In the past few days it has become evident that there has been a paradigm shift in the local REO market. Bank owned homes that have been sitting on the market for long periods of time are moving into pending sale status so quickly that it is difficult to keep up. In Folsom, California, alone a full 38.1% of the pending REO homes were active on the market for less than a week!
This is HUGE folks. Properties that I have shown are going pending in one or two days! Its time to gear up and ride the wave. Buyers are not going to have a month or a week to "think about it" any longer. If they don't put in the offer immediately they will miss out! We have to get the word out to all our buyers!
Here are some local statistics. Time precludes researching all of the cities and zip code areas in Sacramento, however, I think you will get the idea from those presented. It is just starting to happen. It looks like the banks are starting to deal!
REO MARKET STATISTICS FOR SOME SACRAMENTO AREAS
% of # % # %
Active Pending Active Pending Pending Pending Pending
REO REO REOs <14 Days <14 Day <7 Days <7 Days
County/City Listings Listings Pending Active Active Active Active
Yolo Co. 118 94 79.70% 34 36.20% 17 18.00%
Placer Co. 254 210 82.70% 64 30.50% 33 15.70%
Granite Bay 9 4 44.40% 1 25.00% 1 25.00%
El Dorado Co. 120 57 47.50% 14 11.70% 6 5.00%
City
El Dorado Hills 30 19 63.30% 7 36.80% 3 15.80%
Sacramento Co. 2467 1483 60.10%
City
Folsom 20 21 105.00% 11 52.40% 8 38.10%
Rancho Cordova 89 55 61.80% 19 34.50% 7 12.70%
Orangevale 22 23 104.50% 9 26.10% 3 13.00%
Fair Oaks 22 15 68.20% 3 20.00% 2 13.33%
Elk Grove 207 206 99.50% 63 31.00% 33 16.00%
Sorry, it was necessary to make corrections to the <14 day numbers.
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