Foreclosure Market in Paso Robles...

Suzi Bussacco (Re/Max Parkside Real Estate) — Mon, 07 Jan 2008 15:21:08 -0800

Here is an interesting fact, in the MLS for Paso Robles today, there were only approximately 39 foreclosure related listings. That seems to be on the decline. Of the pending sales many are foreclosure related which means that this will dwindle down the amount of foreclosure listings. That will certainly help the traditional seller, i.e. the seller who is trading down, trading up or relocating, etc.

I have seen lately an increase in investor interest. My partner has sold 2 Paso Robles homes to 1 investor in the past month an a half. He is CFO of a Major Corp. in Los Angeles. He feels that the market is at or near the bottom and the good buys are now!

With that said, homes are priced well, supply is good... and rates are very low, money is cheap and that starts the ball rolling!

Happy New Year to all...make it healthy and prosperous...Suzi

Where we go from here...

Suzi Bussacco (Re/Max Parkside Real Estate) — Fri, 21 Sep 2007 17:42:28 -0700

Well, market conditions are not boring, sales are down and inventory is definitely up.however we have seen only about a 4% to 5% drop in the median sales price of a single family home 3rd quarter, from the 3rd quarter of 2006. We think that with all the sub-prime inventory to still come on the market, predictions are that we will still see an over abundance of homes through 2008.

I personally have seen since the rate drop by the Feds this week more buyers interested in the market. I do work with quite a few buyers, and they have the upper hand in this market, and want to pick and choose. There is just such a log jam of homes not selling that it keeps the market on the whole from moving!

I think we need some more positive headlines, it has been a headline driven market. Our Real Estate slow down started in July of 2005 after the Feds started the rate hikes! It has been growing since then. Having said that I see it being difficult for some time, as 1st time buyers, investors and 2nd home buyers are taken out of the market with the lack of financing.

We may someday get to the point where we lease properties from the Banks, i.e. innovative financing, (not creative), the way the Auto Industry had to do after the price of a car jump so high they had no buyers. They had to reinvent the "Lease" to move their product....just a thought... Suzi

Suzi Bussacco's Blog

Foreclosure Market in Paso Robles...

Where we go from here...