA!! C'est Bon!!

I just received my CAR weekly news update plus I read an earlier email about what Obama is attempting to due for all the homeowners under water on their homes.

I say HURRAY!! I sincerely hope that the servicing companies a homeowner calls trying to get a loan modification heeds this important news.

Homeowners---Push the envelope with your lender read this:

May 14, 2009 reprinted from C.A.R. News update:

News Flash

Obama Administration Announces Financial Incentives and Uniform Process for Short Sales

The NATIONAL ASSOCIATION OF REALTORS® (NAR) today announced that the Obama Administration

has added new incentives and uniform procedures for short sales under its new Foreclosure Alternatives

Program (FAP), part of the administration's Making Homes Affordable plan.

Loan servicers may consider short sales or deeds-in-lieu of foreclosure for borrowers who do not qualify to

have their loans modified on a permanent basis under the Making Home Affordable Loan Modification

Program.

! Borrowers/homeowners qualify under the FAP if they meet minimum eligibility requirements for the

Home Affordable Modification program, but don't qualify for a modification or do not successfully

complete the three-month trial period. Before proceeding with a foreclosure, servicers must

determine if a short sale is appropriate.

! Incentives include: $1,000 for servicers for successful completion of a short sale or deed-in-lieu of

foreclosure; $1,500 for borrowers/homeowners to help with relocation expenses; and up to $1,000

toward the cost of paying junior lien holders to release their liens (one dollar from the government

for every $2 paid by the investors to the second lien holders).

! The program will include streamlined and standardized documents, including a Short Sale

Agreement and an Offer Acceptance Letter. The goal is to minimize complexity and increase use

of the short sale option.

! Servicers will independently establish both property value and minimum acceptable net return, in

accordance with investor requirements. The price may be determined based on an appraisal or

one or more broker price opinions (BPOs), issued no more than 120 days before the date of the

short sale agreement.

! In the Short Sale Agreement, servicers must give borrowers/homeowners at least 90 days to

market and sell the property, or up to one year, depending on market conditions. Property must be

listed with a licensed real estate professional with experience in the neighborhood. No foreclosure

may take place during the marketing period (at least 90 days) specified in the Short Sale

Agreement.

! The Short Sale Agreement must specify the reasonable and customary real estate commissions

and costs that may be deducted from the sales price. The servicer must agree not to negotiate a

lower commission after an offer has been received.

! Servicers may not charge fees to borrowers/homeowners for participating in the FAP.

! The program is in effect through 2012.

! Servicers have the option to require the borrower/homeowner to agree to deed the property to the

servicer in exchange for a release from the debt if the property does not sell within the time allowed

in the Short Sale Agreement (plus any extensions).

REMEMBER use an experienced Short Sale Realtor!! We are having success with short sales and now is the time to put your home on the market, before the next wave of predicted foreclosures.

Well..... they have been sold with not much more inventory coming on the market for buyers to choose from.

From January 2008 through April 2008 time period 175 homes were sold. $65,000 was the lowest price and $620,000 was the highest. Median price was $261,000. All information is from Bay Area Real Estate Information dated 5/2/09.

From January 2009 through April 2009, 725 homes have sold. The lowest price was $23,000 (price of a car and life expectancy is longer!) and the highest price home sold was $495,000. The median price was $120,000.

WOW, more than a 50% drop in median price.

As of 5/2/2009 there were 152 foreclosures for sale. You do the math, not a whole lot of inventory to choose from!!

There are homes coming on the market every day, just not as many as last year. Now is the time with interest rates low, for buyers to jump in and still get some great deals. Let a Realtor help you find the best home to meet your needs.