General Market Overview and Statistics - Mixed signs, still a very neighborhood specific market

General Overview of What I am Seeing

• Incremental evidence of a pick up in the higher end. The number of sales have been inching up over the last several weeks in the $1MM+ market.
• There is an increased number of move-up buyers. I am seeing many mid-tier price range listings being sold by Sellers looking to take advantage of the market and move up, even if that means selling their current home at a loss.
• Lender requirements continue to change regularly, large down payments are preferred. FHA loans are becoming increasingly prevalent and offer a great option for those with a smaller down payment. Once in contract, expect longer financing contingency periods, lenders are triple checking everything.
  

REO (Bank Owned Homes) Statistics

• 53% of all REO sales in March sold over asking price.
• REO sales prices are averaging 5% over list price, majority are selling with multiple offers - anywhere from 5 to 35 offers per property in a variety of locations and price ranges.
• REO Sales are at 300-350 per month.
• REO's continue to come to the West side of the Bay, there are currently REO's in Sunnyvale, Los Gatos (over $1MM) and Willow Glen (over $1MM)
• More to come - the banks are still holding their inventory back.

Short Sales

• Short sales are still here and are closing, albeit slower, stats are showing an average of 80-100 short sales closing each month.

Loan Modifications
Bank of America now has a quick look up system to check to see if you will qualify. If you are interested in finding out if you can adjust your loan, call Tracy Garner, Mortgage Loan Officer, at (831) 239-4550 or email her at tracy.a.garner@bankofamerica.com

Email me with any questions or interest in exploring the market.

Tracy Pina