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Will we be the Caboose?
By Michael Fahey | August 8, 2009
Will we be the “caboose” when it comes to following the real estate market in Southern California? I ran across the following market update and decided to share it with you…..
There is a significant decrease in number of available homes for sale and an increase in pending home sales in Orange County California. In May of 2007, there were 16,238 active listings and only 3,001 properties in pending status, today’s figures are reversed, half actives and almost doubled pending sales. As of August 5 th 2009, there are 8,750 active listings in Orange County and 6461 properties in pending status according to SoCal Tempo MLS.
This is exactly the type of news that we have been hoping for. As the number of homes for sale decrease, we will begin to see the market stabilize. I touched on this in last months market watch as numbers clearly show our sales are up 153% from the first half of 2008. Fortunately, for Bullhead City, Fort Mohave and Mohave Valley Arizona, the July numbers followed along in a positive beat. Although foreclosures continue made up 59% of the sales in July, there were a total of 87 home sales. The competition among homes sellers should be easing as available homes for sale are down from 844 in January, to 588 in August.
One other side note, in Bullhead City and Fort Mohave we have seen a record number of home sales where the appraisals are coming in below the contract price. I believe that this is another clue that the market is beginning to correct itself. The buyers have agreed on paper to pay more for the properties than the current market value. To get these escrows to close we have been rebutting the appraisals, which is a difficult procedure. Fortunately for our home sellers we have been able to get the buyers lenders to loan on these homes in spite of the first appraisals.
Keep in mind that as our market follows the Southern California market, I believe that sales should remain strong through the end of the year. Remember that our best edge against the foreclosures is condition. Please continue to keep your home in its “Kodak” appearance to out-shine the competition. We have only one chance to make the cut with a good first impression.
Thank you for your continued confidence in us.
We are committed to getting your property sold.
Topics: Bullhead City Arizona Real Estate | No Comments »
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