By Alicia Lanier, REALTOR
Distressing housing news continues, the latest being that foreclosures in the Bay Area as of May are up by 18% over the same time last year and throughout California up by 23%. (California ranks #2 in the U.S. in numbers of foreclosures in May, with 1 of every 144 homes taken back by the lender.)
On the other hand, anecdotally at least, foreclosured single-family homes and condos in the Bay Area are being snapped up by buyers – frequently with multiple offers - very quickly once the “For Sale” sign goes up. “Short sales” where the seller owes more on a home than its selling value are a different story, with lenders who respond slowly and often negatively still the norm. Most short sales will end up in the foreclosure pipeline.
Our Coldwell Banker agents continue to report that sales are brisk, with many noting multiple offers on the low end (many of them foreclosures) and increasing sales in the $1 million to $4 million neighborhoods as well. And, inventories of homes for sale are shrinking.
Rick Turley, Coldwell Banker president, notes:
“…both San Mateo and Santa Clara counties took a big jump in May in $1 million+ properties, with the number of May sales up 32% over April, and the median price the highest since April of 2008. Similarly, in San Francisco, median price jumped 27% over prior month to $1,750,000 and highest number of sales since last September. The prevailing commentary you’ll hear in any areas that are experiencing increased high-end activity is very careful selection of listing price and great attention to detail for showing condition of the property.”
TIP to POTENTIAL BUYERS: Continue to “fence sit” at your own risk. Whether you are considering buying or selling a home or investment property, call me at 408-491-1634 with any real estate questions, to obtain photos and details about homes for sale, or to learn the potential selling value for your home.
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