I just ran some numbers that are very interesting...
I live and work in Solano County, CA, which is located about halfway between San Francisco and Sacramento. Fairfield is a working class community, with a population of around 100,000 it is the second largest city in Solano County. I ran the MLS statistics and found that Fairfield has:
- 267 bank owned (REO) homes currently on the market
- 229 short sale listings currently on the market
- 846 total homes on the market
What this means...over HALF of the homes for sale at this time are on the market because someone is losing their home! I think everyone would agree that this is very sad news indeed for those displaced homeowners.
BUT...here is an encouraging statistic if you are in the position to purchase a home.
- In the last 6 months Fairfield has had 206 single family dwellings sell for under $300,000...not condo's but homes!
- The same time period a year earlier there were only 55 single family homes sold.
Why an almost FOUR FOLD increase? Because there is much higher inventory available under $300,000. Homes are now more affordable for the average family. Loans are still readily available for those with good credit, reasonable debt ratio's, and (this is the clincher!) are willing to substantiate their income with documentation.
This is an amazing opportunity to own a home! Make it your dream realized today!