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reo: Sellers, Please Come Out to Play - 03/03/12 12:50 PM
The Buyers are Back
This 30 day snapshot of the REO market in Sonoma County gets at the underlying truth of our market. Buyers are back and they're paying list price and more. To avoid the giant pain in the neck of multiple offers and frenzied efforts to explain to new buyers why they are offering more than list price, we need sellers to bring their homes to market. Whatever they may have heard about "selling seasons" should fall by the wayside when they understand that if they price their house right, they are going to have buyers.
My reading of … (0 comments)
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reo: Picky Buyers Get Their Way After All - 10/17/11 04:22 PM
If I was in Congress, I'd ask for permission to revise and extend my remarks.
I posted about picky buyers losing out on a purchase a few days ago. The story was based on a couple who had passed on a house with tiny flaws that my buyers ended up purchasing. For me, the moral of the story was that these buyers had been too picky. Today I heard the other side of the story.
At an office meeting, several of our agents talked about the extent they go to these days to make every home they are listing as perfect … (6 comments)
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reo: Rohnert Park REO Market - 05/23/10 02:24 PM
Rohnert Park was ground zero for REO sales in Sonoma County last year. Residential sales in this home to Sonoma State University during January through April of 2009 was all about REO property. Since then, short sales and open market sales have begun to take their shares of the market back from bank owned house transactions. Last month, REO sales were still the biggest share of the Rohnert Park housing market, but open market sales were almost equivalent and short sales still represented at least 25% of the overall market.
Along with the trend in volume of transactions, we saw a … (0 comments)
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reo: REO, Short Sale, and Open Market Sale Trends in Sonoma County - 05/18/10 02:48 PM
Sonoma County Sales Trends
It's been awhile since one of my graph-a-palooza posting sessions, so I decided to look at some of the trends in residential sales in Sonoma County. Market trends aren't always visible in the short run, so I grabbed sales data from January 1, 2009 until the end of April of this year. That's a 16 month overview and is long enough to span two quiet times in the market and what I called the market bottom in a post in April of last year.
There are two clear trends that are worth noting here. First, Sonoma County … (2 comments)
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reo: REO Market Turning to a Real Real Estate Market - 10/04/09 05:31 PM
What's Real in Real Estate?
REO transactions are real. It's just that for home owners and investors trying to sell their homes, the REO market has been the 800 pound gorilla squashing average sellers. Normal transactions have almost vanished from the market as buyers chase the bank owned home bargains they read about. We've been living with this in most markets for at least 18 months.
I'm happy to announce that in Sonoma County, CA, at least for now, the foreclosure properties that dominated the market for most of 2008 and 2009 are finally becoming a minority of transactions. In fact the new listings in the … (2 comments)
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reo: Sonoma County REO Prices - 07/11/09 01:34 PM
The famous bank robber, Willie Sutton, when asked why he robbed banks answered simply, "That's where the money is." First time home buyers in Sonoma County and elsewhere need to start the process with the same simple approach. If the questions is "Where should you be looking for a house.", the answer has to be "Where you can afford it."
The first time home buyer faces daunting task
Wading thorugh vast amounts of unfamiliar paperwork in the purchase process Understanding the arcane jargon everybody in the business tosses around casually Answering detailed and personal financial questions Scraping together a down payment … (2 comments)
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reo: Is Cash Crushing First Time Buyers? - 06/06/09 09:10 PM
I've had reports on my reo.sonoma.net blog that many first time buyers just can't get in the door. They are prequalified with good emplyment and credit history, but they are running into a brick wall when they offer on homes.
"...we have been looking to buy are first house for under 205k - we have had 10 offers in and they we mostly all 25k over asking - and still we are being beat out by all cash offers and investers! it is not as easy as some would think to get a home - i wish that there was away … (6 comments)
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reo: I Want My REO! - 04/26/09 11:21 AM
Are real estate agents that good in Sonoma County...or are the banks holding back.
Did Sonoma County agents really clear out almost all the available inventory of REO listings?
Looking for listings for a new client this week I started to realize the pool of available listings was dramatically smaller than it was a few months ago. I pulled the numbers for Windsor, CA where I have been active recently and was astonished to see less than a dozen active listings. Anybody who reads my blog knows I like diving into the numbers when reality slaps me in the face, so … (3 comments)
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reo: Marin REO Map - 12/27/08 03:37 PM
reomarin.com is a new site for bank owned property in Marin County. Reomarin.com has maps of REO listings and lists of foreclosed property for San Rafael, Novato, and other cities in Marin that have been hit by the real estate downturn.
Real estate is down as much as 30% from last year in parts of Marin. The explosion of foreclosures that is going on in Vallejo, Rohnert Park, Windsor, Santa Rosa and other North Bay cities is also affecting Marin County. This is still an affluent and prosperous area, but it hasn't escaped unscathed.
If you are looking for foreclosures … (0 comments)
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reo: Pop vs soda - Bank owned vs. foreclosed vs. REO - 12/07/08 12:30 PM
What do you call the homes in your area being sold by the banks? I have been using the terms foreclosed home, bank owned home, and REO interchangably, but I don't know if that is right. I end up with a bit of confusion on my own REO search page where I sometimes title a link with REO and sometimes with foreclosed homes
I'm also very curious about any regional differences in usage of the terms. I wonder if we have the same pop vs. soda language difference with regard to homes that have been through the foreclosure process.
Please … (5 comments)
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reo: Windsor REO Sales and Bubble Pricing - 11/23/08 06:07 PM
REO sales are the closest thing real estate has to a pure market. No home owner emotional involvement to skew pricing realities, and no short sale issues to confuse the negotiations. I analyzed 119 bank owned homes and condos in Windsor California that have sold this year. All of these homes had either been sold or refinanced between 2003 and 2007 so I could get a clear reading of the market price changes since the peak of the real estate bubble.
First, the good news. Although there has been a significant drop in the market since the peak in late … (0 comments)
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reo: Sonoma County REO Map - 11/16/08 01:52 AM
I love maps. For me, they make locations much easier to understand than a list of addresses. We all know a few local areas well enough that a written address instantly connects you with the house and a sense of location. Once we're out of those few known areas, however, lists of street addresses are a cumbersome way to get oriented.
That's why I'm so pleased to start offering a map-based Sonoma County REO tool. It uses the familiar Google map tools we have gotten used to, but it is pre-set to only show REO listings. The BAREIS MLS actually … (0 comments)
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reo: Sonoma County REO Update - 06/10/08 03:16 AM
REO sales in Sonoma County are rising fast. Last month (May, 2008) saw almost $50 million in REO activity representing 134 transactions. Sonoma County has recorded 460 REO sales so far this year.
The average and median prices for these Sonoma County REO properties have remained consistent throughout the year. The average and median prices have ranged from $320,000 to about $350,000. We have had a couple million dollar estates go through the foreclosure process, but most of the Santa Rosa, Windsor, and Rohnert Park REO properties being purchased today are normal single family homes and condos. There is a mix … (0 comments)
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Dave Roberts
Healdsburg,
CA
More about me…
Healdsburg Sotheby's International Realty
Address: 709 Healdsburg Avenue, Healdsburg, CA, 95448
Office Phone: (707) 433-6555
Cell Phone: (707) 869-1884
Email Me
Real estate and green building information for Sonoma County California with an emphasis on Healdsburg, Sebastopol, Forestville, Guerneville, Graton, and the Russian River Valley, Dry Creek Valley. and Alexander Valley.I write a lot about REO property, fixers, luxury estate homes, and vineyard property. I love to analyze sales trends.
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