Palo Alto Ca Short Sale/Bank Owned Round Up

In Palo Alto from Jan 1, 2012 until June 30, 2012 there were:

1 closed short sales
3 closed bank owned homes
Total sales during this time period were 284
Total % Short Sales: .3%
Total % REO Sales: .9%
Total Percentage  Palo Alto Distressed Properties: 1.2%

1.2% of all Palo Alto sales being distressed properties is not enough to even comment on. The price of homes have in Palo Alto is now up to pre 2008 prices in the $2,500,000 price range and the homes over $2,500,000 usually do not have loans that are a very high percentage of their value so anyone who is having financial problems can generally sell and be made whole. So if you are looking for a bargain, look outside of Palo Alto.

If you have any questions about short sales or foreclosures in Santa Clara County please feel free to contact me.

Marcy Moyer
Keller Williams Realty
www.marcymoyer.com
marcy@marcymoyer.com
650-619-9285
DRE  01191194

Palo Alto Ca Short Sale/REO Watch 11/30/2010

Are you waiting for the rash of short sales and REO properties in Palo Alto so you can snatch a bargain. or just curious about them? Well, not much has changed in the last few months. There are a few of these types of sales, but not many. Short sales, as in other places, are more common than foreclosures. Most banks are at least giving homeowners the option to try to do a loan modification or short sale before foreclosing. These options do not always work, but they are worth a try.

Active Short Sale Listings:  1 condo  2 Single family homes

Pending short sale listings:  5 condos  2 Single Family Homes

Closed Short Sales since Jan 1, 2010:  2 Condos  2 Single Family homes

Foreclosures:

Active listings:  0

Pending:   1 Single Family Home

Closed since 1/1/10:  3 condos   1 single family home

There have been 478 sales of homes and condos in Palo Alto since Jan 1, 2010 so the percentage of distressed home sales is less than 2 %, not enough to have much influence on the market yet.

However, I think that there more may be coming in the next few years.  If you need to sell and owe more than your home is worth I would be happy to have a confidential discussion with you about your options. I am an experienced short sale realtor.  If you are interested in purchasing a short sale or reo property I would be happy to speak with you about what you need to do to successfully purchase one.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

Marcy Moyer Keller Williams Realty Palo Alto, Ca. Specialist in Trust and Probate Sales

Palo Alto Market Update

According to the MLS here is the state of the market for 10/28/2010...

Active listings:  88

Pending Sales:  60

Active Short Sales:  1

Active Bank owned: 1

Pending Short Sales: 1

Pending Bank owned: 0

Sold Short Sales 2010: 2

Sold Bank Owned in 2010: 1

What does this mean? Despite the reports of doom and gloom in the media for the national real estate market, and despite the hysteria on many web sites, as of now, the Palo Alto market is not being influenced by distressed properties.  This does not mean that it will not be in the future, but so far in 2010 there are not a lot of distressed properties on the market. So if you are looking for a bargain, this is not the place to find it. Not only are there not many distressed properties, but the ratio of listings to pendings is very healthy. There are still a number of homes in the upper price range, over 3,000,000 that are not selling easily, but otherwise the market is still quite active and healthy.  What this says to me is that Palo Alto is a very desirable place to live, and there are enough people with jobs and money to support the market in Palo Alto.

Marcy Moyer

www.marcymoyer.com

650-619-9285

marcy(at) marcymoyer (dot) com

D.R.E.  01191194