Who is buying the bulk of the REO (Bank Owned) properties in your neighborhood? It's very frustrating for the 1st Time home buyers when the bulk of the homes they can qualify for are going to the 'all cash' buyers...which are typically investors. I know from experience and numerous offers that the banks don't care about selling their properties for the highest possible, fair market value. They opt for the less-risk offer which is all cash. I get it...I know they want the properties off their books...but it doesn't mean I have to like it! I just wish one of the bank's incentives were based on revenue rather than just number of units sold. I say that based on my experience and opinion.
One of the areas with the bulk of the REO homes for sale is located in Antioch, CA. The following chart shows the sales from Aug. 1 through Sept. 20, 2009. It covers detached, single family homes only. There were 232 homes that closed escrow during that time period. The "Cash" offers represent 28% of all sales and 75% of the REO (Bank Owned) sales.
|
How Sold |
Total % of All Sold
|
Avg. Selling Price |
Days on Market |
Sold $/Sq. Ft. |
% REO |
% Short Sale |
% Regular
|
|
Cash |
28% |
$181,469 |
22 |
$101 |
75% |
8% |
17%
|
|
Conventional |
43% |
$224,014 |
29 |
$111 |
63% |
9% |
28%
|
|
FHA |
26% |
$233,758 |
43 |
$106 |
60% |
23% |
17%
|
|
Other |
2% |
$164,000 |
16 |
$99 |
80% |
0% |
20%
|
|
VA |
1% |
$283,333 |
59 |
$127 |
0% |
33% |
67%
|
So, who is buying the bulk of the REO's in your neighborhood...cash investors or 1st Time home buyers? (To me, I don't put 1st Time home buyers in the 'all cash' category!)
(The above figures were taken from the Contra Costa Assoc. of Realtor's MLS effective Sept. 21, 2009)
If moving to Walnut Creek or the East Bay of California, give me a call, search the MLS or view My Website for more information.
Walnut Green 3rd Annual Community Garage Sale was a BIG and successful event this year! This 228 home development is located in the Northgate community of Walnut Creek, CA.
The early morning hours of thunder, lightning and rain didn't keep these homeowners from enjoying their annual event! They got creative with tarps and tents to cover their treasures. There were 28 families that participated this year and the event was highly publicized. I don't know who had more fun...me or the homeowners! The video is a highlight of the participating families sharing their goods and success stories.
To learn more about this community or find homes available for sale, please give me a call at (925) 765-4339. To search the MLS or learn more about Walnut Creek Real Estate, please visit my website.
Walnut Greens 3rd Annual Community Garage Sale.
This year's community garage sale has over 20 families participating in this event. This development is located in the Northgate area of Walnut Creek, CA and has 228 homes all located within 24 cul-de-sacs.
The community rallies together for this event and offers a wide range of items to be sold. The kids get involved by setting up lemonade and bakery stands.
Grab the family and friends and come on over!
When: Saturday, Sept. 12th, 2009
Time: 9 AM to 1 PM
Where: Walnut Creek, CA (click for map)
Information: FREE Maps of participating homes will be located at the corner of Doncaster Dr. and Arbolado Dr. which is the entrance to Walnut Green.
Sponsor: Terri Adams-Scott, REALTOR
Contact: (925) 765-4339 or email at: terri@terriadams-scott.com
For more information about this event or available homes in this community, please don't hesitate to give me a call.
To search the MLS or learn more about Walnut Creek and East Bay Homes, visit my website.
I am pleased to share our Quarterly Market Report for the Second Quarter of 2009 for Contra Costa County. If you would like to learn about your particular neighborhood, or how this data can help you in buying or selling a home, please contact me.
For more information or to search the MLS for homes in the Walnut Creek and surrounding areas, please visit my website: http://www.terriadams-scott.com
I love my new iPhone 3Gs and all the cool apps that are available! I don't go 'app crazy', but when I find one that strikes my fancy, I just gotta have it!
I came across this app called "iCam" by SKJM, LLC. You can stream up to four webcam video and audio feeds from anywhere in the world to your iPhone or iPod touch over WiFi, 3G and EDGE.
This is not a free app, but was well worth the $4.99 for me. There are multiple reasons why someone may want a surveillance system and mine was primarily out of curiosity to see what my dog is doing while I'm away from home.
There are limited features to this compared to a full surveillance system. It is a one-way system in which you can see and hear what your web cam is picking up. You cannot have a 2-way conversation back to it. It also does not record. So, if you want to spy peek in on the animals, kids or whoever while you're away, this is a handy app to have on your iPhone.
If it sounds interesting, I recommend you read the reviews/forums for yourself and you be the judge. Also, the software you download onto your computer is in beta form. I have used this app for 3 days and have enjoyed it! I'm using the built-in camera on my MacBook Pro.
So...the next time you're out viewing property, BEWARE...the sellers just may be spying on you! With all this technology, it's easier than ever!
Has anyone tried this app? Would love to hear your opinion. If you have another app you really like, please share it with us!
Moving to Walnut Creek...call me at 925-765-4339.
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Passionate REALTOR working with Buyers and Sellers in the Walnut Creek, CA and surrounding areas. Quality service isn't expensive...it's Priceless!
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