Only articles with spectacular-read bad news- titles sell. Quite often the perception is that every home sold is a foreclosure or a shortsale. Our MLS keeps track of this and guess what??? In 2010 in Sonoma County, about 50% of all the sold properties were distressed. While that is still not the way we like it to be, it brings perspective. Other fact to share: we already have a pretty stable real estate market in the last 3 years. Prices have remained fairly stable and it looks like it will stay that way. The higher end might come down some more, but the lower end of the market has been pretty much the same in the last 3 years, as a matter of fact, it has gone up a little bit. Numbers to follow.
Other myth: buying a distressed property is a better deal. While that is true in some situations, a foreclosed property is appraised as to the market value and then put on the market by the bank. And as to short sales: when a seller accepts your short sale offer, the bank needs to approve the loss and guess what? They have the property appraised to make sure it is sold at market value. So with this in mind, a regular sale might up being a ‘better deal’
Coming on the market in JC area in a few weeks fro now: it is a foreclosed property, we are waiting for the valuation -price-. This means that 2 local realtors will do a market
analysis and give the bank their opinion of the market value of the house. I will keep you posted.
2010 is not finished yet, the stats for 2010 will follow in the coming weeks. There are quite a few agents who do not sell distressed properties. Yours truly has specialized in foreclosure alternatives so 80% of the homes I sell are distressed/short sales.
Fun restaurant to try in Santa Rosa: Starks Steakhouse. Great bar area, great ambiance.
Mirjam
Very interesting entry, I look forward to the next! Thx for share