While checking on the housing market conditions in Alamo, CA I used Google base to search for "Alamo foreclosures and REO properties", there were 20 listed. I used realty.trac and found 17, which is correct? Not sure but the numbers below still paint a bleak picture for this upscale community of Alamo.
17 Bank owned
43 in Default (pre-foreclosure)
6 Trustee Sale properties in Auction.
From the MLS:
132 active listings. (That's the most I've seen in over 10 years.)
14 Pending Sales (Just 10 went pending in the last 30 days)
132 divided by 10= 13.2 months of inventory.
With 13.2 months of inventory I would say it's definatly a BUYER'S market.
I thought we would be on our way out of this mess by now but I'm not sure anymore when that will happen. So if you have a home for sale, or thinking of selling one, you have a lot of competition, be prepared to negotiate everything.
Is this a good time to buy? Maybe, depends on where you think the bottom is. If you're thinking of buying a home and you have a secure job or business and need to move or want to move up, go for it. Take on one of those bank owned properties, or a short sale, you're bound to get a pretty good deal.
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