The short answer to the question are bank owned homes still a bargain in Santa Clara County in 2013 is NO.
This is a chart of all the single family foreclosures sold in Santa Clara County in 2013. Of the 211 single family bank owned homes the average sales price vs list price was over asking every month this year except for the average of the homes that closed in October. These figures are very similar to the traditional resale of homes in Santa Clara County in 2013.
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Santa Clara County condos/town homes that are bank owned and sold in 2013 also sold over list price. The average sale price was over list price in every month in 2013 except Aug where the average was 98% of list price.
This is very similar to what happened with traditonal resales of condos in Santa Clara County.
So what happened to the great deals you can get with foreclosures? I am sorry but those days are gone. The inventory of homes for sale in Santa Clara County is so low and the demand so high that almost every listing gets multiple offers, whether it is a traditional resale, short sale, or Santa Clara County foreclosure. Added to that is the fact that there are very few foreclosures that make it to the market anyway. Most of the people who could not afford their mortgages lost their homes years ago. Also, since there has been so much appreciation this year the number of people who owe more on their mortgages than the home is worth is very low. If they can not afford to keep the home is is very easy to sell it and pocket some cash.
So if you are looking for a bargain in a single family home or condo it is not likely you will find it in a Santa Clara County Foreclosure.
If you have any questions about buying or selling a home in Santa Clara County please feel free to contact me.
Marcy Moyer
Cal BRE 01191194
650-619-9285
