FRESH OFF THE PRESS!
REO listing specialist Rudy Detgen, just added a buyer's agent to his team!
This is exciting news for anyone looking to purchase bank owned homes, REO's, in Ventura County or the San Fernando Valley.
Jamison Malone comes to the team with years of experience in the local market representing both buyers and sellers alike. She is experienced in writing offers on some of the most difficult transactions in a market where almost half of the homes sold are Real Estate Owned, (REO), or Bank Owned. Jamison will offer buyers of these properties her expert representation in dealing with the banks.
EXITING NEWS!
If you or anyone you know is thinking of buying a bank owned home in the Ventura County or San Fernando Valley areas, give Jamison a call!
She can be reached at:
Direct: 805-660-6574
email: JMaloneHomes@aol.com
web: JamisonMalone.com
Ventura County REO Market changing for the better.
Have the banks gone soft on us? Have the buyers beaten them into submission? Or are they finally wising up?
The phenomena I'm talking about is SPEED!
Last year a typical REO listing might have gone like this:
You read it correctly, NINE WEEKS from occupancy to listing date.
In this market, waiting the extra five weeks from possession to listing has, in my opinion , been costing the banks a lot of money. It also creates a problem where the five week old BPO and appraisal help to overprice the property. These overpriced REO's stay on the market a lot longer going through price reduction after priced reduction, costing the banks even more.
The "SPEED LISTING" as I have fondly nicknamed my new found phenomena goes something like this:
That''s correct, SIX DAYS from possession to listing.
This new model is absolutely the way it should be. In our still down market this not only avoids extra carrying costs but it allows the property to be priced much more aggressively creating multiple offers in many cases.
If this trend plays out, my latest REO listing may go from cash for keys (possession) to escrow in 14 days or less.
Hopefully this new phenomena the "SPEED LISTING" will become the "norm" and we will start seeing a decline in the REO inventory. This decline, I believe, will be a major indicator that the bottom has past and we are on our way to a "normal" market!
Rudy Detgen
Troop Real Estate Inc.
Simi Valley, CA housing market
BANK OWNED HOMES (REO'S), BARGAIN OR BUMMER?
Are bank owned homes a bargain? Are they worth it? Well, it depends.
If you are looking for:
Then NO, a bank owned home is probably not for you.
On the other hand if you are looking for:
Then YES, a bank owned home might be just what you are looking for.
Statistics show that over the 3rd quarter of 2008, prices of bank owned homes were substantially less than other residential properties.
On average bank owned homes were $27.53 LESS per square foot than non bank owned.
What this means to consumers looking to buy these homes is an average savings of $47,599.37! Almost half of the homes sold during the same period were bank owned. Any buyer looking for value, who isn't afraid to roll up their sleeves might consider one of these properties.
prepared by: Rudy Detgen
Troop Real Estate
information based on average selling prices with an average square footage of 1729
information deemed reliable but not guaranteed
Month of July
REO, Bank owned
Residential
Sold Properties: 48
Averages
Days on Market: 45
Square Feet: 1802
$/sq.ft.: 239.51
Original List Price: 442,137
List Price: 425,818
Sale Price: 415,710
SP%LP: 97.63
High: 975,000
Low: 165,000
Median: 387,500
REO % Sold Units: 49
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Month of August
REO, Bank owned
Residential
Sold Properties: 38
Averages
Days on Market: 53
Square Feet: 1783
$/sq.ft.: 235.59
Original List Price: 427,093
List Price: 410,147
Sale Price: 405,892
SP%LP: 98.96
High: 770,000
Low: 179,000
Median: 385,000
REO % Sold Units: 43
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Month of September
REO, Bank owned
Residential
Sold Properties: 44
Averages
Days on Market: 47
Square Feet: 1601
$/sq.ft.: 228.75
Original List Price: 381,660
List Price: 364,237
Sale Price: 359,992
SP%LP: 98.83
High: 870,000
Low: 157,000
Median: 342,500
REO % Sold Units: 47
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Analysis: Days on market remaining stable averaging 48 days.
Cost per square foot is still decreasing.
Original list prices still decreasing.
New statistic was added:
Percentage of sold units that were REO.
Averaging a whopping 46%!
Prepared by:
Rudy Detgen, Realtor
Troop Real Estate
Simi Valley, CA
RDETGEN@SBCGLOBAL.NET
all data deemed reliable but not guaranteed
Here's what's been happening in my neck of the woods.
PREPARED BY :
RUDY DETGEN, REALTOR
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Realtor® serving Moorpark, Simi Valley, and most of Ventura County. DRE # 01770676 Specializing in residential property. Also listing agent for financial institutions, (REOs).
Hello, I'm Rudy Detgen, and I am a Realtor®. I'm a member of the Simi Valley, Moorpark Association of Realtors® , the California Association of Realtors® and the National Association of Realtors®.
I hold the "At Home With Diversity" certification from the National Association of Realtors® , which means I encourage diversity in home ownership.
I run my practice out of Troop Real Estate Inc. in Simi Valley, CA. Troop is the largest independent broker in Ventura County. I am a 20 year resident of Moorpark with a vested interest in my community where I have volunteered locally with the Boy Scouts of America and the Ventura County Sheriff's Department. I have been married for 27 years, and have 2 sons. I specialize in listing residential property and bank owned property, (REO's). I enjoy hiking, photography, and riding american motorcycles. California DRE # 01770676.
I represent buyers and sellers of residential real estate. I also list properties for financial institutions, (REOs).
Rudy, you were wonderful in helping me over all of the hurdles to get my buyer's into one of your REO listings.
Maria
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