Are San Mateo County Bank Owned Homes Still a Bargain in 2013?

The short answer to the question are bank owned homes still a bargain in San Mateo County in 2013 is NO.

This is a chart of all the single family foreclosures sold in San Mateo County in 2013. Of the 113 single family bank owned homes the average sales price vs list price was over asking every month this year except for the 1 home that has closed in November. This was a Fannie Mae Homepath home and they are notorious for overpricing their REO homes and only very gradually lowering the price . 

San Mateo has had 38 condos/town homes that are bank owned and sold in 2013. The average sale price was over list price in 8 out of 11 months, all but May, June, and Sept. In May and June there were 4 condos that sold for less than list price, all Fannie Mae listings. In September there was one condo that sold under list price, again a Fannie Mae listing which was over priced to begin with.

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 San Mateo 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 San Mateo 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 San Mateo County Foreclosure.

If you have any questions about buying or selling a home in San Mateo County please feel free to contact me.

Marcy Moyer

Keller Williams Realty

http://www.marcymoyer.com

marcy@marcymoyer.com

Cal BRE 01191194

650-619-9285

San Mateo County short Sale/ Foreclosure Update 2013 First Quarter

Looking for a distressed property in San Mateo County? Don't hold your breath. San Mateo County has very few short sales or bank owned properties this year. Here are the numbers:
Number of San Mateo County homes for sale (single family and condos):  589
Active San Mateo County Short Sales:  19
Percentage of San Mateo County homes for sale that are short sales: 3.2%
Active San Mateo County foreclosures: 16
Percentage of San Mateo County homes for sale that are foreclosures: 2.7%
Percentage of total San Mateo County distressed sales: 5.9%
This is not enough to have any effect on total home values. Many cities in San Mateo County have no short sales as home values have reached and exceeded the peak in 2007-2008.


Closed sales in San Mateo County in 2013: 1170

Number of closed San Mateo County short sales in 2013: 138

Percentage closed San Mateo County short sales in 2013: 5.5%

Number of closed San Mateo County foreclosures in 2013: 68

Percentage of closed San Mateo County foreclosures in 2013: 11.8%

The percentage of closed San Mateo County short sales and foreclosures is more a reflection of the past, not what is going on in the market now. San Mateo County short sales can take up to a year to close, and foreclosures can be in the works for years before they hit the market.

The bottom line is, if you are looking for a deal in San Mateo County, you will not likely find it in a short sale or foreclosure, because there are not enough of them and the total inventory is so low the 90% of all homes on the market get multiple offers.

If you have any questions about buying or selling a home in San Mateo County please feel free to contact me.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

DRE 01191194

San Mateo County: 2012 Short Sale and Foreclosure Roundup

As the year comes to a close you may be wondering what the foreclosure and short sale market looks like in San Mateo Clara County. In a word, things are pretty quiet. The numbers of sales are down. Here is what it looks like:

Closed sales from June 1,2012 to Dec 26, 2012:  

Bank owned: 259

Short Sales: 509

Compared to the first 6 months of 2012:

Bank owned: 387

Short sales: 462

Current Active Sales:

Bank Owned:  17

Short Sales: 22

Current Pending Sales:

Bank Owned: 44

Short Sales: 310

As you can see there has been a large drop off in REO sales with a slight increase in short sales.

I expect a decrease in both short sales and foreclosures as San Mateo County home values increase, loan modifications increase, and the Homeoner's Bill of Rights takes effect in 2013. As prices increase fewer homeowners are underwater, and the need for short sales and foreclosures decrease. Also, the tax exemption of the debt forgiveness on short sales and foreclosures expires at the end of 2012. This will be a big incentive for homeowners to try to hold on until they are no longer underwater.

If you have any questions about San Mateo County Short Sales or Foreclosures please feel free to contact me.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

D.R.E. 01191194

650-619-9285

My Contribution to Shoring Up The Values of Foreclosed/ Short Sale Homes In The Bay Area Distressed Property House Sitters

( This post is only partially in jest and partially serious )

While places in the Bay area  like Palo Alto and Menlo Park only have a few foreclosures, other cities like San Jose or Daly City can have up to 10% of the homes for sale foreclosed, and 30% can be short sales at any given time.  The foreclosed homes are generally vacant, and some of the short sales are also.  The problem with this is that the longer a home is vacant and not maintained because either the owner is a bank or has no money, as in a short sale owner, the less valuable the home becomes. Now with the problem of foreclosure moratoriums in some states the vacant home problem will get worse.

My solution?  Distressed Property House Sitters

I think that the banks who own the properties, or who hold the notes should hire house sitters for these vacant properties.  They could be like home stagers, but live there instead of just leaving their furniture.  This could provide employment and homes for many people who now have neither, and help protect the bank’s assets.

Of course there would need to be rules, like the home can be shown at any time, and any changing of clothes needs to be done in a room with a closed door. Also, as much as I love dogs, it would probably be better to have a no pet policy, but I think this could be a win- win situation for both parties. 

This could also help the busy listing agent by taking some of the burden of maintaining a vacant property off their shoulders.

Anyone agree with me?

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285