June Real Estate Market Update

Well here it is … our monthly real estate market update for June 2012 (May).

If you are a buyer, you know what challenges are out in the market right now … many homes are receiving multiple offers with contingencies waived, creating almost a frenzy on turn-key homes in highly-targeted areas. If you’re a seller and your home shows well, well-priced, you know there’s a good chance you might receive an offer in the first day or two … Though we will state, some price brackets and areas aren’t seeing the same frenzy, so this isn’t a blanket comment. We have heard that many homes in Sun City Roseville have slowed on showings, so it is still case-by-case how this real estate environment is being received by different communities. Bottom line still is … inventory is lower – which is reflective in our ridiculously low, absorption rate (monthly scale).

So what’s the biggest news, and something we KNOW many of our buyers will love the idea of – big changes to the property status of short sale “contingent” and the annoyances that often come with it. “Short Sale Contingent” homes will now be switching over to PENDING. But to clarify, from what we are told from sources and what we have learned thus far, short sale contingent status WILL continue to exist, but there will be requirements and new rules that will follow this status designation. To maintain “short sale contingent” (from what we understand), the sellers must continue to show the home to buyers and to still field offers*. Sure this sounds all fine and dandy, but after speaking with Jennifer Klein (our short sale pro), there could be complications with a short sale with allowing more offers, and we are still “info gathering” on the terms of this change. As we learn more, you can be certain we’ll be updating here and/or on another blog post as this is a BIG change. Many mainstream real estate search engines and websites, by default expose SSC (short sale contingent) listings from our Metrolist, including many IDX property searches.

We’ll have to see how this evolves and how agents learn to understand this status change and communicate to their sellers. We’re continuing to learn more about this change so our opinion and thoughts could evolve.

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Steve Ostrom • Jennifer Klein • Desirée Pointer • Heather Ostrom