Wow! I have clients looking at bank owned properties and much to my surprise, many have multiple, cash offers. All of a sudden we have hit a price point and the buyers are rushing in.
Salinas has had the most foreclosures and short sales in the County. In the Creekbridge area of North Salinas there are currently 60+ listings in escrow. This is so encouraging! Mind you, we have a few more to go, but if the rush keeps up, we may get most of the foreclosures sold by the end of the year, if not sooner, and see the market level off a bit!
Many of the homes we see being sold in the $200,000 and $300,000 price range sold as high as $620,000 just less than 2 years ago. The bubble has burst, but it is a great time to be a buyer. The most recent proposed legislation by Congress allows for a $7000 tax credit for those who buy foreclosures. If passed, this will bring out even more investors.
So Buyers, don't wait too long - the opportunities are here now. Call me today to get a special tour of homes for sale on the Monterey Peninsula.
Mary Aguilar, Realtor, GRI, e-PRO, ABR
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