Don't Pay For Termite Repairs On A Palo Alto Home In Escrow

As many of my blog followers know I sell a lot of Palo Alto homes in trust and probate. The owners were often very old, as are the homes, and frequently in need of repair. While it is often a good idea to keep repairs at a minimum in order to decrease the liability to the estate, sometimes it is necessary in order to allow buyers to be able buy and move into a home safely, or in order to increase the value exponentially.

I am currently sellling a Palo Alto home that needed some major bathroom repairs since it was unclear an adult could stand on the bathroom floor without falling through to the crawl space. No amount of staging was going to fix that problem. The second bathroom in this Menlo Park home was not much better.

The seller of this Palo Alto home decided to redo both bathrooms and Preferred Termite company was generous enough to allow the $15,000 payment through escrow. 

The house went on the market generating plenty of interest and multiple offers. The seller of this Palo Alto home chose a nice couple who were pre-approved for a loan and felt comfortable enough with the reports and repairs done by the seller that they waived the property condition contingency, knowing that there was still more work to be done on the termite report. They could use the new bathrooms and felt the rest of the termite work and replacing the roof could happen over time.

Unfortunately their lender did not agree. There was no problem with the appraisal or underwriting. However, one day before we were due to close the funder looked at the seller's HUD1 (final closing statement) and saw that there was a $15,000 payment going to Preferred Termite. They said that all work called for on the termite report, including providing more access to the crawl space by making a new opening, had to be done before funding the loan.

Lesson learned. Fortunately neither the seller of the Palo Alto home or the buyer were trying to meet a deadline so the buyer switched lenders, the Palo Alto home seller will pay the termite company out of escrow so it is not on the closing statement and we will close in 2-3 weeks.

So remember, when selling a Palo Alto home do not put payments for inspections or termite repairs in escrow or the buyer's lender may ask to see them and muck up the sale.

If you have any questions about selling a home in Palo Alto please fell free to contact me.

Marcy Moyer

Keller Williams Realty Palo Alto

www.marcymoyer.com

marcy@marcymoyer.com

Cal BRE 01191194

650-619-9285

Selling Palo Alto Home With Really Ugly Kitchen Counters?

If you are going to sell an older home in Palo Alto which has really ugly counters you may be in a quandary about whether to leave them the way the are, or replace them so the house does not look so bad. Since so many of our older homes are being purchased as tear downs, or at a minimum for major remodel you may wonder if it is worth spending the money if the house and or kitchen are going to be demolished anyway.

I actually think that unless your home is red tagged by the city and unsafe to enter, it is a good idea to make it look livable, and as welcoming as possible when you are selling a home in Palo Alto. 

The reason is simple. While it is true that many older and especially smaller homes in Palo Alto are sold and torn down, it is not true for all of them. There are still Palo Alto buyers out there who want to buy a home in Palo Alto and live in it. Some of them will eventually remodel or tear down, but they still plan on spending time living in the Palo Alto home you are selling. 

Also, even if the plan for the home in Palo Alto you are selling is to tear it down and build a new one, this process takes time, often a year or more. During that time period it is very common to have the home occupied, either by the person who purchased it, or by a renter. the more livable the home in Palo Alto you are selling the more it will be worth to a potential buyer.

Ikea sells counter tops that are laminate, but look very nice and are cheap. It is about $60 for an eight foot counter plus installation.

The improvement in look is worth much more than the cost to do it. 

Remember, when selling a house in Palo Alto the goal is to get as many people as possible interested in your home, no matter what the condition. My making some inexpensive cosmetic improvements you can appeal to end user buyers, people who want to remodel, and people who want to tear down.

If you have any questions about selling a home in Palo Alto please feel free to contact me.

Marcy Moyer

Keller Williams Realty Palo Alto

www.marcymoyer.com

marcy@marcymoyer.com

CAl BRE 01191194

650-619-9285

Why You May Need To Put A New Roof When Selling A Menlo Park House

The market is hot in Menlo Park, inventory is down to almost nothing, homes get multiple offers, and Menlo Park home sellers are in the driver's seat. So Does this mean it is ok to just put a home on the market in any condition and you will get offers 20-30% over list price? Unfortunately not always. 

While it is true that there is a lot of cash out in the world, assuming that you will have multiple excellent cash offers to chose from when selling your Menlo Park home is not always the case. I recently listed a home that had 12 offers, and not one was all cash.

Very often cash offers are not the best offers. Many investors as well as end users feel if they are going to pay cash they want something back, that is a lower price.

A financed offer may be the best or sometimes only offer you get when selling your home in Menlo Park, so your home needs to get through the appraisal process as well as underwriting.  This means more than just being worth what the buyer offers. It also means that there can not be obvious health and safety issues.

So while an appraiser will not know if your bathroom shower pan is leaking, they do look at and take pictures of the house. If the roof on the Menlo Park home you are selling looks like this, a buyer will not get a loan. I once had a client who was buying a Bank of America foreclosure using Bank of America for their lender. The appraisal came back saying that Bank of America would not lend on the home that Bank of America owned because the roof needed replacing. We managed to get Bank of America to put a new roof on. If that can happen on a foreclosed home, if should happen on the Menlo Park home you are selling.

The basic concept here that unless the home you are selling in Menlo Park is really not livable it is best to appeal to as wide a group of people as possible. This means that the home must have a roof that looks like it will make it through a rain storm and not collapse in a little wind. It does not have to be new, but if it is obviously failing then it should be replaced before going on the market.

If you have any questions about selling a home in Menlo Park please feel free to contact me.

Marcy Moyer

Keller Williams Realty Palo Alto

www.marcymoyer.com

marcy@marcymoyer.com

Cal BRE 01191194

650-619-9285

Don't Pay For Termite Repairs on a Menlo Park Home In Escrow

As many of my blog followers know I sell a lot of Menlo Park homes in trust and probate. The owners were often very old, as are the homes, and frequently in need of repair. While it is often a good idea to keep repairs at a minimum in order to decrease the liability to the estate, sometimes it is necessary in order to allow buyers to be able buy and move into a home safely, or in order to increase the value exponentially.

I am currently sellling a Menlo Park home that needed some major bathroom repairs since it was unclear an adult could stand on the bathroom floor without falling through to the crawl space. No amount of staging was going to fix that problem. The second bathroom in this Menlo Park home was not much better.

The seller of this Menlo Park home decided to redo both bathrooms and Preferred Termite company was generous enough to allow the $15,000 payment through escrow. 

The house went on the market generating plenty of interest and multiple offers. The seller of this Menlo Park home chose a nice couple who were pre-approved for a loan and felt comfortable enough with the reports and repairs done by the seller that they waived the property condition contingency, knowing that there was still more work to be done on the termite report. They could use the new bathrooms and felt the rest of the termite work and replacing the roof could happen over time.

Unfortunately their lender did not agree. There was no problem with the appraisal or underwriting. However, one day before we were due to close the funder looked at the seller's HUD1 (final closing statement) and saw that there was a $15,000 payment going to Preferred Termite. They said that all work called for on the termite report, including providing more access to the crawl space by making a new opening, had to be done before funding the loan.

Lesson learned. Fortunately neither the seller of the Menlo Park home or the buyer were trying to meet a deadline so the buyer switched lenders, the Menlo Park home seller will pay the termite company out of escrow so it is not on the closing statement and we will close in 2-3 weeks.

So remember, when selling a Menlo Park home do not put payments for inspections or termite repairs in escrow or the buyer's lender may ask to see them and muck up the sale. 

If you have any questions about selling a home in Menlo Park please fell free to contact me.

Marcy Moyer

Keller Williams Realty Palo Alto

www.marcymoyer.com

marcy@marcymoyer.com

Cal BRE 01191194

650-619-9285

Why December 26 Is a Great Day To List a San Jose Home

I know what you are thinking, I am going to wait till after the first of the year or the spring to sell my San Jose home. It would be stupid to list a home during the holidays, no one does that. Or no one is looking for a home during the holidays. 

I need to respectfully disagree with those sentiments. I believe December is a great month to sell a home in San Jose , especially right after Christmas.

Here are the reasons I think selling  a San Jose home on Dec 26th this year is a great idea.

1. The inventory has never been lower. As of today there are only 409 homes for sale in San Jose. A buyer's market doesn't even happen until there are over 1000 homes for sale. List this month and you will have little compettion.

2. There are many people who are planning on moving to San Jose who are using winter break to come and look for a home. When there are only 51 homes for sale it is not hard to see how much your home will be apprectiated.

3. If you list your home on Dec 26 or there abouts, you could get the out of towners who are here over vacation looking for homes. Kepp it on the market 2 weeks with an open house the first week in Jan and then take offers the following week. This way you can also get the locals who were out of town Christmas week.

4. Registration information for School Choice programs begins in February so there are many people with school age children who want a San Jose address when school choice options open. Selling a San Jose home at the end of December would work perfectly for these families.

So in my opinion if you are ready to sell your home in San Jose then my sugestion is don't let a great opportunity pass you by. If you are ready to list in December, wait until after Christmas day, and then get it on the market. Your results will be very satisfying.

If you have any questions about selling a home in San Jose please feel free to contact me.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

Cal BRE 01191194

650-619-9285

Why Dec 26 is a Great Day to Sell Your Santa Clara Home

I know what you are thinking, I am going to wait till after the first of the year or the spring to sell my Santa Clara home. It would be stupid to list a home during the holidays, no one does that. Or no one is looking for a home during the holidays.

I need to respectfully disagree with those sentiments. I believe December is a great month to sell a home in Santa Clara, especially right after Christmas.

Here are the reasons I think selling  a Santa Clara home on Dec 26th this year is a great idea.

1. The inventory has never been lower. As of today there are only 51 homes for sale in Santa Clara. A buyer's market doesn't even happen until there are over 100 homes for sale. List this month and you will have no compettion.

2. There are many people who are planning on moving to Santa Clar who are using winter break to come and look for a home. When there are only 51 homes for sale it is not hard to see how much your home will be apprectiated.

3. If you list your home on Dec 26 or there abouts, you could get the out of towners who are here over vacation looking for homes. Kepp it on the market 2 weeks with an open house the first week in Jan and then take offers the following week. This way you can also get the locals who were out of town Christmas week.

4. Registration during Open Enrollment for Santa Clara schools is Jan 9-Feb 6 so there are many people with school age children who want a Santa Clara address before open enrollment ends. Selling a Santa Clara home at the end of December would work perfectly for these families.

So in my opinion if you are ready to sell your home in Santa Clara then my sugestion is don't let a great opportunity pass you by. If you are ready to list in December, wait until after Christmas day, and then get it on the market. Your results will be very satisfying.

If you have any questions about selling a home in Santa Clara please feel free to contact me.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

Cal BRE 01191194

650-619-9285

Why It Is A Great Idea To List Your Redwood City Home on Dec 26

I know what you are thinking, I am going to wait till after the first of the year or the spring to sell my Redwood City home. It would be stupid to list a home during the holidays, no one does that. Or no one is looking for a home during the holidays. 

I need to respectfully disagree with those sentiments. I believe December is a great month to sell a home in Redwood City, especially right after Christmas.

Here are the reasons I think selling  a Redwood City home on Dec 26th this year is a great idea.

1. The inventory has never been lower. As of today there are only 40 homes for sale in Redwood City. A buyer's market doesn't even happen until there are over 90 homes for sale. List this month and you will have little compettion.

2. There are many people who are planning on moving to Redwood City who are using winter break to come and look for a home. When there are only 40 homes for sale it is not hard to see how much your home will be apprectiated.

3. If you list your home on Dec 26 or there abouts, you could get the out of towners who are here over vacation looking for homes. Kepp it on the market 2 weeks with an open house the first week in Jan and then take offers the following week. This way you can also get the locals who were out of town Christmas week.

4. Priority Enrollment for Redwood City Schools of Choice begins Jan 10 so there are many people with school age children who want a Redwood City address early in the enrollment period. Also neighborhood schools are enrolled based on date of enrolllment so if your home is in one of the more popular school boundaries Selling a Redwood City home at the end of December would work perfectly for these families.

So in my opinion if you are ready to sell your home in Redwood City then my sugestion is don't let a great opportunity pass you by. If you are ready to list in December, wait until after Christmas day, and then get it on the market. Your results will be very satisfying.

If you have any questions about selling a home in Redwood City please feel free to contact me.

Marcy Moyer

Keller Williams Realty Palo Alto

www.marcymoyer.com

marcy@marcymoyer.com

Cal BRE 01191194

650-619-9285

Why Dec 26 Is a Great Time To List Your Sunnyvale Home

I know what you are thinking, I am going to wait till after the first of the year or the spring to sell my Sunnyvale home. It would be stupid to list a home during the holidays, no one does that. Or no one is looking for a home during the holidays. 

I need to respectfully disagree with those sentiments. I believe December is a great month to sell a home in Sunnyvale, especially right after Christmas.

Here are the reasons I think selling  a Sunnyvale home on Dec 26th this year is a great idea.

1. The inventory has never been lower. As of today there are only 17 homes for sale in Sunnyvale. A buyer's market doesn't even happen until there are over 80 homes for sale. List this month and you will have no compettion.

2. There are many people who are planning on moving to Sunnyvale who are using winter break to come and look for a home. When there are only 7 homes for sale it is not hard to see how much your home will be apprectiated.

3. If you list your home on Dec 26 or there abouts, you could get the out of towners who are here over vacation looking for homes. Kepp it on the market 2 weeks with an open house the first week in Jan and then take offers the following week. This way you can also get the locals who were out of town Christmas week.

4. Registration for Sunnyvale schools begins Feb 1 so there are many people with school age children who want a Sunnyvale address when registration begins so they are assured of their neighborhood school. Selling a Sunnyvale home at the end of December would work perfectly for these families.

So in my opinion if you are ready to sell your home in Sunnyvale then my sugestion is don't let a great opportunity pass you by. If you are ready to list in December, wait until after Christmas day, and then get it on the market. Your results will be very satisfying.

If you have any questions about selling a home in Sunnyvale please feel free to contact me.

Marcy Moyer

Keller Williams Realty Palo Alto

www.marcymoyer.com

marcy@marcymoyer.com

Cal BRE 01191194

650-619-9285

Why It Is A Great Time To List Your Mountain View Home On December 26

I know what you are thinking, I am going to wait till after the first of the year or the spring to sell my Mountain View home. It would be stupid to list a home during the holidays, no one does that. Or no one is looking for a home during the holidays. -

I need to respectfully disagree with those sentiments. I believe December is a great month to sell a home in Mountain View, especially right after Christmas.

Here are the reasons I think selling  a Mountain View home on Dec 26th this year is a great idea.

1. The inventory has never been lower. As of today there are only 7 homes for sale in Mountain View. A buyer's market doesn't even happen until there are over 50 homes for sale. List this month and you will have no compettion.

2. There are many people who are planning on moving to Mountain View who are using winter break to come and look for a home. When there are only 7 homes for sale it is not hard to see how much your home will be apprectiated.

3. If you list your home on Dec 26 or there abouts, you could get the out of towners who are here over vacation looking for homes. Kepp it on the market 2 weeks with an open house the first week in Jan and then take offers the following week. This way you can also get the locals who were out of town Christmas week.

4. Registration during Open Enrollment for Mountain View schools is Jan 28-March 1 so there are many people with school age children who want a Mountain View address before open enrollment ends. Selling a Mountain View home at the end of December would work perfectly for these families.

So in my opinion if you are ready to sell your home in Mountain View then my sugestion is don't let a great opportunity pass you by. If you are ready to list in December, wait until after Christmas day, and then get it on the market. Your results will be very satisfying.

If you have any questions about selling a home in Mountain View please feel free to contact me.

Marcy Moyer

Keller Williams Realty Palo Alto

www.marcymoyer.com

marcy@marcymoyer.com

Cal BRE 01191194

650-619-9285

Why It Is A Great Idea To List Your Menlo park Home on Dec 26

I know what you are thinking, I am going to wait till after the first of the year or the spring to sell my Menlo Park home. It would be stupid to list a home during the holidays, no one does that. Or no one is looking for a home during the holidays. 


I need to respectfully disagree with those sentiments. I believe December is a great month to sell a home in Menlo Park, especially right after Christmas.
Here are the reasons I think selling  a Menlo Park home on Dec 26th this year is a great idea.
1. The inventory has never been lower. As of today there are only 30 homes for sale in Menlo Park. A buyer's market doesn't even happen until there are over 100 homes for sale. List this month and you will have almost no compettion.
2. There are many people who are planning on moving to Menlo Park who are using winter break to come and look for a home. When there are only 6 homes for sale it is not hard to see how much your home will be apprectiated.
3. If you list your home on Dec 26 or there abouts, you could get the out of towners who are here over vacation looking for homes. Kepp it on the market 2 weeks with an open house the first week in Jan and then take offers the following week. This way you can also get the locals who were out of town Christmas week.
4. Registration for Menlo Park schools start early in the year and many parents want to know where their children will be early in the year. This is even more important for those parents who want their children in the Spanish Immersion program.  Selling a Menlo Park home at the end of December would work perfectly for these families.
So in my opinion if you are ready to sell your home in Menlo Park then my sugestion is don't let a great opportunity pass you by. If you are ready to list in December, wait until after Christmas day, and then get it on the market. Your results will be very satisfying.
If you have any questions about selling a home in Menlpo Park please feel free to contact me.
Marcy Moyer
Keller Williams Realty Palo Alto
www.marcymoyer.com
marcy@marcymoyer.com
Cal BRE 01191194
650-619-9285

Why It Is a Great Idea To List Your Palo Alto Home on Dec 26th

I know what you are thinking, I am going to wait till after the first of the year or the spring to sell my home in Palo Alto. It would be stupid to list a home during the holidays, no one does that. Or no one is looking for a home during the holidays.

I need to respectfully disagree with those sentiments. I believe December is a great month to sell a home in Palo Alto, especially right after Christmas.

Here are the reasons I think selling  a Palo Alto home on Dec 26th this year is a great idea.

1. The inventory has never been lower. As of today there are only 6 homes for sale in Palo Alto. A buyer's market doesn't even happen until there are over 90 homes for sale. List this month and you will have no compettion.

2. There are many people who are planning on moving to Palo Alto who are using winter break to come and look for a home. When there are only 6 homes for sale it is not hard to see how much your home will be apprectiated.

3. If you list your home on Dec 26 or there abouts, you could get the out of towners who are here over vacation looking for homes. Kepp it on the market 2 weeks with an open house the first week in Jan and then take offers the following week. This way you can also get the locals who were out of town Christmas week.

4. Registration for Palo Alto schools begins January 16th and priority registration ends Feb 14 2014 so there are many people with school age children who want a Palo Alto address before priority registration ends. Selling a Palo Alto home at the end of December would work perfectly for these families.

So in my opinion if you are ready to sell your home in Palo Alto then my suggestion is don't let a great opportunity pass you by. If you are ready to list in December, wait until after Christmas day, and then get it on the market. Your results will be very satisfying.

If you have any questions about selling a home in Palo Alto please feel free to contact me.

Marcy Moyer

Keller Williams Realty Palo Alto

www.marcymoyer.com

marcy@marcymoyer.com

Cal BRE 01191194

650-619-9285

Why I am Thankful I Live and Work In Palo Alto

I have been a Palo Alto resident and Palo Alto real estate agent for almost 2 decades and I can honestly say I love living in Palo Alto.  There are many reasons, but here are a few of my favorite.

1.The weather is perfect! Summers are not too hot, winters are not too cold, and the fall lasts for months.

2. The schools are wonderful. Elementary schools are all within walking distance of every home in Palo Alto and there are several city wide schools of choice. Ohlone is a project based learning environment, Hoover emphasizes teacher directed programs and high academic standards, there is Spanish immersion, and Mandarin immersion. Middle schools also have project based Connections program, as well as more traditional high academic programs. High Schools are nationally ranked and have amazing theater, journalism, and robotics programs.

3. Great parks including Mitchell Park with tennis, a fenced in dog park, and plenty of bar-b-que areas in the south, or Rinconada park in the north also with tennis courts but a public swimming pool as well.

4. Fantastic restaurants! People living in Palo Alto, or just visiting can enjoy food from all over the world and at any price. Some of my favorites include Indian street food from Curry Up, organic Thai food at Siam Orchid, both downtown, Palo Alto Sol, the best Mexican food ever on California Ave, or Rice, in south Palo Alto.

5. Living in Palo Alto does not mean living in a boring suburb. There is plenty of entertainment including the highly regarded Theatre Works bring both new works, and well known plays to the town, The Aquarius and Palo Alto Square Movie Theatres, an ice skating rink, of course The Palo Alto Children's Theatre which has fostered a love of theatre in children for innumerable decades.

6. Living in Palo Alto means having great shopping only minutes away. The Stanford shopping Center, Town and County Shopping Center, University Ave, California Ave, Midtown, and Piazza's Shopping Center, Philzz Coffee, Pete's Coffee, Starbucks, Whole Foods, Trader Joe's, Safeway, Piazza's, CVS, Walgreen's, Per Food Express, and even Goodwill are all here and ready to serve you.

With so many things to do and place to go to, it is no wonder that living in Palo Alto is the aspiration of so many people in the bay area.

If you want to find a home in Palo Alto just click here

Marcy Moyer

Keller Williams Realty Palo Alto

www.marcymoyer.com

marcy@marcymoyer.com

Cal BRE 01191194

650-619-9285

How To Clean Out a Redwood City Home Before a Probate Sale

There is nothing I enjoy more than helping a family sell a Redwood City home in Probate. I know, it doesn’t take much to make me happy, but I am who I am. Over the years I have developed a system to sell Redwood City homes in probate and it works really well!

 1. Look at a home and see if there are valuables that are worth selling in the Redwood City Probate home. Many homes are left with enormous amounts of personal property, sometimes with value and sometimes not. For example crappy cars have value, but beautiful over stuffed furniture does not.

2. If there is something of value to sell in the Redwood City Probate home I usually recommend calling an auction house to come and take over the job of selling the personal property they believe will sell. I like DGW, but there are others. They sell the property at auction, deduct their percentage and fees, and send a check to the heirs.

3. The next step is to separate the recyclable items and find places to recycle. There are people who take metal, The Ecunemical Hunger Project will take clothes, and the County of Santa Clara will come to take the paint.
4. Next are items that can be donated. Organizations like Goodwill and Saint Vincent De Paul will take some furniture.
5. After everything that can be sold, donated, or recycled is gone then call the haulers. I like Junk King. Since it costs money to haul away trash I only do it after all other ways of disposing of unwanted property have been exhausted.
6. Once the Redwood City Probate home is free of personal property and debris, the process of making it look as good as possible for sale can begin.
 
So, if you have a Probate home in Redwood City and it is filled with stuff, it may seem overwhelming. Many people who lived through the depression maintained the habit of never throwing anything out. If you are the personal representative for the estate of a home in Probate in Redwood City you may feel overwhelmed. But if you use a system (or hire me and let me organize the sale of your Redwood City home in Probate ), it becomes a much less daunting task.
 
If you have any questions about Selling a Redwood City home in Probate please feel free to contact me.
 
Marcy Moyer
Keller Williams Realty
www.marcymoyer.com
marcy@marcymoyer.com
650-619-9285
D.R.E. 01191194

Are San Mateo County Short Sales Still a Bargain in 2013?

The short answer to the question are San Mateo County short sale single family homes still a bargain in 2013 is NO.

This is a chart of all the single family San Mateo County short sales sold in in 2013. Of the 73 single family short sales the average sales price vs list price was over asking every month this year. This is very similar to the sales of traditional resale homes in San Mateo County.

There were 89 condos/town homes that were San Mateo County short sales and sold in 2013. The average sale price was over list price in every month in 2013. 

This is very similar to traditional resale condos in San Mateo County.

So what happened to the great deals you can get with San Mateo County short sales? 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, San Mateo county short sale, or San Mateo County foreclosure.  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. Many homes sales even start out as San Mateo County Short Sales but by the time they get offers over asking they are no longer short. 

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 Short Sale.

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

Are Santa Clara County Foreclosures Still a Bargain in 2013

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.

. 

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

Keller Williams Realty

http://www.marcymoyer.com

marcy@marcymoyer.com

Cal BRE 01191194

650-619-9285

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