This story from the AP is very interesting to me….kind of shocking really. It has both good news and bad news in it. What it states is that home sales rise….Good news!!!! It goes to prove what I have been preaching lately. There are buyers, active, in the market, looking to buy.
But, 47% are REO properties?????
Shocking…but also goes to show that In order to compete, and position your home in todays market, you have to compete against REO properties. And if you don’t, the foreclosed properties win.
As a seller, you need to ask yourself if you want to compete with the foreclosures? Or if you want to wait for a different market.
Because today, that is a very real choice..
Quoted from http://www.realtor.org/RMODaily.nsf/pages/News2008091906?OpenDocument:
Daily Real Estate
News | September 19, 2008
California: Home Sales Rise, Prices Fall
California Home sales rose 13.6 percent in
August, according to MDA DataQuick.
47 percent of all homes sold in California last month were foreclosed
properties, pushing the median home price down 35.3 percent to $301,000 compared
to August 2007.
Sales were restrained by
difficulty obtaining loans for the region’s high-priced homes, MDA DataQuick
president John Walsh said.
availability will eventually loosen up, we just don’t know when,” Walsh
Source: The Associated Press