Elk Grove Short Sales – is this the Market of the Moment
Short Sales - the Market of the Moment
First, what is a distressed property -
A property in poor physical condition
A property that is or will soon be in some stage of the foreclosure process
A property owned by a person experiencing a period of financial hardship or instability
A property where the mortgages exceed the current value and the owner needs to sell
Here are the numbers in the Elk Grove area for Distressed Properties on the market today -
913 Total number of Active Listings in Elk Grove (95624, 95757 and 95758)
102 Active REO listings – just above 10% of the market
219 Active Short Sale listings – approximately 24% of the market
460 Active Short Sale Contingent listings – 50% of the market
Distressed Properties are making up approxiately 84% of the market in the Elk Grove area…leaving only 16% being actual equity sales. The number of active short sale listings has been dropping each month while the number of active short sale contingent listings has increased very rapidly over this same time. This means that we are now seeing multiple offers on short sales too!
I had one short sale listing recently go on the market on a Friday at $125,000…by Monday morning we had 22 offers and the one accepted by the seller was $153,000. We are currently negotiating this offer with the bank. The best part about all this is that the banks seem to be finally getting with it on short sales; we are negotiating our short sales in a much shorter time frame and the banks seem to be getting much more cooperative!
For those agents who still don’t want to work short sales, please send them to us. We know that there is a need for compassionate hard working agents to work with these distressed sellers. We want to help them!
For more information on Short Sales
If you are a seller and wish to contact us for a FREE consultation regarding a possible short sale on your home, please call us at (916) 230-0371 or send email to Lori@ModeandDurhaM.com.
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Lori Mode of Keller Williams Realty, Elk Grove
DRE License #00935148
www.AllElkGroveHomes.com
(916) 230-0371
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Lori Mode
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January 12th, 2010 at 9:48 pm
22 offers on a short sale? That’s insane!
It goes to show how far the inventory pendulum has swung. Without enough supply, the bubble is re-inflating at the low-end.
January 13th, 2010 at 8:42 am
You people should be going to hell. Elk Grove housing market has now hit bottom and the bubble is starting to re inflate again? Banks are holding back almost 800,000 foreclosures? Yor just a used car salesman.
January 13th, 2010 at 8:59 am
Easy tiger…it is a fact that the low end of the market has seen prices come up for probably 6-8 months now, caused by a lack of supply and artificially-stimulated demand.
I’m not saying that this is a good thing, but it is happening. And, until we get more houses for sale, the trend will probably continue. These are basic laws of supply and demand.
Is it natural? No. Is it right? No. Could it be a new mini-bubble? Very likely.
But it is happening.