Market Conditions for real estate are improving for Benicia, California, located in Solano county about 35 miles northeast of San Francisco. The bottom appears to have been reached and home values are slowly rebounding. It is good news if the current trend continues for all homeowners and local governments, as increasing values will help with local tax coffers, and provide government services that have been curtailed or downsized.
The number of foreclosed properties has also dropped, which is most likely reflected in the temporary halt of foreclosures by the banks last month. Bank of America confirmed that they are presently slowing the foreclosure process in the area.
Meanwhile HUD has announced a new website for current market conditions by metro areas. (http://www.huduser.org/portal/MCCharts/marketReports.html ) The site was under construction when I checked it out on November 23, 2010.
Here are the latest statistics for Benicia, California as provided by BARIES mls.
Listings as of 11/11/10 at 10:59am County: Solano City: Benicia
Statuses: Active, Contingent – Release, Contingent, Contingent – Probate, Pending, Sold (8/11/2010 or after, last 90 days)
Contingent – Release = 2 = 427,000
Contingent = 42 = 328,541
Pending = 45 = 282,236
Sold = 74 = 372,112
Report
Total: = 163 single family homes/condos have sold, or in escrow in the past 3 months. (That averages to one home a day per month going into escrow.) Current inventory of 125 single family homes/condos would be depleted in 41 days. Market conditions are in favor of price increases, and in my opinion, is an indication that the bottom of the market has already been passed. Furthermore, homes on the market less than 30 days are getting
101% of asking price. Expectations are for a traditional slight cooling trend due to the holidays then a gradual warm up of the market as spring approaches and consumer demand increases along with prices. Meanwhile China has been manipulating its currancy power much to the dismay of the United States and as a result the attempts by the Fed to induce lower interest rates has been a failure. Look for interest rates to rise.
What does this mean to the potential home buyer? Don’t hesitate or you’ll miss the lowest interest rates, and the lowest prices on homes. Take advantage of the income
tax shelter and start 2011 off right. Call your
Realtor, listen to his advice and learn the market, be ready to take action by being pre-qualified by a lender, and act when you find a property that meets your wants and needs. Hesitation, even a day’s delay, could result in multiple offers or worse no counter to you and, someone else getting the property you desire. Give your best offer. The best properties sell within 30 days and currently are getting 101% of the sales price.
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