How fast are homes selling in the IE? (bank owned, for sale)

[Niners fan]

I personally know of three people who have listed their homes and sold them within a few days. Granted, two of them are short-sales that are still awaiting bank approval.

I was wondering if anyone else is seeing homes move pretty quickly even though it is not a sellers' market.

[bhcompy]

some are moving, some arent. i recently was looking at houses in horsethief canyon(early/mid 90s dev in corona down the 15) and they were listing around 200k to start, but that was only to get bids. the few ive looked at and spoken to the sellers realtors about were up to 260-300k and ready to start or already in escrow. moving within 2 weeks. so underpriced(for the market of overmortgaged homes) to start and coming out decently after the fact.. but then again, that area(and other areas like it) were before the housing boom and these people are making plenty of bucks on the sale of these homes

[flo2900]

Just purchased a home at 91/McKinley...bank owned property bought at half price of its peak in 2006.
Bank owned properties are ready for sale and usually listed at less than half of 2006 levels and sell at about half of 2006 levels.
Buyers end up biding eachother and raise asking price by 10%.
Great deals like that dont last and homes get multiple offers within days.
For the bank owned properties the market is just as hot as it was in 2006!!! just because properties are at half price.
You know you can`t lose when you buy at half price, I don`t care how bad the market is.
Short sales are NOT ready for sale although they will accept offers. You could be waiting for months for a short sale answer to your offer...waiste of time IMHO.

[caligurltotx]

I agree this market is turning competitive. I think most buyers now see what happened in 04, 05, 06 and are saying I am not going to get left behind again! Also most people were priced out in 2006 and now those same people can qualify for $300,000 or less.

[sheri257]

Pretty fast. Granted, I slashed the price but, I didn't even have to list it with an agent.

[streetscenes]

There is a lot of activity at the lower end. Distressed REO properties that are priced agressively are selling fast, often with several bids. I don't thinkg this is a sign of the bottom, just that there is alot of pent up demand out there. Lots of people who were priced out in the past 4 or 5 years can now buy at below 2004 or 2003 levels. These folks still have money and jobs and are itching to get into a house at what appears to be a relatively good deal.

[Niners fan]

I spoke with one of my friends who is in the middle of a short sale and it is a group of investors buying his home. The same investors that helped drive up prices, in part, might be the ones to help save the market from tanking worse than it otherwise would.

[SoCal Bottom Rider]

Yes! Buy now or be priced out forever...again! Pulease.
Inventory is still growing. Foreclosures still growing. Credit is
still tight. Couple that with a crappy job market. There is no way home prices will be on the way up pretty soon. If anything *maybe* reach a bottom, then remain flat for several years and then rebound to normal appreciation rates.
The peopl you see buying now are the ones priced out in the last 3 years. They think it's a deal because the 500k home is now 400k. But same home sold in 2003 for 25o. This is the tradition Spring bounce now a dead cat bounce. There is no pent up demand that will save the IE. Buckle up for the bumpy ride.

[dguz]

I.E. is pretty much looseing value by the day, if your gonna buy i would say chill out a bit see it go down more....


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