BANK OWNED (FORECLOSURE/REO) HOME SALES DATA FOR EL DORADO HILLS, CA – FEBRUARY 2012
BANK OWNED (FORECLOSURE/REO) HOME SALES DATA FOR EL DORADO HILLS, CA – FEBRUARY 2012
This is the latest monthly report of our more than four-year study of bank owned (foreclosure/REO) home sales in El Dorado Hills, CA. This report covers February 2012.
There were eight bank owned homes sold in El Dorado Hills in February, down one from the previous month.
The average days-on-market decreased from 65 in January to 42 in February. Only one of the homes had been on the market for over 100 days. In addition, 37.5% of the homes that sold had been on the market for two weeks or less, confirming that well priced homes in good condition sell quickly.
The eight bank owned homes that sold represent only 18% of ALL homes sold in El Dorado Hills this month. The lower inventory level of bank owned homes is the reason.
The available inventory of bank owned homes in El Dorado Hills dropped to a 1.6-month supply in February, down from a 2-month supply in January. The inventory level exceeded a two-month supply in only two months in 2011. The inventory for ALL homes available dropped to a 3.5-month supply in February, down from a 3.9-month supply the previous month. Pundits advise us that a 6-month supply is a neutral market, so we are still looking at a strong seller’s market for ALL homes in El Dorado Hills, both bank owned and non-bank owned.
The average cost-per-square-foot for Bank Owned homes was $ 124 in February, down two dollars from the previous month. The average cost-per-square-foot for ALL homes sold in El Dorado Hills in February was $ 149, exactly that same as the previous month.
The overall sales price for bank owned homes was 98.6% of the final asking price and 94.2% of the original asking price. Only one buyer paid the full asking price or more in February for their bank owned home. That is a smaller number than normal.
When based on the cost-per-square-foot for ALL homes sold, bank owned homebuyers paid 17% less in February. That is a $ 25 pre-square-foot savings. When applied to a 2500 square foot home, that represents a savings of $ 62,500, a substantial sum.
If you have any questions about purchasing any home in El Dorado Hills, an El Dorado Hills Bank Owned Home, or a Bank Owned Home anywhere in the area, feel free to give us a call (916) 337-0658.
The data follows:
GET PAID $3,000 to $ 30,000 TO DO A SHORT SALE!
GET PAID $3,000 to $ 30,000 TO DO A SHORT SALE!
Yes, that is correct. Chase Bank is actually paying distressed homeowners between $ 3,000 and $ 30,000 to avoid foreclosure by completing an approved short sale. A short sale is the sale of a home for less than the borrower/homeowner owes the bank.
Naturally, there are strings attached. First, the loan must be one serviced by Chase and it must be a Chase portfolio loan. Most loans are sold on the secondary market to investors, like insurance companies and retirement pension funds. If you got your loan through Chase and they sold it, those investors have the last say in what they will or will not accept in settlement of your debt. If, however, Chase kept your loan, you may qualify for this special program.
Obviously, you also have to qualify for a short sale. That requires a financial hardship, a loss of income and a shortfall—you have more month than money each month. As with any short sale, you have to prove your situation with documentation (paycheck stubs, bank statements, asset documents and tax returns for the past two years.
Is J.P. Morgan Chase a philanthropic organization? HELL NO! This program is a pure business decision. Short sales do not cost a bank or investor nearly as much as does a foreclosure. Chase is in it for the bucks–a good business decision!
History has taught us that distressed homeowners tend to vent their frustration with their bank in any foreclosure situation by damaging the home. When the housing market hit the wall five or six years ago, the big banks did not know how to handle “delinquent borrowers.” In most cases, they played hardball. The distressed homeowners responded in kind by taking appliances that they had paid upgrade fees for, damaging walls and carpet and, in some cases, letting water run, flooding the home. These acts of frustration cost the banks and investors millions!
The banks finally figured out that if they treat their “delinquent borrowers” with a little respect the financial losses could be mitigated. Chase is leading the way with their new program, actually paying those homeowners to act in both the homeowner and Chase’s best interest. If they keep the home in good shape and complete the short sale process, they get some cash to work with, sometimes, a LOT of cash.
The homeowners also come out ahead, because an approved short sale on one’s credit report is not nearly as bad as is a foreclosure!
Chase, and all of the other big banks, has really changed their tune over the past few years.
If you have a Chase loan, or a loan from any of the other large loan servicers, and would like some help navigating the foreclosure avoidance process, feel free to contact us at (916)337-0658 or email Mike@BuyYourVilla.com.
THIS MONTH IN REAL ESTATE – January 2012
THIS MONTH IN REAL ESTATE-January 2012
This is one in a series of brief videos designed to provide buyers and sellers information about the sale and purchase of real estate. The data provided helps people better understand the market place and the process of buying or selling. The tips are offered so that you can leverage your position in that process. Knowledge is power, or at least a tool with which to increase your chances of success.
If you are thinking of buying or selling in our area, we will be happy to assist.
Just call (916) 337-0658, text or e-mail us at Mike@BuyYourVilla.com.
EL DORADO HILLS, CA HOME SALES DATA – JAN 2010
EL DORADO HILLS, CA HOME SALES DATA – JAN 2010
The purpose of this post is to provide those interested in the El Dorado Hills, CA housing market data about that market. The first chart lists the cost-per-square-foot for all homes sold in El Dorado Hills by month for the past fifteen months.
Although there is a slight fluctuation from month to month, the viewer can see that there is not a downward trend. Nor have prices risen over the past fifteen months. We submit that the market is bumping along at the much-touted “bottom.” Those potential buyers who decided to remain on the fence, “until prices hit bottom” no longer have a reason to wait.
The second chart shows the level of inventory, the number of months of inventory available (the number of homes for sale divided by the number of homes sold each month). Pundits tell us that a six-month inventory is a neutral market. Therefore, we can see that the Folsom market is, and has been for some time, a seller’s market.
Those who listen to the media should remember that disaster sells soap, so media reporting, by necessity, emphasizes the negative aspects of the market. Although there are segments of the housing market that are in trouble, Folsom is NOT one of them.
Over a year ago, we posted an article warning about the pending housing shortage. We continue to stand behind that prediction. All you have to do is ask those actively looking for a home.
It is going to get worse. The demand will result in price increases and with those increases; more homeowners will put their homes on the market. Unfortunately, without any new home construction in the past five years or more, we will still be short of inventory.
If you would like to see this data for other cities and towns in our area, feel free to contact us at (916)337-0658 or e-mail Mike@BuyYourVilla.com.
To use the very best Internet property search tool go to www.BuyYourVilla.com.
FOLSOM, CA HOME SALES DATA – JAN 2010
FOLSOM, CA HOME SALES DATA – JAN 2010
The purpose of this post is to provide those interested in the Folsom, CA housing market data about that market. The first chart lists the cost-per-square-foot for all homes sold in Folsom by month for the past fifteen months.
Although there is a slight fluctuation from month to month, the viewer can see that there is not a downward trend. Nor have prices risen over the past fifteen months. We submit that the market is bumping along at the much-touted “bottom.” Those potential buyers who decided to remain on the fence, “until prices hit bottom” no longer have a reason to wait.
The second chart shows the level of inventory, the number of months of inventory available (the number of homes for sale divided by the number of homes sold each month). Pundits tell us that a six-month inventory is a neutral market. Therefore, we can see that the Folsom market is, and has been for some time, a seller’s market.
Those who listen to the media should remember that disaster sells soap, so media reporting, by necessity, emphasizes the negative aspects of the market. Although there are segments of the housing market that are in trouble, Folsom is NOT one of them.
Over a year ago, we posted an article warning about the pending housing shortage. We continue to stand behind that prediction. All you have to do is ask those actively looking for a home.
It is going to get worse. The demand will result in price increases and with those increases; more homeowners will put their homes on the market. Unfortunately, without any new home construction in the past five years or more, we will still be short of inventory.
If you would like to see this data for other cities and towns in our area feel free to contact us at (916)337-0658 or e-mail Mike@BuyYourVilla.com.
To use the very best Internet property search tool go to www.BuyYourVilla.com.