Newport Beach REO home buyers usually face the challenge of competing with multiple offers on the properties. Also, Newport Beach REO home buyers are competing with cash buyers as well.
Newport Beach currently has an inventory of REO or bank owned homes. Currently there are eight active listings, 3 in back up status, 5 in pending status, and 2 sales.
Comparison from prior month is below.
Listings are up +3 since April, 2012
Back Up is is down -2 since April, 2012
Pending is the same since April, 2012
Sold properties are down -2 from April, 2012
Sales have declined by two per month for the last two months.
There is a low absorption rate of the REO property of approximately one to two months over the past one year. These properties move quickly as buyer’s perceive them as the best deal. Keep in mind when buying an REO property – they are purchased “as is”. Keep in mind banks will want fair market value and go to great lengths to obtain that value, including obtaining several BPO (broker price opinions) and appraisals.
| Absorption Rate, May, 2012 | ||||
| Newport Beach REO Market Update | ||||
|
Information Deemed Reliable but not Guaranteed Courtesy of www.NewportBeachRealEstateCafe.com Info taken from CRMLS Do Not Use Without Permission |
||||
|
One Month |
Three
Months |
Six
Months |
Twelve Months |
|
| Listings | 8 | 8 | 8 | 8 |
| Sold | 3 | 5 | 5 | 5 |
| AverageSold/Mo | 3 | 5 | 5 | 5 |
| Month's Inventory | 2.7 | 1.7 | 1.7 | 1.7 |
Past month's market reports:
April, 2012
March, 2012
February, 2012
January, 2012
Search the MLS for Newport Beach REO property, and Newport Beach homes for sale.
Originally posted at Newport BeachRealEstateCafe.com
Comments(3)