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Single Family Residential
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Actives:
San Benito County-178 of which REO/Bank Owned-26 or 15%
Hollister-111 of which REO/Bank Owned-19 or 17%
Pending:
San Benito County-179 of which REO/Bank Owned-29 or 16%
Hollister-148 of which REO/Bank Owned-26 or 18%
Absorption Rate:
San Benito County-1 month supply of inventory
Hollister-.75 months supply of inventory or 23 days
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Solds for the week: 18 (couple of later reporting’s skew #’s)
High Sold: $700,000 Equity Sale, New Conv. 1st
Low Sold: $55,000 REO/Bank Owned, All Cash
Full-Price/Over-Asking: 7 or 39%
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Sale Type:
REO/Bank Owned-11 or 61%
Equity Sale-4 or 22%
Short Sale-3 or 17%
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Financing Type:
New Conv. 1st-7 or 39%
All Cash-5 or 28%
FHA Loan-4 or 22%
VA Loan-1 or 6%
USDA Loan-1 or 6%
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Wow! For some reason it feels like the market has fallen off a cliff…..Whatever cycle the market is in there is still a micro-cycle within and we are in what I call the dregs of summer! That being said…our absorption rate for the San Benito County has reached 1 month. We have not seen this number in probably 2 years. Interest Rates remain historically low i.e. around 4.5% but lending standards are tougher than we’ve ever seen. The economy seems worse than what we’re hearing in the news…..Our market values have come down about 58% from the peak so if you can make a purchase…it is an awesome time to buy!
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Single Family Residential
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Actives:
San Benito County-166 of which REO/Bank Owned-27 or 16%
Hollister-100 of which REO/Bank Owned-21 or 21%
Pendings:
San Benito County-200 of which REO/Bank Owned-35 or 18%
Hollister-162 of which REO/Bank Owned-29 or 18%
Absorption Rate:
San Benito County-.83 months supply of inventory or 25 days
Hollister-.62 months supply of inventory or 19 days
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Solds for the week: 11
High-$890,000 Equity Sale, New Conv. 1st
Low- $149,000 REO/Bank Owned, All Cash
Full-Price/Over-Asking: 3 or 27%
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Sale Type:
REO/Bank Owned-6 or 55%
Equity Sale-3 or 27% (1 was a investor flip)
Short Sale-2 or 18%
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Financing Type:
All Cash-5 or 45%
New Conv. 1st-5 or 45%
VA Loan-1 or 10%
FHA Loan-none
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Interesting week for the Solds. A couple of high selling properties both with more than $100,000 price reductions. Another interesting note is the number of all cash transactions! Wow…cash is still king!
It appears we are in the most difficult lending environment the industry has seen in a very long time if ever. Transactions almost never close on time. If you’re closing is only a couple days late count yourself as a lucky one. I have one transaction right now that has been in contract since May 15th and the buyer’s are just starting hope for loan docs to come next week!
Because of the difficult lending environment on my listings I’m now asking for the following:
1. BofA Pre-Qual (required on my BofA REO’s)
2. Pre-Approval from the buyers lender of choice including that lender’s DU Approval/DU Findings
3. Proof of Down-Payment/Funds to close
If a buyer can provide all of that…they’re serious about closing the deal!
Image via Wikipedia
Single Family Residential
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Actives:
San Benito County-173 of which REO/Bank Owned-29 or 17%
Hollister -106 of which REO/Bank Owned-24 or 23%
Pendings:
San Benito County-196 of which REO/Bank Owned-36 or 18%
Hollister-156 of which REO/Bank Owned-30 or 19%
Absorption Rate:
San Benito County-.88 months supply of inventory or 26-days
Hollister-.68 months supply of inventory or 14-days
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Solds for the weeks: 10
High-$357,950 Short Sale, FHA Loan
Low- $105,000 REO/Bank Owned, All Cash
Full-Price/Over-Asking-8 or 80%
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Sale Type:
REO/Bank Owned-6 or 60%
Short Sale-3 or 30%
Equity Sale-1 or 10%
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Financing Type:
FHA Loan-7 or 70%
All Cash-2 or 20%
New Conv. 1st-1 or 10%
