Dec 9, 2008

Good Homes are Still Selling - and Near List Price

Hello Neighbors,

A client called today and asked about placing an offer on a bank owned home. Of course, this is a standard call we get daily... but this time I pulled a bit more data to apply to this particular offer.

Good homes are still selling. The majority of them are bank owned. ...and, most are selling at list price or above.

I have one bank-owned home in escrow now in Nevada County. Our offer was at list price ($319,000), and so were the two other offers we were competing against. I closed one a few weeks ago for client in Antelope. That one was also at list price ($211,000).

Two of our agents (Kevin and Peter) just closed a total of 4 sales:

List prices for those were: $142,900, $178,000 $151,748, and $272,900

The corresponding sale prices were $150,000, $197,500 $140,148, and $272,900.

2 sold above list price, 1 sold below list price, and 1 sold directly at list price.

I am submitting an offer tonight on a home in Marysville with a list price of $157,000. Our offer is at the list price $157,000.

What does this say?

We all have the neighbor / friend / co-worker who "bought a house at 40% of list price" or "got a steal on a foreclosed home"... but if you look at the data? The banks have been pricing homes at near fair market value, and they are getting it.

- Jim

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