With three auctions on Bank Owned (REO) properties in the next 8 days, I decided I should post stats approx mid
month, before the Las Vegas foreclosure auctions and then I will post weekly until my next market report is due (around Christmas week.) This is to monitor pendings and sales in conjunction with those auctions!
I am happy to report there are literally 1000s of people interested in the 600-ish properties that are on the auction block. I am even happier to report this has brought buyers into the market. I have a non-distressed listing priced well that generated 3 showings yesterday. I will be writing three buyer contracts and possibly a fourth today. None on auction properties. Two bank owned, one a short sale and the other a pre-foreclosure. Would love to write those four contracts and get an offer on my listing to make it five in one day! It would be very beautiful to have five escrows in one week in December during a "bad market", assuming they would all fly, odds are they won't. Another reason why I am writing this!
Here is what we are looking at currently with foreclosure listings:
- Listings (12/2/2007): 2108
- Under Contract (12/2/2007); 377
- Sold (10/29-11/29/2007): 218
- Month's Inventory: 9.6
Listings since the last report (11/21/2007) have risen by 79 units. Pendings have risen by 9 units. Solds have risen by 5 units. Monthly absorption has gone up by 0.1 months.
If you are a seller in this market and your home is overpriced, you will miss out on the opportunity the next 8 days will provide.
Manana until next week!
Renee.... it was good talking to you the other day. So, can I still get a foreclosure home or even better, or a home at an auction with no money down? ;o)
Jeff: (*&%*($&)%&$^
Kaye: IT WILL! I am excited to watch this play out! Thanks for stopping by.
Daniel: I think with three auctions and all the activity out there, there is good possibility for some very nice absorption. Although BPOs have risen tremendously as of late!
Kris: Well we have moved up 6 pendings from yesterday but I imagine it may take up to a week for the larger REO agents to get all the details in order and status' changed. I am looking up and I would REALLY like to see the pendings rise to a VERY CONSERVATIVE 500 in the next two weeks. We will see if I am that cool to have my minimum expectations met :wink:
Craig: Sounds like it was!
Rey: NO DOUBT!!!